Wardwizard Foods & Beverages Ltd records INR 4.26 Cr revenue in Q1FY24 amidst the evolving market landscape

Wardwizard Foods & Beverages Limited (formerly known as Vegetable Products Limited; BSE: 539132) reported a revenue of INR 4.26 Cr for the first quarter ending on 30th June 2023. The organization stated its Q1 performance for FY2023-24 as per Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Despite the dynamic landscape of the food industry, Wardwizard Foods & Beverages Limited. has remained steadfast in positioning itself strategically by investing in innovative products. The Company also plans to expand its product segment and portfolio in the coming quarter, thus contributing to its growth trajectory. The company has also undertaken planned investments in marketing and infrastructure development.

Having adopted an innovation-centric approach, the company ventured into new avenues within the food sector. Notably, Wardwizard Foods & Beverages has further diversified its product portfolio, offering an array of frozen food products, ready-to-eat products, and an exquisite range of condiments including dips, sauces, and seasonings. The portfolio diversification is complemented by the expansion of the company's product distribution channels, targeting both HoReCa as well as retail markets. In addition, the company also recorded growth in the retail sale of Snack Buddy Products this quarter.

Speaking on the Q1 performance, Ms. Sheetal Bhalerao, Chairperson and Managing Director of Wardwizard Foods & Beverages Limited., said, "Our approach to embracing change and innovation has yielded promising results. We remain dedicated to introducing new and exciting products that resonate with our consumers' tastes. We have strengthened our operational infrastructure and production capabilities by investing in a new state-of-art factory for manufacturing Snack Buddy products. The coming Quarter shall mark new developments, including the commencement of exports, unveiling of new product segments, continuous product innovation, new product developments and strategic expansion of the existing retail portfolio. We are poised to deliver our product offerings to consumers with our strong distribution network and to enhance our footprint by extending our presence to additional states across India." We are confident that these efforts will create the foundation for our sustainable growth in the near future."

In the pursuit of its growth strategy, Wardwizard Foods & Beverages Limited. has achieved several notable milestones. Alongside expanding its market presence across key regions in India, the company has also successfully opened new outlets, enhancing its presence and extending its customer reach. The company is currently operating with a total of 33 quick-service restaurant outlets across Gujarat and Maharashtra.

Shares of Vegetable Products Ltd was last trading in BSE at Rs. 46.11 as compared to the previous close of Rs. 46.88. The total number of shares traded during the day was 16699 in over 166 trades.

The stock hit an intraday high of Rs. 47.85 and intraday low of 45.02. The net turnover during the day was Rs. 779717.00.

Source : Equity Bulls

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WardwizardFoodsandBeverages INE761D01021 Q1FY24 ResultUpdate