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PNN
Mumbai (Maharashtra) [India], July 28: NHC Foods Limited (BSE: 517544), a leading exporter of agricultural commodities and spices, has entered into a strategic Memorandum of Understanding (MoU) with Lotmor Brands, marking a significant move in the company's growth and diversification strategy. This grants NHC Foods the rights to manufacture a range of beverages and similar products under Lotmor's 'Nature Day' brand. The strategic move aligns with NHC Foods' strategy to diversify its portfolio beyond exports and agricultural commodities. The company plans to leverage this tie-up to expand its footprint in India's organised retail sector, with a focused entry into leading chains. NHC aims to capture the growing demand for quality packaged beverages and allied FMCG products driven by evolving consumer lifestyles and preferences. Commenting on the MoU, Satyam Joshi, the newly appointed Managing Director of NHC Foods Limited, said, "This MoU with Lotmor marks a defining moment for NHC Foods as we step into India's thriving retail sector. Our strengths in manufacturing, quality assurance, and distribution, combined with Lotmor's product innovation, will enable us to deliver exceptional value to the consumers. This is the beginning of a long-term transformation for us. Highlights: * NHC Foods Limited has entered a strategic MoU with Lotmor Brands Private Limited to manufacture beverages and similar products under Lotmor's 'Nature Day' brand, marking its diversification beyond exports and agri-commodities. * Financial performance for FY 2024-25 shows strong growth, with revenue rising 63.1% to Rs. 341.41 crore and net profit increased 184.7% to Rs. 6.69 crore, reflecting operational efficiency and business momentum. * An EGM held on July 18, approved increasing authorised share capital from Rs. 65 crores to Rs. 100 crore and issuing 6.5 crore convertible warrants on a preferential basis to Mr. Joshi." Mr. Joshi's elevation from Executive Director to Managing Director follows the company's strategic shift under new leadership. An Extraordinary General Meeting (EGM) recently approved several resolutions, including an increase in authorised share capital from Rs. 65 crore to Rs. 100 crore, and the issuance of 6.5 crore convertible warrants on a preferential basis to Mr. Joshi. Separately, the Board of Directors of NHC Foods has approved the appointment of Manoj Kumar Sharma as the Company's Chief Financial Officer. At the same time, Vijay Thakkar has been appointed as the Company Secretary and Compliance Officer. Both appointments took effect on July 16. Financially, NHC Foods continues to demonstrate robust performance. The company's revenue for the financial year 2024-25 was Rs. 341.41 crore, representing a 63.1% increase over the previous year's revenue of Rs. 209.24 crore. The company's net profit jumped by 184.7% from Rs. 2.35 crore to Rs. 6.69 crore, reflecting enhanced growth and operational efficiencies. Disclaimer: This document contains forward-looking statements, which are not historical facts and are subject to risks and uncertainties such as government actions, local developments, and technological risks. The Company is not responsible for any actions taken based on these statements and does not commit to publicly updating them to reflect future events or circumstances. (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
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