Bikaji foods Reports YoY growth of 31.8% in top line and 43.5% in bottom line in Q2 FY23

Bikaji Foods International Limited (Bikaji), India's third largest ethnic snacks company in India with an international footprint, selling Indian snacks and sweets, and the second fastest growing company in the Indian organised snacks market announces its financial results for the second quarter and half year ended September 30th, 2022.

Q2 FY23 v/s Q2 FY22:

- Revenue from operation stood at Rs. 57,697.26 Lacs in Q2FY23 as against Rs. 43,767.92 Lacs of Q2FY22

- The Company's EBITDA margin stood at 11.1% as against 10.4% of previous year

- Profit Before Tax (PBT) stood at Rs. 5,583.11 lacs for Q2FY23, PBT margin increased to 9.7% as against 8.5% of Q2FY22

- Profit After Tax (PAT) stood at Rs. 4,092.57 lacs for Q2FY23. The PAT margin increased to 7.1% as against 6.5% of Q2 FY22

- Earnings per share (EPS) (Diluted) for the quarter ended Q2FY23 stood at Rs. 1.66

H1FY23 v/s H1FY22:

- Revenues from operations for the six months ended September 30th, 2022 stood at Rs. 99,613.05 lacs as compared to Rs. 77,173.21 lacs in H1FY22

- The Earnings before Interest, Tax, Depreciation and Amortization (Core EBITDA) stands Rs. 9,501.49 lacs in H1FY23, as against Rs 7,167.18 lacs in H1FY22. EBITDA margin stood at 9.5%

- Profit Before Tax (PBT) stood at Rs. 7,762.08 lacs for H1FY23 as compared to Rs 5,577.67 lacs in H1FY22. PBT margin stood at 7.8%

- Profit After Tax (PAT) reported stood Rs. 5,662.36 lacs in H1FY23 as against Rs. 4,092.90 lacs in H1FY22.The Company's PAT margin stood at 5.7%

- Earnings per share (EPS) (Diluted) for the six months stood at Rs. 2.31

Commenting on the results, Deepak Agarwal, Managing Director, Bikaji Foods International Limited said, "We have seen a healthy and positive growth in revenue as compared to previous quarter and previous year. In current quarter our topline have delivered 37.7% growth as compared to previous quarter and same is 31.8% as compared to same quarter previous year. We have witnessed a good double-digit growth in all categories as compared to previous year. We have continued to expand our distribution network and we have also started CSD channel in current quarter."

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. Our EBITDA margin has increased to 11.1% in current quarter as compared to 7.3% in previous quarter which was result of price softening of materials along with our cost efficiency program and cost management efforts.

In current quarter two of our CMU's viz. Hanuman Agro Food Private Limited and Raadhey Namkeen Private Limited has started its commercial production which will help us cater the demand of western snacks as well as Namkeens.

Our focus will be on strengthening our distribution network to achieve a deeper distribution model. We will work closely on the RTM strategy for distribution expansion.

Shares of Bikaji Foods International Limited was last trading in BSE at Rs. 395.55 as compared to the previous close of Rs. 397.85. The total number of shares traded during the day was 33040 in over 2038 trades.

The stock hit an intraday high of Rs. 406.00 and intraday low of 390.95. The net turnover during the day was Rs. 13161821.00.

Source : Equity Bulls

Keywords

BikajiFoodsInternational INE00E101023 PackagedFoods Q2FY23 H1FY23 ResultUpdate