Bikaji Foods International advanced 3.40% to Rs 409 after the company's consolidated net profit jumped 43.6% to Rs 40.93 crore on 31.8% rise in net sales to Rs 576.97 crore in Q2 FY23 over Q2 FY22.
Profit before tax surged 49.3% year on year to Rs 55.83 crore in the quarter ended 30 Septemeber 2022.EBITDA mangin during the quarter stood at 11.1% as against 10.4% posted in corresponding quarter last year.
Total expenses rose 30.8% YoY to Rs 526.83 crore in Q2 FY23. Cost of materials consumed stood at Rs 395.37 crore (up 24.98% YoY) while employee benefits expenses was Rs 27.16 crore (up 11.9% YoY).
Deepak Agarwal, managing director of Bikaji Foods lnternational said, We have witnessed a good double-digit growth in all categories as compared to previous year. We have seen softening in prices of our key raw materials (edible oil) and packing materials which has contributed in the profitability of the company. The increase in EBITDA margin was result of price softening of materials along with our cost efficieney program and cost management efforts.
In curreut quarter two of our CMU's viz. Hamuman Agro Food and Raadhey Namkeen has started its commercial production which will help us cater the demand of western snacks as well as Namkeens.
Meanwhile, the board approved conversion of 28,13,050 compulsorily convertible cumulative preference shares held by the company in its name in Hanuman Agrofood into 28,13,050 equity shares. Post conversion, Hanuman Agrofood will become subsidiary of Bikaji Foods.
Bikaji Foods International is the third largest ethnic snacks company in India with an international footprint, selling Indian snacks and sweets, and is among the fastest growing companies in the Indian organised snacks market. The company is one of the pioneers in the Indian packaged snacks industry, which has given a twist to classic Indian snacks with a contemporary taste along with maintaining the regional flavours to address the evolving consumer preferences in India and internationally.
Shares of Bikaji Foods International debuted on the bourses on 16 November 2022. The scrip was listed at Rs 321.15, representing a premium of 7.05% to the initial public offer (IPO) price of Rs 300.
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