Mishtann Foods Ltd, engaged in manufacturing and marketing of a large variety of rice with a focus on Basmati Rice and pulses like Dal, has announced has reported quarterly net profit at Rs 13.70 crore in December 2022, up 70.14 percent from Rs 8.05 crore in December 2021. The net sales was at Rs 163.64 crore in December 2022 up 10.8 percent from Rs 147.69 crore in December 2021.

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EBITDA stands at Rs 22.61 crore in December 2022, up 77.75 percent from Rs. 12.72 crore in December 2021.

Recently, Mishtann Foods promoter has been continuously increasing stake through open market purchase with promoter and director of the company Hitesh Kumar Patel hiking his stake through open market purchase. Kumar picked up multiple chunks of shares since November 15, 2022 and is still buying daily, bringing his stake to 49.37 percent.

Mishtann Food has recently announced plans to set up a 1,000 kilolitres per day (KLPD) grain-based ethanol manufacturing facility in Gujarat.

Mishtann Foods has informed that it has executed a Memorandum of Understanding (MoU) with the Government of Gujarat for setting up India's biggest Grain Based Ethanol project of 1000 KLPD in Gujarat. The proposed project is likely to incur a cost of Rs 2,250 to the company, with an estimated annual revenue projection of Rs 3,500 crore for the company.

Mishtann is aiming to commence the operations of the plant from the second quarter of 2024, an official statement said.

The company is planning to set up its manufacturing facility in Dalpur village of Sabarkantha district of Gujarat.

Mishtann Foods Ltd. recently announced that its is launching Mistann Salt on a Pan-India basis. The company already has a wide network of 40,000 plus dealers all over India. The company has bagged several orders from major retail stores recently and has successfully executed these orders and is receiving a good response of its salt which has several health benefits.

First Published:Jan 27, 2023 12:08 PM IST