Bikaji Foods International announced Q3FY24 & 9MFY24 results: Q3FY24: Revenue from operation grew 22.9% YoY to Rs 6,241 million with Volume growth of 29.5% YoY EBITDA grew 36.1% YoY to Rs 750 million with a margin of 12.0% (up 116 bps YoY) led by strong festive demand and favourable raw material prices Profit After Tax (PAT) grew 15% YoY to Rs 460 million Earnings per share (EPS) (Basic) stood at Rs 1.87 Ethnic Snacks: Revenue grew by 15.4% YoY; constitutes ~62.9% of overall revenue Packaged Sweets: Revenue grew by 82.8% YoY; constitutes ~18.2% of overall revenue Western Snacks: Revenue grew by 9.9% YoY; constitutes ~7.5% of overall revenue Papad: Revenue grew by 8.8% YoY; constitutes ~6.1% of overall revenue 9MFY24: Revenue from operation grew 14.0% YoY to Rs 17,149 million with Volume growth of 16.7% YoY EBITDA grew 51.7% YoY to Rs 2,285 million with a margin of 13.3% (up 331bps YoY) led by strong festive demand and favorable raw material prices Profit After Tax (PAT) grew 51.5% YoY to Rs 1,472 million Earnings per share (EPS) (Basic) stood at Rs 5.99 Ethnic Snacks: Revenue grew by 13.6% YoY; constitutes ~68.3% of overall revenue Packaged Sweets: Revenue grew by 18.7% YoY; constitutes ~14.8% of overall revenue Western Snacks: Revenue grew by 12.4% YoY; constitutes ~8.1% of overall revenue Papad: Revenue grew by 2.1% YoY; constitutes ~5.3% of overall revenue Deepak Agarwal, Managing Director, Bikaji Foods International, said, “We are glad to inform all our stakeholders that our company has grown well during the quarter. This quarter, we experienced a robust demand driven by festive celebrations, marking it as our most successful period for packaged sweets. The surge in growth and demand within this segment can be attributed to a combination of factors. The festive season played a significant role, alongside improvements in our operational efficiencies and advantageous pricing of raw materials. Looking ahead, we are optimistic about maintaining this growth momentum and anticipate further enhancements in our profitability.” Result PDF
Packaged Foods company Bikaji Foods International announced Q2FY24 & H1FY24 results: Financial Performance: Q2FY24: Revenue from operation grew 5.5% YoY to Rs 6,087 million with Volume growth of 5.1% YoY EBITDA grew 36.5% YoY to Rs 877 million with a margin of 14.4% (up 330bps YoY and 80bps QoQ) led by operating efficiency and superior mix combined with the impact of favorable raw material prices Profit After Tax (PAT) grew 46.1% YoY to Rs 598 million Earnings per share (EPS) (Basic) stood at Rs 2.45 H1FY24: Revenue from operation grew 9.5% YoY to Rs 10,907 million with Volume growth of 10.5% YoY EBITDA grew 61.5% YoY to Rs 1,535 million with a margin of 14.1% (up 450bps YoY) led by operating efficiency and superior mix combined with the impact of favorable raw material prices Profit After Tax (PAT) grew 77.5% YoY to Rs 1,012 million Earnings per share (EPS) (Basic) stood at Rs 4.1 Business Segments: - Ethnic Snacks: Revenue grew by 10.0% YoY, contributing to approximately 69% of overall revenue. - Packaged Sweets: Revenue declined by 12.6% YoY, representing around 17% of overall revenue due to the shift of the festive season. - Western Snacks: Revenue increased by 9.0% YoY, constituting approximately 8% of overall revenue. - Papad: Revenue decreased by 6.0% YoY, comprising around 4% of overall revenue. Volume Growth: - The company achieved a volume growth of 5.1% YoY in Q2FY24, and 10.5% YoY in H1FY24. - The salty snacks category experienced the highest-ever volume growth of 17% YoY. Market Performance: - Focus markets grew by 11.2% YoY and 13.5% YoY in Q2FY24 and H1FY24, respectively. - The company increased direct coverage by 46k outlets in Q2, aiming to reach 2.5 lakh outlets by FY24. Deepak Agarwal, Managing Director, Bikaji Foods International, said, "We are thrilled to inform you all that our steadfast commitment to improving profitability has successfully helped us achieve record EBITDA. A key aspect contributing to our success this quarter has been the enhanced operating efficiencies we've implemented across our operations. This has helped us to position ourselves for further growth and advancement across various markets. With festivities around the corner, we are confident and optimistic about the upcoming quarter." Result PDF
Conference Call with Bikaji Foods International Management and Analysts on Q2FY24 Performance and Outlook. Listen to the full earnings transcript.
Packaged Foods company Bikaji Foods International announced Q1FY24 results: Revenue from operation grew 15% YoY to Rs 4,821 million with volume growth of 15.2% YoY EBITDA margin stood at 13.6% (up 630 bps YoY and 20bps QoQ) led by operating efficiency and superior mix combined with the impact of softening of input material prices Profit After Tax (PAT) grew 163.8% YoY to Rs 414 million. PAT margin stood at 8.6% (up 490 bps YoY) Earnings per share (EPS) (Diluted) stood at Rs 1.67 Deepak Agarwal Managing Director, Bikaji Foods International, “We have started fiscal year FY24 with strong double-digit value (up 15% YoY) & volume growth (up 15.2% YoY) in Q1, the performance was broad-based across business segments and markets. We have delivered a resilient EBITDA margin in Q1 led by superior mix, operating leverage, and effective cost management. We remain committed to strengthening our distribution network to achieve a deeper distribution across our core & focus markets and are on track to expand our direct reach to 2.4 lakhs retail stores by FY24.” Result PDF
Packaged Foods company Bikaji Foods International announced Q4FY23 & FY23 results: Q4FY23: Revenue from operation grew 15% YoY to Rs 4,623 million with Volume growth of 13% YoY EBITDA margin stood at 13.4% (up 320 bps YoY) Witnessed softening of raw material and packing material prices and efficient pricing measures in Q4FY23 over Q3FY23, resulting in an improvement of gross margin by 440 bps QoQ to 35.2%. EBITDA margin was further supported by efficiency measures undertaken in all other cost heads Profit After Tax (PAT) grew 57% YoY to Rs 381 million. PAT margin stood at 8.3% (up 220 bps YoY) Earnings per share (EPS) (Diluted) stood at Rs 1.5 FY23: Revenue from operation grew 22% YoY to Rs 19,661 million with Volume growth of 15% YoY EBITDA margin stood at 10.9% (up 220 bps YoY) Witnessed softening of raw material and packing material prices in FY23 over FY22, resulting in an improvement of gross margin by 170 bps YoY to 29.1%. EBITDA margin was further supported by efficiency measures undertaken in all other cost heads Profit After Tax (PAT) grew 63% YoY to Rs 1,265 million. PAT margin stood at 6.4% (up 170 bps YoY) Earnings per share (EPS) (Diluted) stood at Rs 5.1 Deepak Agarwal, Managing Director, Bikaji Foods International, said, “We had a strong fiscal year FY23 with strong double-digit value (up 22% YoY) & volume growth (up 15% YoY), The performance was broad-based across business segments. In the current quarter, the downward trend in our key input materials and efficient pricing measures has amplified profitability with a healthy Gross margin of 35.2% and EBITDA margin of 13.4%. We expect, current momentum to continue in the next fiscal with another double-digit topline growth and some improvement in margins led by superior mix, operating leverage, and effective cost management. Our unwavering focus on network expansion is also one of the reasons for our robust topline CAGR growth over the years. We remain committed to strengthening our distribution network to achieve a deeper penetration across our core & focus markets. We aim to expand our footprint to 1.5 lakh retail stores by FY24.” Result PDF
Bikaji Foods International announced Q3FY23 results: Q3FY23 vs Q3FY22: Revenue from operation stood at Rs 50,767.76 lakh in Q3FY23 as against Rs 43,897.60 lakh in Q3FY22 with a growth of 15.7% The company’s EBITDA margin stood at 10.4% as against 5.6% in previous year Profit Before Tax (PBT) stood at Rs 4,161.86 lakh for Q3FY23, PBT margin increased to 8.2% as against 3.6% for Q3FY22 Profit After Tax (PAT) stood at Rs 3,169.39 lakh for Q3FY23. The PAT margin increased to 6.2% as against 2.4% in Q3FY22 Earnings per share (EPS) (Diluted) for the quarter ended Q3FY23 stood at Rs 1.32. 9MFY23 vs 9MFY22: Revenues from operations for the nine months ended December 31, 2022 stood at Rs 1,50,380.81 lakh as compared to Rs 1,21,070.81 lakh in 9MFY22 with a growth of 24.2% The Earnings before Interest, Tax, Depreciation and Amortization (Core EBITDA) stand at Rs 15,099.85 lakh in 9MFY23, as against Rs 9,636.21 lakh in 9MFY22. EBITDA margin stood at 10% Profit Before Tax (PBT) stood at Rs 11,923.94 lakh for 9MFY23 as compared to Rs 7,155.50 lakh in 9MFY22. PBT margin stood at 7.9% Profit After Tax (PAT) reported stood at Rs 8,831.75 lakh in 9MFY23 as against Rs 5,165.87 lakh in 9MFY22.The company’s PAT margin stood at 5.9% Earnings per share (EPS) (Diluted) for the nine months stood at Rs 3.64 Commenting on the results, Deepak Agarwal, Managing Director, Bikaji Foods International Limited said, "Taking the lead from the previous quarter, we have seen an increase in our revenue as compared to the last year with our topline delivering 24.2% growth this year. In the current quarter, we have seen a downward trend in our key input materials leading to improved profitability. Our EBITDA margin has increased to 10.0% in YTD Dec-22 as compared to 8.0% in YTD Dec-21 which was result of softening of input prices. We continue to focus on operational efficiencies which also reflects in a better profit margin this quarter. We hope that consumer demand will get better in the next quarter and we rally on in our growth journey while maintaining healthy margins. Our focus will be on strengthening our distribution network to achieve a deeper distribution model, and we will continue to efficiently execute our RTM strategy for distribution expansion." Result PDF