Indian fruit and vegetable processor Temptation Foods (TFL) has seen its annual profits more than triple.

The company posted net profit INR238m (US$6m) for the financial year to the end of March, up 313% year-on-year.

Vinit Kumar, chairman and MD of TFL, said: “Our dominating presence in the processed foods market segment has enabled us to maintain our momentum. We are exploring opportunities of both strengthening our presence across India and minimising our input costs.”

TFL is to raise US$200m through Qualified Institutional Bidding within next two months, the company said.

“We have firm plans in place to expand capacity through further acquisitions and strategic tie-ups within the industry,” Kumar added.

TFL has three brands: Karen Anand, Delika and Everfresh.