Bikaji Foods International Limited (Bikaji), India’s third largest ethnic snacks manufacturer and the second fastest growing company in the Indian organised snacks market, today announced its financial results for the quarter ended June 30, 2023.
Q1FY24 Financial Performance Summary:
Revenue from operation grew 15.0% YoY to Rs. 4,821 mn with Volume growth of 15.2% YoY
EBITDA margin stood at 13.6% (up 630 bps YoY and 20bps QoQ) led by operating efficiency and superior mix combined with impact of softening of input material prices
Profit After Tax (PAT) grew 163.8% YoY to Rs. 414 mn. PAT margin stood at 8.6% (up 490 bps YoY)
Earnings per share (EPS) (Diluted) stood at Rs. 1.67.
Q1FY24 Business Segments Review:
Ethnic Snacks: Revenue grew 16.1% YoY; constitutes ~75% of overall revenue
Packaged Sweets: Revenue grew 10.5% YoY; constitutes ~7% of overall revenue
Western Snacks: Revenue grew 19.3% YoY; constitutes ~9% of overall revenue
Papad: Revenue grew 1.1% YoY; constitutes ~6% of overall revenue
Deepak Agarwal, Managing Director, Bikaji Foods International Limited, said, “We have started fiscal year FY24 with strong double-digit value (up 15% YoY) & volume growth (up 15.2% 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.”