Packaged Foods company ADF Foods announced Q4FY24 & FY24 results: Standalone Revenue for the quarter was Rs 129.0 crore registering a growth of 31.3% on a YoY basis. EBITDA stood at Rs 31.8 crore, with margin of 24.7%. PAT grew on a yearly basis by 24.7% to reach Rs 25.3 crore at a margin of 19.6% In Q4FY24, on a consolidated basis revenue grew by 24.8% YoY to Rs 153.6 crore. EBITDA stood at Rs 34.3 crore, with margin of 22.3%. PAT grew on a yearly basis by 55.7% to reach Rs 25.0 crore at a margin of 16.3% For FY24, standalone and consolidated revenue registered a growth of 17.2% YoY and 15.6% YoY to Rs 414.1 crore. and Rs 520.3 crore. respectively. Standalone and consolidated PAT increased by 32.7% and 32.1% YoY to Rs 79.6 crore. and Rs 73.8 crore respectively Commenting on the Results, Bimal Thakkar – Chairman & Managing Director said, “We recorded our best ever quarter in terms of revenue as well as profitability metrics on a standalone and consolidated basis led by increasing volumes and better product mix. Our revenues also surpassed the Rs 500 crore milestone in FY24 on a consolidated basis. On a standalone basis, we have nearly doubled our EBITDA and PAT over the past 2 years, a testament to the operating leverage playing out on a sustained basis. We continued to witness strong demand across all our brands. Our flagship ‘Ashoka’ brand saw continued addition of new products and launch in new markets as well as increased penetration in existing markets. We continue to be bullish in terms of our outlook in FY25 and expect revenue growth to be upwards of 20%. Overall, we are excited about the future potential of our business and remain focused to achieving healthy and sustainable growth in future.” Result PDF
Packaged Foods company ADF Foods announced Q3FY24 & 9MFY24 results: Financial Highlights Standalone Revenue for the quarter was Rs 103.2 crore registering a growth of 3.5% on a YoY basis. EBITDA stood at Rs 26.4 crore, with a margin of 25.6%. PAT grew on a yearly basis by 5.4% to reach Rs 20.3 crore at a margin of 19.6% In Q3FY24, on a consolidated basis revenue grew by 5.2% YoY to Rs 129.7 crore. EBITDA stood at Rs 27.0 crore, with a margin of 20.8%. PAT grew on a yearly basis by 3.0% to reach Rs 19.1 crore at a margin of 14.7% For 9MFY24, standalone and consolidated revenue registered a growth of 11.8% YoY and 12.1% YoY to Rs 285.2 crore and Rs 366.7 crore respectively. Standalone and consolidated PAT increased by 36.8% and 22.6% YoY to Rs 54.3 crore and Rs 48.8 crore respectively Operational Highlights Further investment of Rs 13 crore in Optionally Convertible Redeemable Preference Shares ("OCRPS") of Telluric Foods (India) Limited was approved to support its brand building and working capital requirements. The transfer of ADF's entire equity investment in ADF Foods (India) Limited to Telluric Foods Limited was approved at fair market value to be determined. An in-principle approval for the merger between subsidiaries ADF Foods (India) Limited and Telluric Foods Limited was granted for achieving merger synergies. New product launches across various categories including frozen desserts and Indo-Chinese sauces under the 'Ashoka' brand were accomplished. Commenting on the Results, Bimal Thakkar – Chairman & Managing Director said, “We recorded satisfactory growth and healthy margins over the past nine months as we focused on brand building and investing in profitable products. Our Q3 revenue growth could have been better however, the Red Sea crisis impacted sales shipments towards the quarter's end. We initiated several new plans to accelerate our long-term growth. The Board approval for investment in Telluric Foods (India) Limited will enable us to accelerate our India business growth. Further the merger of our subsidiaries ADF Foods (India) Limited and Telluric Foods Limited will enable us to achieve substantial synergies including efficient capital utilization, flexibility in business operations, and cost rationalization. We continue to witness strong demand for our products and in order to support the same, we launched several new products under our flagship ‘Ashoka’ brand. Overall we expect all the above initiatives to herald in a new era of growth for your Company.” Result PDF
Conference Call with ADF Foods Management and Analysts on Q1FY24 Performance and Outlook. Listen to the full earnings transcript.
Packaged Foods company ADF Foods announced Q1FY24 results: Standalone revenue for Q1FY24 was Rs 84.6 crore registering a growth of 17.2% on a YoY basis. EBITDA stood at Rs 21.1 crore, with a margin of 24.9% - increasing by 189.3% YoY. PAT grew on a yearly basis by 121% to reach Rs 16.4 crore, at a margin of 19.3% In Q1FY24, consolidated revenue grew by 15.7% to Rs 112.4 crore YoY, while EBITDA and PAT grew by 141.4% to Rs 21.9 crore and 92.7% YoY to Rs 14.7 crore respectively The company's core business of processed and preserved foods saw margin improvement on both YoY and QoQ basis. Revenue from the distribution business saw a 29% and 40% growth on a quarterly and yearly basis respectively. Ashoka brand continues to grow at very high double digits. It crossed Rs 200 crore in revenue in the last financial year and has also grown well in the current quarter The company has created a large freezer capacity at its New Jersey warehouse, which will help with faster fulfilment of frozen category products in the market 3 SKUs received a listing in a large discounter and 15 SKUs received a listing in a supermarket chain in the UK – and is optimistic about their listings’ revenue potential Commenting on the results, Bimal Thakkar, Chairman & Managing Director said, “We have delivered yet another remarkable first quarter result – posting higher revenues and improving our operational metrics year on year. Historically we see that the quarters in the later part of the year contribute significantly to the top line; flowing subsequently to our bottom line. However, given we have achieved the run rate of last financial year in this year’s first quarter itself – it makes us very excited about our prospects for this year. We try to consistently introduce new delectables in our product portfolio since we serve a wide palate of global consumers. This quarter saw the introduction of new products under Ashoka. We also started working on improving our capabilities towards the introduction of frozen products in the third quarter under our Truly Indian Brand. Some of our SKUs received listing nods with a large discounter and a supermarket chain – a testament that at ADF we not only try to serve people with the authentic Indian experience when it comes to food but do so while holding ourselves to the highest standards of quality. We continue to strive harder to increase our product basket and enhance value for our shareholders with consistent performance." Result PDF