The managing director of yoga guru Ramdev’s Patanjali Ayurved Limited has said that the company’s growth has stalled due to the effects of demonetisation and the introduction of the Goods and Services Tax regime.
“We have closed the year around the same level as the previous fiscal year’s revenue,” Balkrishna told Mint in an interview. “Lingering effects of demonetisation and the implementation of GST impacted growth.”
Balkrishna, the co-founder of Patanjali, said the slowdown in revenue growth might also be a result of the company’s focus on developing infrastructure and supply chain during the 2017-’18 financial year.
In May 2017, its promoter Ramdev had predicted that Patanjali would double its revenue every year and cross Rs 20,000 crore in revenue in the 2017-’18 financial year, Mint reported. He had claimed the company would make more money than Hindustan Unilever Ltd, India’s largest packaged goods firm, by the end of the 2018-’19 financial year.