Patanjali Foods hits 52-week high as firm raises revenue target Rs 35,000 crore over next 5 years

Patanjali Foods, earlier known as Ruchi Soya, hit its 5 per cent upper circuit limit on Tuesday amid reports that the FMCG company has hiked its revenue target to Rs 30,000-35,000 crore in the next 5 years from Rs 22,000 crore earlier.

In the day’s trade, the stock hit the upper circuit limit of 5 per cent, also its new 52-week high of Rs 1,230.75. The stock has advanced 15.1 per cent in the past one year. The scrip has given a massive return of over 25,700 per cent in the last three years.

Earlier in June 2022, the Baba Ramdev-led company changed its name to Patanjali Foods Limited.

In the June quarter, Patanjali Foods reported a revenue of Rs 7,210.97 crore, up 39.93 per cent from Rs 5,266.16 crore in the corresponding quarter of the last year.

Despite the stock being a multibagger, it has hardly any analyst coverage.

The promoter group holds nearly 80 per cent stake in the company. The stock though ignored by mutual funds has 7 per cent retail shareholding.