Mrs. Bectors Food Specialities PAT declines 25% yoy to Rs16 crore in Q3FY22; Stock down 3.5%

14 Feb 2022 , 10:39 AM

Mrs. Bectors Food Specialities Limited, one of the leading Companies in the premium and mid-premium biscuits segment in North India under the brand ‘Cremica’ and a leading premium bakery player in India under the brand ‘English Oven’ announced its Unaudited Financial Results for the Quarter and Nine months ended December 31, 2021.

The company’s revenues rose 17% yoy to Rs263 crore in Q3FY22 compared to Rs226 crore in Q3FY21. Revenues increased to Rs736 crore in 9MFY22 from Rs657 crore in 9MFY21, up 12% yoy.

Profit After Tax (PAT) declined 25% yoy to Rs16 crore in Q3FY22 from Rs21 crore in Q3FY21.

For 9MFY22, PAT declined 21% yoy to Rs47 crore from Rs60 crore in 9MFY21.

EBITDA down 16% yoy to Rs33cr in Q3FY22 from Rs40 crore in Q3FY21. EBITDA down 13% at Rs97cr in 9MFY22 from Rs112 crore in 9MFY21.

The company has also declared an interim dividend of Rs1.25 per Equity Share for FY22.

At around 10.42 am, Mrs. Bectors Food Specialities Ltd. was trading at Rs345.10 per share down Rs12.75 or 3.56% on the BSE.

Key Highlights:

• Biscuit segment reported a growth of 11% over higher base of Q3FY21 and 7% over Q2FY22.
• Export market has witnessed double-digit growth from last year.
• Further, in our domestic market we have seen good growth through the Modern trade channels and the effect of Covid is also subsiding.
• Bakery segment has grown by 29% in Q3FY22 including retail bakery and institutional segment. This segment has grown by 12% as compared to Q2FY22.
• Retail Bakery has grown in high teens compared with Q3FY21 with continuous focus on increasing distribution and premiumization of our products.
• Institutional bakery sales has witnessed higher double-digit growth from last year. With the relaxing timing norms for restaurants, opening up for deliveries and dine ins, we have great momentum in this segment because of improving demand from QSR side

Anoop Bector, Managing Director said, “Despite challenging times and uncertainties surrounding COVID-19, the company has performed well and has posted strong topline growth for Q3FY22. The Indian economy is recovering well and saw a positive momentum, especially as a result of the festive season.

During the quarter, the company continued to witness cost increase on account of rising raw material and packaging costs. In order to offset this inflationary pressure, the company took a further price and are also taking further price rise in 4th quarter of FY22. Having said this, we have managed to mitigate some of these rising costs through efficiencies and economies of scale at EBITDA level. Both these price hikes along with focus on premiumization will allow us to absorb rising costs and enable us to maintain our going forward.”

He added, “in the current quarter, our new line for bread and bun in Greater Noida facility was operational and new biscuit line in Rajpura facility is expected to be operational in 1st quarter of FY23.”