ADF Foods stock plunges over 3% post Q1FY23 numbers

29 Jul 2022 , 09:17 AM

ADF Foods Limited, one of the leading manufacturer of prepared ethnic food has announced Financial Results for the Quarter ended June 30, 2022.

Key Highlights (Consolidated Financials)

• Revenue in Q1 FY23 increased by 12.4% y-o-y to Rs97.2 crore
• Gross Margins for Q1 FY23 increased by 26.9% to Rs47.9 crore
• EBITDA in Q1 FY23 stood at R9.1 crore; EBITDA Margin in Q1 FY23 stood at 9.3%. “This decrease is primarily driven by inflationary pressure amid supply chain disruptions in US-led subsidiary”, the company said.
• PAT in FY22 stood at Rs7.6 crore
• Launched new products under brand ‘Ashoka’ in the categories of ready to eat, ready to cook and pickles
• Company is ready to launch various products under brand ‘ADF Soul’ through e-commerce in India in Q2 FY23

Commenting on the results, Bimal Thakkar, Chairman & Managing Director said, “We have entered FY23 on a strong note and are confident to pace up our business on a sustainable basis.

We have further strengthened our product portfolio through launch of various products. Further, to expand our presence in PAN India, we are ready to launch sauces, pickles and chutneys under Soul brand via e-commerce in next quarter. 

The company is really excited and is looking forward to this growth journey.”

At around 9:17 AM, ADF Foods was trading at Rs692.40 per share down by Rs23.3 or 3.26% from its previous closing of Rs715.70 per share on the BSE.