Packaged Foods company Tasty Bite Eatables announced Q2FY25 results Standalone Financial Highlights: Revenue: Rs 1,645 crore compared to Rs 1,476 crore during Q2FY24, change 11% YoY. EBITDA: Rs 180 crore compared to Rs 151 crore during Q2FY24, change 20% YoY. EBITDA Margin: 11% for Q2FY25. PAT: Rs 123 crore compared to Rs 95 crore during Q2FY24, change 30% YoY. PAT Margin:7.5% for Q2FY25. Consolidated Financial Highlights: Revenue: Rs 1,896 crore compared to Rs 1,782 crore during Q2FY24, change 6% YoY. EBITDA: Rs 203 crore compared to Rs 175 crore during Q2FY24, change 17% YoY. EBITDA Margin: 10.7% for Q2FY25. PAT: Rs 128 crore compared to Rs 101 crore during Q2FY24, change 27% YoY. PAT Margin: 6.8%% for Q2FY25. Promeet Ghosh, MD & CEO, said: “We continue to deliver strong results across categories led by the Crompton 2.0 strategy. With pumps and appliances businesses delivering robust growth, ECD segment is developing new growth engines. Efforts in the lighting business are paying off as revenue growth has picked up pace this quarter with consistent margin improvement over the last few quarters. Our focus continues to be on investments in brand spends and innovation. As we drive our sustainability practices, we were honoured by CII with the prestigious GREEN PRO certification in consumer products category for ceiling fans, an industry first in the fans category.” Result PDF
FMCG firm Tasty Bite Eatables announced Q3FY23 results: Q3FY23 & 9MFY23: The Company clocked revenue of Rs 1,088 million with a YoY growth of 43%. For nine months ended December 2022, revenues were Rs 3,765 million with a YoY growth of 34%. All businesses including the branded, private label, and Food Service registered robust growth and have surpassed pre-Covid performance levels. YoY quarterly growth is 76% in Consumer business (exports to the US and other markets). For the nine months that ended December 2022, revenue grew by 39% over last year. This Spurt in growth was primarily driven by inventory built up in last year in export markets, especially in the USA. YoY quarterly growth is 8% in the Food Service business. For the nine months that ended December 2022, revenue grew by 28% over last year. Material costs for the quarter is 64% of revenues. This is 1.5% lower than the same quarter last year due to yield improvement initiatives taken by the Company. This quarter and YTD December EBITDA at Rs 146 million and Rs 559 million, improved by 7.8% and 3.8% as compared to last year same quarter and nine months' same period. This is primarily driven by lower material costs and overheads. Result PDF
FMCG company Tasty Bite Eatables announced Q2FY23 results: The company registered a record quarter with revenues at Rs 1,441 million and a record half year at Rs 2,677million The quarter reflected a growth of 57% over last year's same period. For the first six months of the year, revenues grew 31% growth over the same period. Consumer business revenues (exports to the US and other markets) have grown 87% in the current year quarter. The same grew by 29% in the first half of the current year as last year was impacted due to demand drop on account of inventory built up in the US and other markets. Food service revenues grew 28% in the current year quarter. The same grew by 41% in the first half of the current year. There is a further drive to increase the export share of the TFS portfolio and launch more innovative and healthy products. Material costs for the quarter at 62.4% of revenues, came in 4.7% lower than last year's quarter (67.1%) on account of certain inventory provisions taken in last year. EBITDA margins of the business for this quarter and for the six-month period ended September 2022 are 15.4% each, higher than the same periods last year, 10.1% in Q2FY22 and 13.2% for the six-month period ended September 2021. This is primarily driven by lower material costs and overhead. Capex expansion plans are on track, and the company expects major capex to be completed by March 2023. Result PDF
Tasty Bite Eatables announced Q4FY22 results: Revenues for the year at Rs 3,856 million reflecting a revenue drop of ~5% over last year. Consumer Business revenue (exports to US and other markets) dropped ~17% in current year. This is full year impact but in the current quarter Consumer Business grew by 76% compared to last quarter. The strong order book lends resilience to the business outlook. Food Service revenue grew more than ~45% in current year and our customers expect the business momentum to increase further. We have increased our focus to grow Food Service exports to expand the product reach and improve business margins. Export incentives reduction will continue to impact margins and it will take us few more quarters to recoup the lost margins through other initiatives. Material costs for the year is at 63.8% of revenues, 360 bps higher than last year (60.2%). Higher commodity rates of oils, packing materials, business mix impact, lower incentives income and inventory provisions continue to impact the business. These costs along with lowered revenues resulted in lower EBITDA margin the business for this year at 12.2% as against 18.0% in last year. While we expect inflation to continue to impact the business for a while, we are hopeful that the reason of $34 exports and continued innovation will help stabilize profitability. Result PDF
Packaged Foods Tasty Bite Eatables declares Q3FY22 result: COVID Impact appears fully absorbed with this quarter's results. US consumer market for Tasty Bite ends record year of growth Tasty Bite Food service business back on growth trajectory New Capex being commissioned to address growth in 2022 & beyond Search for new Managing Director is on Revenues for the quarter at INR 762 Mn reflecting a revenue drop of 38.4% over last year. For the nine months of the year, revenues of INR 2,813 Mn reflect 1.5% growth over the same period LY. TBEL Consumer Business revenue (exports to US and other markets) dropped 12% in the nine month period. However PBI, our largest customer just closed 2022 with record revenues, This mismatch in revenues was driven by the excess inventory in the pipeline that PB] had to run down. This has cleared the pipeline and the orderbook for TBEL now appears robust Food Service revenue grew more than 50% in the nine month period as Jast year business was significantly impacted on account of nationwide lockdown due to COVID-19. In current quarter, Food Service revenue grew by 14%, Food Service exports are on increasing trend as we see traction towards speciality vegetarian products in Southeast Asia and Middle East. We expect that demand for specialty vegetarian products is continuing to increase over time given the quality, variety and cost competitiveness of the Company’s products, Govt’s discontinuation of Transport and Marketing Assistance Scheme (TMA) and Merchandise Exports from India Scheme (MEIS) eroded export benefits and impacted earnings by 2.7%, The new scheme - Remission of Duties and Taxes over Exported products. Material costs for the quarter is at 65.5% of revenues, 400 bps higher than last year (61.5%). Higher commodity rates of oils, packing materials, business mix impact, lower incentives income and inventory provisions were all contributors. EBITDA margin of the business for this quarter and for the nine-month period ended December 2021 are 5.6% and 11.1% respectively as against 18.1% in Q3 FY21 and 16.8% for the nine-month period ended December 2020, This is primarily impacted by lower revenues, lower incentives income and higher material costs. Board reviewed in detail the status of capital expansion plan in last board meeting. Capex plan will be completed by 2023. This will ensure modernisation of the plant as well as new TBRC. This enhanced capacity will take us through for next 3 years thereby securing supplies for our customers. Result PDF