Bikaji Foods International reports 164% y-o-y growth in net profit

2 Aug 2023 , 12:47 PM

Bikaji Foods International shares soared 4% in early trade on August 2 after the ethnic food manufacturer’s June quarter net profit increased 164% year-on-year to Rs 41.4 crore and revenue was up 15% year-on-year to Rs 482.1 crore.

Following this development, the counter touched a new 52-week high of Rs 509 in today’s trade.

The company started FY24 with strong double-digit value (up 15% YoY) and volume growth (up 15.2% y-o-y) in Q1, with robust performance across all segments and markets. It delivered a stable EBITDA margin in the first quarter, thanks to an improved mix, operating leverage, and good cost control.

The company remained dedicated to improving its distribution network in order to achieve deeper penetration throughout its core and focus markets, and it was on pace to grow direct access to 2.4 lakh retail shops by FY24.

Over the last six months, Bikaji Foods stock has returned 27.38%, surpassing the Nifty FMCG index, which has given a return of 14.36%.

At around 12.42 PM, Bikaji Foods was trading 1.46% lower at Rs 477.15, against the previous close of Rs 484.20 on NSE.

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