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C o n t e n t s
Special Report 18
HEALTHFARM GROUP Wizard of health supplements
Riding sports nutrition bandwagon Boosted by our
current ages 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.
Cover Story 32
Anil Bhaskar
Analysis 27
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.
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.
Share X-Ray 22
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.
Corporate Grapevine 08

• Dining unicorn in the making?
• Infighting rocks Tatas IT giant
• Junior Birlas yen for fine dining biz
• UK debt cloud over Vedanta

Jayckieeds Column 24
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
Portfolio Choice 10
Bajaj Finserv, Hariom Pipes, Greenpanel Industries
Corporate Scoreboard 38
Editorial 03
Corporate Feature - BigBloc Construction 26
Fortune Scrip 14
Primary Capital Market 30
Jayckieed Upadhyay
in the US while in the Indian market it holds a
27 share.
4 Corporate India April 15, 2023
3
Special Report
Healthfarm group Wizard of health supplements
Riding sports nutrition bandwagon
Boosted by our current ages fitness craze
cutting across all income groups, a new star is
rising on the global healthand sports nutrition
biz horizon. The Jalandharbased (Punjab) and
aptly named Healthfarm group, founded by
visionary first generation entrepreneur Anil
Bhaskar has emerged as the leading bodybuilding
and sports nutrition entity with its
allyoucanthinkof range of nutritional
supplements, organic herbs, multivitamins,
Ayurvedic Medi cines. The group aims at
providing highquality food supple ments to
athletes and bodybuilders, not to mention the
over all group of active people. Heres a
sampling protein pow ders, mass
gainers/weight gainers, multivitamins, men
wellness products, tablets, energy drinks, fat
burners, meal replacements and immunity
builders. And all these at very pursefriendly
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
labtested, free from preservatives, artificial
sweeteners
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
Healthfarms mantra of pro viding the best
possible nutritional supplements to its pa
trons. Listen to the man who started it all. Says
Chairman and Managing Director Anil Bhaskar, the
force behind the conception, 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,
multivitamins, 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
ultrapremium supplements and fitness products
to athletes, bodybuilders, active people and
sports people. We are a family of highly skilled
techni cal experts, manufacturers and packaging
specialists from
18 Corporate India April 15, 2023
4
We aim to take fitness to the next level
Anil Bhaskar
Anil Bhaskar 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 cant cater to the exact
nutritional requirements of the body from their
normal food due to their busy schedule
therefore, supplements are essential for
everyone to attain the true fitness goal. And
as far as army men, police squad, sportsmen 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,
multivitamins. Intending to provide authentic
and highquality food supplements to ath letes,
bodybuilders and active people, we offer a wide
range of products consisting of protein powders,
mass gainers, weight gainers, multivitamins,
Ayurvedic Medicines, men wellness products,
tablets, energy drinks, fat burners, 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
aboveaverage unique company 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 dont 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 highquality
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 Dublinbased 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 Covid19
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. April
15, 2023 Corporate India 19
5
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
wellequipped and resourceful research and
development centre to develop new products which
will enable us to penetrate overseas markets
effectively. Our RD 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 500crore sales turnover during
the next five years and cross Rs. 1000crore mark
within a decade. ?
Family biz with professional touch Healthfarm is
a familyrun 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 firstgen
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 management. But his
major responsibility and contribution are to
ensure strict adherence to qual ity standards
and a continuous focus on research and
innovation. He has an engineers 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 groups
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
production. 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. ?
20 Corporate India April 15, 2023
6
the Ayurvedic Medicines, biotechnology and food
technol ogy world. With the aim of providing
authentic ingredients, we ensure that every
client of Healthfarm gets pure, clean,
highquality 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
wellpaid 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 wellbeing
of the nation. The group first promoted a
smallscale 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, multivitamins,
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 latters quality
sports supplements to India. Raw Nutrition,
owned by Dr. Dominic Iacavone, Matheson Janesen
and Christopher Bumstead
(who is a fourtime 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 Healthfarms commitment to bringing
innovative and effective products to its
customers. Raw supplements (Protein EAA,
Intraworkout and Preworkout) 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 202021, the
groups sales turn over amounted to Rs 80.83
crore on which it earned a profit of Rs 5.39
crore. During the next year (202122), 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 (202223), 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 groups turnover and profit
to reach the Rs 200crore 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 highquality nutraceuticals and
Ayurvedic medicines, reflecting the companys
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. ? April 15, 2023 Corporate India 21