Business

Patanjali Expects 'Marginal Growth' For FY18, Due To GST Roadblocks

DIVYIA ASTHANA | 0
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| May 20 , 2018 , 14:44 IST

Baba Ramdev headed Ayurveda chain Patanjali has grown in leaps and bounds in recent years, but is expecting only a marginal growth for 2017-18, due to the implementation of the Goods and Services Tax (GST), a company official said on Sunday.

According to the Haridwar-based firm, it was affected as it had a window of only 10 months last fiscal since the company took 2 months to adopt to the GST system framework and develop infrastructure and supply chains.

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Patanjali expects to resume its high growth trajectory from this fiscal, as it has lined up several product launches, from packaged drinking water to dairy products.

"We are shortly going to announce our revenue, this would be higher than the last year. We have achieved a marginal growth (last fiscal) but we are in growth mode," Patanjali spokesperson S K Tijarawala told PTI.

"Because we were focussing more on systematic development for requirement of GST. This gave us less operational time, it was not a 12 months year for us," he further added.

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In the 2016-17 financial year, Patanjali had clocked in a turnover of around Rs 10,561 crore, with an 111 percent growth, and had announced intentions to double the growth by crossing the Rs 20,000-crore mark.

"We have lined up several launches this year and soon resume the same growth path as we have done in previous year," Tijarawala said.

"Patanjali will do wonders in future like it did in previous years," he added.

The product launches lined up by Patanjali include the Divya Jal packaged water and baby diapers under its Shishu Care brand while the company is also considering into venture into dairy products, apparel, clothing and garments segments.