Bikaji Foods hits 52-week high, jumps 5% as Q1 net soars 164%

The company posted a 164 per cent YoY surge in Q1FY24 net profit at Rs 41.40 crore, backed by a 15 per cent growth in revenue.

Shares of Bikaji Foods International rallied over 5 per cent to hit a fresh 52-week high at Rs 508.75 on the BSE in Wednesday's intra-day trade on the back of strong Q1 results.

At 09:40 AM, the stock had pared some gains, but was still up 1.1 per cent at Rs 490, on trades of around 40,000 shares as against the two-week average volume of around 40,000 shares. Meanwhile, the S&P BSE Sensex was down 0.5 per cent at 66,139.

Bikaji Foods International Limited (Bikaji) is reportedly India's third largest ethnic snacks manufacturer and the second fastest growing company in the Indian organised snacks market.

The company's Q1 net profit zoomed nearly 164 per cent year-on-year (YoY) to Rs 41.40 crore. PAT margin jumped by 460 basis points (bps) to 8.6 per cent, the company said in a release to the BSE after market hours on Tuesday.

Further, the company's revenue grew by 15 per cent YoY to Rs 482.10 crore. EBITDA margin stood at 13.6 per cent, up 630 bps YoY and 20 bps QoQ (quarter-on-quarter) led by operating efficiency and suprerior mix combined with impact of softening of input material prices.

Segment-wise, ethinic snacks which contributed around 75 per cent of the overall revenue, rose by 16.1 per cent YoY. Revenue from packaged sweets, western snacks and papad increased by 10.5 per cent, 19.3 per cent and 1.1 per cent, respectively.

Commenting on the results, Deepak Agarwal, Managing Director of Bikaji Foods International said, "We have started fiscal year FY24 with strong double-digit value (up 15 per cent YoY) & volume growth (up 15.2 per cent YoY) in Q1, the performance was broad based across business segments and markets. We have delivered a resilient EBITDA margin in Q1 led by superior mix, operating leverage and effective cost management."

"We remain committed on strengthening our distribution network to achieve a deeper distribution across our core & focus markets and on track to expand our direct reach to 2.4 lakhs retail stores by FY24.”, he added.