 "ADF Foods' net profit increases by 72% to Rs 20 cr in March quarter")
FMCG company ADF Foods Ltd on Monday reported a 72 per cent rise in its standalone profit after tax to Rs 20.30 crore for the March 2023 quarter on account of higher revenues.
It had reported a PAT of Rs 11.80 crore for the year-ago quarter, the company said in a statement.
The company's revenue from operations surged 19 per cent to Rs 98.2 crore from Rs 82.4 crore in January-March FY22.
The board has recommended a dividend of Rs 5 per share for the financial year ended March 31, 2023.
On a business update, ADF Foods said its greenfield expansion plan for frozen food capacity is expected to kick off in the second quarter of FY24 and be complete in 12-18 months.
ADF Foods Chairman & Managing Director Bimal Thakkar said, "Our flagship brand Ashoka remains a top Indian food brand in stores across the US, UK and Asia Pacific, thanks to our dedication towards traditional recipes and high-quality ingredients. Our planned expansion in Surat will unlock further frozen food production capacity".
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The company will continue to expand its sales and distribution in India and abroad, he added.
Mumbai-based ADF Foods offers frozen foods, ready-to-eat and ready-to-cook (RTC) items, including sauces, pickles, edible pastes and dips in over 50 markets.