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2. 4 Corporate India April 15, 2023
C o n t e n t s
Cover Story 32
Not unlike their global counterparts, Indian speciality chemicals
stocks, which were flying high on the Indian stock market during in
fiscals 2020, 2021 and early 2022, have seen price dips of 20-40
per cent from their 52-week high levels. The headwinds buffeting
these stocks have come from different quarters: the belated impact
of the Covid-19 pandemic, the geopolitical tension on account of
the Russia-Ukraine conflict and the resultant supply chain
bottlenecks, non-availability and the resultant high prices of raw
materials, the global economic slowdown and fears of the US and
European economies slipping into a recession.
However, most analysts and industry observers feel the setback
is temporary and the long-term outlook for these speciality chemical
companies and their stocks remains promising.
They are confident that as soon as the global geo-political and
economic situation starts improving - and with the added advantage
of global sources turning from major supplier China to an equally
competitive India, the country's speciality chemicals sector will re-
enter the growth path with 'double force'. Clearly then, discerning
investors can judiciously pick Indian speciality chem stocks with a
long-term perspective.
CorporateScoreboard 38
CorporateGrapevine 08
Dining unicorn in the making?
Infighting rocks Tata’s IT giant
Junior Birlas’ yen for fine dining biz
UK debt cloud over Vedanta
SUNFLAG IRON & STEEL CO
Windfall arbitration gain of Rs 900 cr
Sunflag is in the process of expanding the capacity of its
blooming mill. The capital work-in-progress last reported
has been Rs 449.50 crore against Rs 373.13 crore as of
March 2022. It appears that the company is getting ready
for cold trials. With a vision for the future, the company
recently made an investment in ESR/VAR/VIM and ven-
tured into the production of high-performance materials
and super alloys for aviation, space, defence, the power
sector and medical implants.
Share X-Ray 22
SpecialReport 18
HEALTHFARM GROUP
Wizard of health supplements Riding sports
nutrition bandwagon
Boosted by our current age’s fitness
craze cutting across all income groups,
a new star is rising on the global
health-and sports nutrition biz horizon.
The Jalandhar-based (Punjab) and
aptly named Healthfarm group, founded
by visionary first generation entrepre-
neur Anil Bhaskar has emerged as the
leading bodybuilding and sports nutri-tion entity with its
all-you-can-think-of range of nutritional supplements, or-
ganic herbs, multi-vitamins, Ayurvedic Medicines. During
the last decade, The company has emerged as the top
most sports nutrition brand in India.
LT FOODS (DAAWAT)
Riding global yen for Basmati
LT Foods is one of the most renowned
Basmati rice players not only in India but
also in the US and EU markets. The com-
pany has also invested in setting up a
rice processing facility in Rotterdam in
Europe and a packaging unit in the US.
It has a dominant marketshare of 50%+
in the US while in the Indian market it holds a 27% share.
Jayckieed’s Column 24
Jayckieed Upadhyay
Anil Bhaskar
Corporate Feature - BigBloc Construction 26
Primary Capital Market 30
Portfolio Choice 10
Bajaj Finserv, Hariom Pipes, Greenpanel Industries
Fortune Scrip 14
Editorial 03
HINDUSTAN AERONAUTICS (HAL)
PSU on jet-like growth path
HAL recently inaugurated the third production line of the
TEJAS MK-1A fighter jet, which is expected to increase an-
nual production capacity of the plane from the earlier 16 to
24. The Indian Air Force (IAF) had ordered 83 numbers of
the TEJAS MK-1A in 2020, at a cost of over $5.2 billion, with
delivery schedule from 2024 onwards. The company has
registered its highest-ever revenue from operations at
around Rs 26,500 crore in the just concluded FY23 as
against Rs 24,620 crore reported in FY22, registering a
nearly 8% growth yoy. Of course, the figures for FY23 are
provisional and unaudited.
Analysis 27

3. 18 Corporate India April 15, 2023
In its six-decade journey, APAR Industries has
evolved into a comprehensive player in the
domestic as well as global power sector with
its thrust on cutting-edge R&D, growing various
verticals and being focused on the goals of en-
ergy saving and sustainability. In an interview
with Corporate India, Kushal Desai Chairman and
Special Report
Healthfarm group
Wizard of health supplements
Riding sports nutrition bandwagon
Boostedby our current age’s fitness craze cutting across
all income groups, a new star is rising on the global
health-and sports nutrition biz horizon. The Jalandhar-based
(Punjab) and aptly named Healthfarm group, founded by
visionary first generation entrepreneur Anil Bhaskar has
emerged as the leading bodybuilding and sports nutri-tion
entity with its all-you-can-think-of range of nutritional
supplements, organic herbs, multi-vitamins, Ayurvedic Medi-
cines. The group aims at providing high-quality food supple-
ments to athletes and bodybuilders, not to mention the over-
all group of active people. Here’s a sampling - protein pow-
ders, mass gainers/weight gainers, multi-vitamins, men
wellness products, tab-lets, energy drinks, fat burners, meal
replacements and im-munity builders. And all these at very
purse-friendly prices! During the last decade, Healthfarm
has emerged as the top most sports nutrition brand in India.
Healthfarm takes no chances with its sourcing, and its
raw materials are imported from the US. Its supplements are
fully lab-tested, free from preservatives, artificial sweet-eners
and colours, and allergens. All its products adhere to FSSAI
norms and guidelines. Besides, every product undergoes
several strict quality checks before being put out in the mar-
ket. These tests are carried out at every step of the manufac-
turing process in keeping with Healthfarm’s mantra of pro-
viding the best possible nutritional supple-ments to its pa-
trons.
Listen to the man who started it all. Says Chairman and
Managing Director Anil Bhaskar, the force behind the
con-ception, growth and expansion of this nutraceuticals
and Ayurveda conglomerate, “At Healthfarm, we offer a wide
range of dietary and nutritional supplements consisting of
antioxidant formulas, multi-vitamins, minerals and herbs.
We firmly believe that everyone can achieve the best fitness
physically and mentally, so we are serving mankind as a
warrior by delivering ultra-premium supplements and
fit-ness products to athletes, bodybuilders, active people
and sports people. We are a family of highly skilled techni-
cal experts, manufacturers and packaging specialists from

4. April 15, 2023 Corporate India 19
“Our overall ambition is to take fitness to the next level,” maintains Anil Bhaskar, the visionary architect of the group and
now Chairman and Managing Director of the Healthfarm business empire, and one who is known for his deep insight in the
subject of healthcare and nutrition, his impeccable entrepreneurial acumen
and his sharp business sense.
Speaking to Corporate India, in an interview, Mr. Bhaskar insists that
being fit today is a vital need for everyone. People can’t cater to the exact
nutritional requirements of the body from their normal food due to their busy
schedule; therefore, supplements are essential for every-one to attain the true
fitness goal. And as far as army men, police squad, sports-men and sports-
women are concerned, their need for fitness emphasizes the importance of
supplements. Little wonder that the market for supplements is growing rap-
idly throughout the world.
Notes Mr. Bhaskar, “At Healthfarm, we aim at taking fitness to the next
level and we offer nutritional supplements, organic herbs, multi-vitamins.
Intending to provide authentic and high-quality food supplements to ath-
letes, bodybuilders and active people, we offer a wide range of products
consisting of protein powders, mass gainers, weight gainers, multi-vitamins,
Ayurvedic Medicines, men wellness products, tablets, energy drinks, fat
burn-ers, meal replacements and immunity builders - and that too at very
economical prices.”
Excerpts from the interview:
Corporate India: There are many manufacturers of such fitness products at home and abroad. How do you
differentiate your company from them?
Anil Bhaskar: We are committed to the excellent quality of our products, sustained innovation and remarkable customer
service. Hence we have taken three routes to achieve our objective and emerge as an above-average unique com-pany by striving
hard not only to maintain but strengthen our numero uno position among sports and nutrition brand stores. As the quality, safety
and efficacy of the final product depend on the quality of raw materials, we don’t compromise on the latter. We depend on the best-
quality raw material imported/Indigenous. Again, we check the imported/Indigenous raw material in our laboratory before using it.
Secondly, at Healthfarm, quality and safety are top priorities. In fact, quality is not an accident in our company, it is a way
of life. Our commitment to quality starts with scientific research and safety checks. This involves testing and analysis at every
stage - right from the raw material to finished products. At every stage we take utmost care to ensure that our products are
totally free from contaminants and are of the highest quality. We have our own high-quality testing laboratory, which is
operated by a team of highly qualified individuals and technicians. Our testing team is dedicated to ensuring that every
product that leaves our facility meets a high benchmark. Thirdly, investing in the latest technology and experience, we can
ensure that our customers receive products that are safe, effective and of the highest quality.
CI: Are you planning to export your products or remain content by selling them at home?
AB: Certainly, we have already started planning to sell our products in overseas countries - particularly in the US, Latin
America, Middle East and Africa where there will be very good demand for our supplements and Ayurvedic Medicines. With
a view to catering to the global markets, we have already established our presence with growing strategic alliances in the US,
Latin America, Middle East and Africa
CI: What is the export potential for Indian sports nutrition products in overseas markets?
AB: There is huge export potential. According to the latest research study by the Dublin-based Research and Markets, the
global sports nutrition market is expected to grow at a compounded annual growth rate (CAGR) of 9.05 percent. The growth
is mainly due to the companies resuming their operations and adopting a ‘new normal’ while recovering from the Covid-19
pandemic impact which had earlier led to restrictive containment measures involving social distancing, remote working and
the closure of the commercial activities. Things are getting to normal and the sports nutrition market is expected to reach $
51.02 billion by 2026.
“We aim to take fitness to the next level”
– Anil Bhaskar
-Anil Bhaskar

5. 20 Corporate India April 15, 2023
Special Report
CI: What about the Indian market for sports nutrition?
AB: In India also, the importance of sports is steadily improving, which is evident from the increased participation of
Indians in the Olympic, Commonwealth, Asian and other Games including cricket. Of late, the sports nutrition market is
experiencing strong growth. According to the Research and Markets research report, North America was the largest region in
the sports nutrition market in 2021 and 2022. Going ahead, Asia Pacific is expected to be the fastest growing region. India is
also a part of this region where the demand for sports nutrition has started rising briskly. Healthfarm would like to participate
actively in this demand upsurge.
CI: So what are your future plans?
AB: Innovation plays a very important role in sports nutrition. We are going to established at Jalandhar a well-equipped
and resourceful research and development centre to develop new products which will enable us to penetrate overseas markets
effectively. Our R&D centre is staffed with capable and innovative technical experts who are busy developing new products. We
aim at establishing our brand in line with renowned international brands like Glanbia Plc, Pepsico Inc, Cliff Bar & Co, Musclefarm,
Post Holdings Inc and Ultimate Nutrition. We intend to expand our business going ahead so that we can reach the milestone of
Rs 500-crore sales turnover during the next five years and cross Rs. 1000-crore mark within a decade.
Healthfarm is a family-run group with a difference - members of the Bhaskar family of Jalandhar who are part
of the management are professional managers through and through.
The man behind it all is first-gen entrepreneur
Anil Bhaskar, Group Chairman and Managing Di-
rector. He was a senior marketing representative for
a leading pharma company for years. But in 1987,
the bug of entrepreneurship started biting him and
he made up his mind to do something on his own.
Interestingly, his wife Rashi not only agreed to his
risky plan but encouraged him to go ahead. Admits
Mr. Bhaskar, “But for her powerful affirmation, I
would not have ventured to take this jump.”
Anil Bhaskar looks after the overall
manage-ment. But his major responsibility and
contribu-tion are to ensure strict adherence to qual-
ity stan-dards and a continuous focus on research
and innovation. He has an engineer’s sharp mind
and his deep knowledge of marketing strategies,
along with his penchant for the latest technology
and the highest quality of products, have laid the
strong foundation for the Healthfarm group’s singu-
lar success.
CLEAR-CUT ROLES
Executive Director Karan Bhaskar, an M.
Pharma, takes care of production, purchase and fi-
nance. while Executive Director Bhuvan Bhaskar, a
B. Pharma and an MBA (Marketing), looks after sales
and pro-duction.
Rashi Bhaskar is the uncrowned queen of the Healthfarm business empire. Whenever there are any differences of
opinion on any business issue, her decision is considered final. She maintains, “Though at home we are a loving
family, at the factory and office we act as business executives and all our decisions are taken professionally.”
Family biz with professional touch

6. April 15, 2023 Corporate India 21
the Ayurvedic Medicines, bio-technology and food technol-
ogy world. With the aim of providing authentic ingredients,
we ensure that every client of Healthfarm gets pure, clean,
high-quality nutrition and enjoys a healthy and fit lifestyle.”
HOW IT BEGAN
It was a calm and cool morning in 1987 when Mr.
Bhaskar, then a well-paid sales representative of a leading
pharmaceutical company, decided to quit and branch out
on his own. His wife Rashi fully supported him without
worrying about how to run their home in the absence of a
steady salary. The couple set up the Trojan group, taking up
a crusade of its own for the health and well-being of the
nation. The group first promoted a small-scale company,
Bison Pharma, for the manufac-
ture of Pharmaceutical and
Ayurvedic Medicines in
Jalandhar, Punjab.
In 2002, A new manufactur-
ing unit established in sansarpur
terrace, kangra, Himachal
Pradesh.
As the business expanded
and Mr. Anil Bhaskar and Rashi
were joined by their sons Karan
and Bhuvan, a new brand, styled
Healthfarm, was created under
the banner of the Trojan group in
2012.
Healthfarm mainly deals in sports nutrition supplements,
gym clothing, Ayurvedic Medicines consisting of protein
powders, multi-vitamins, weight gainers, fat burners, en-
ergy drinks, immunity builders, tablets and health syrups.
Stresses Karan Bhaskar, “We have forged ahead
unhesitatingly, with no looking back ever since.” Adds
Bhuvan Bhaskar, “Our quest for excellence in the fields of
Ayurvedic Medicine and Nutraceuticals has been the bench-
mark behind all the endeavours that led to the inception of
a network of various manufacturing units.” Pater familias
Anil Bhaskar notes, Healthfarm group consists of as many
as seven companies -Trojan Pharma, Divine Pharma, Bison
Organics, Divinity Healthcare, Bison Pharma, Herbalways
Ayurvedic and Neutraherbs.”
TOP U.S. SOURCE
A visionary in a hurry, Anil Bhaskar in order to ensure
that Healthfarm made rapid strides entered into strategic
alliances in the UK, Canada and Malaysia, thus opening the
way for the group to penetrate overseas markets. Going a
step ahead, Healthfarm joined hands with Florida (US)-
based Raw Nutrition to bring the latter’s quality sports
supplements to India. Raw Nutrition, owned by Dr. Dominic
Iacavone, Matheson Janesen and Christopher Bumstead
(who is a four-time Olympics champion) is known for its
premium quality, scientifically backed formulas and com-
mitment to innovation. As Mr. Bhaskar notes, “Our partner-
ship with Raw reflects Healthfarm’s commitment to bringing
innovative and effective products to its customers. Raw
supplements (Protein EAA, Intra-workout and Pre-workout)
and whey protein are highly popular in the US.”
Thanks to a widening product range and rising demand
for its products, Healthfarm has made rapid strides on the
financial front. During fiscal 2020-21, the group’s sales turn-
over amounted to Rs 80.83 crore on which it earned a profit
of Rs 5.39 crore. During the next year (2021-22), the sales
turnover crossed the milestone of Rs 100 crore to reach Rs
101.41 crore, with the profit also rising to Rs 6.31 crore.
During the year just ended (2022-23), it earned a higher
profit of Rs 7.80 crore on an expanded turnover of Rs 124.89
crore. In fact, Anil Bhaskar projects the group’s turnover
and profit to reach the Rs 200-crore mark and the Rs 10-
crore mark respectively in the current year ending March
2024.
EXPANSION MODE
Prospects for the group going ahead are all the more
promising. Reveals Mr. Bhaskar, “Divinity Wellness is
all set to establish a new factory in Jalandhar on land
spread over 5 acres, which will be a significant addition
to our Ayurvedic Medicines and nutraceuticals output.”
The new factory is fast coming up and is expected to go
on stream by December 2023. It will be dedicated to
producing high-quality nutraceuticals and Ayurvedic
medicines, reflecting the company’s strong focus on
quality and excellence.
The group plans to expand its presence in the global
market by exporting supplements to the US, Latin America,
Middle East and Africa. “These developments will pave the
way for a bright future for Divinity Wellness, with the poten-
tial for further growth and expansion in the coming years,”
confidently concludes Anil Bhaskar.