Agriculture products firm GRM Overseas announced Q2FY23 results: Consolidated Q2FY23: Total revenue at Rs 270.2 crore as compared to Rs 258 crore in Q2FY22, a growth of 4.7% YoY GRM’s Foodkraft revenue increased by 10.6% YoY to Rs 41.4 crore in Q2FY23 Export business stood at Rs 211.7 crore as compared to Rs 210.5 Crores in Q2FY22 EBITDA at Rs 21.8 crore as against Rs 36.4 crore in Q2FY22 EBITDA margins stood at 8.1% in Q2FY23 as against 14.1% in Q2FY22. The margins were impacted largely due to higher raw material prices PAT was at Rs 13.7 crore as compared to Rs 24.5 crore in Q2FY22 Consolidated H1FY23: Total revenue grew substantially by 22.4% YoY to Rs 589 crore as compared to Rs 481.3 crore in H1FY22 GRM’s Foodkraft revenue increased by 46.4% YoY to Rs 79.5 crore in H1FY23, as compared to Rs 54.3 crore in H1FY22 Export business up by 16.3% YoY to Rs 476.8 crore during H1FY23 as against Rs 410 crore in H1FY22 EBITDA at Rs 52.8 crore as against Rs 64.7 crore in H1FY22 EBITDA margins stood at 9.0% in H1FY23 as against 13.4% in H1FY22 PAT during the period was at Rs 32.0 crore as compared to Rs 42.8 crore in H1FY22 Atul Garg, Managing Director, said: “We are happy to report that the company saw robust business growth in the first half of the current financial year. With the new procurement season just getting underway, we expect the H2FY23 performance to be better as compared to H1FY23. We have recently introduced 10X Zarda King Rice to our domestic branded portfolio. This along with our existing D2C portfolio of consumer staples like the Ready to Cook Biryani kit, Ready to Eat Biryani, packaged wheat flour (Atta), and subsequentially the expected launch of mustard oil will help us to consistently achieve healthy growth. However, there was an impact on operating margins in H1FY23 on account of inflationary pressure. We are currently focusing on gaining market share and with the easing of raw material prices going ahead, we are optimistic about margin expansion in the future We anticipate excellent overall performance going forward as our domestic business picks up steam and is equally backed by the steady export business.” Result PDF
Basmati rice exporter GRM Overseas declares Q4FY22 result: Total Revenue in FY22 at Rs 1,171 Cr, grew by 45% YoY; Profit After Tax at Rs 85 Cr, Grew by 86% YoY Annual Performance GRM reported sharp rise in consolidated revenue by 45.4% YoY in FY22 to Rs 1,171.4 crore in FY22 from Rs 805.8 crore in FY21 GRM’s Foodkraft reported a revenue of Rs 189.2 crore in FY22, as compared to Rs 58 crore in FY21, a 226.5% YoY growth. Foodkraft business has 17% share in the overall revenue in FY22 as compared to 7% share in FY21 During FY22, EBITDA was at Rs 129.8 crore, registering a growth of 76.7% YoY with EBITDA Margin of 11.4% PAT was at Rs 84.5 crore in FY22, grew significantly by 86.1% YoY from Rs 45.4 crore in FY21 with PAT margin at 7.5%, up by 177 bps YoY Quarterly Performance Consolidated Total Revenue grew by 24.9% YoY to Rs 376.9 crore in Q4FY22 from Rs 301.7 crore in Q4 FY21 EBITDA at Rs 25.4 crore declined by 4.7% YoY from Rs 26.7 crore in Q4FY21 with EBITDA Margin at 7.0% in Q4FY22 as against 9.0% in Q4FY21 Raw material cost increased by around 34% YoY during the quarter which impacted the overall margin The company reported consolidated PAT of Rs 15.1 crore in Q4FY22 as compared to Rs 18.5 crore, down by 18.6% YoY; impacted by lower EBITDA and increased interest cost for the quarter Speaking about the performance, Mr. Atul Garg, Managing Director, said: “We have delivered a strong performance during the year and we believe the roadmap is now set for future growth as we have been gaining momentum across categories. Further, inclusion of Mr. Sanjeev Dar as CEO and Mr. Dinesh Chhatra as COO for GRM Foodkraft have strengthen our managerial team and we are confident to drive strong domestic performance through building our 10X brand. Basmati rice export, which is a major revenue contributor of GRM is further expected to grow at a steady pace of 7% CAGR till FY2025, should help the company to report a stable performance. Foodkraft business would grow at a much stronger pace with the induction of our 10X brand in newer markets along with launch of packaged wheat (flour) and expected launch edible oil in coming quarter. With strong brand visibility and increasing product categories, we are progressing well to become one of the Largest & Trusted Standalone Consumer Staple Brand in India.” Result PDF
Other Agricultural Products company GRM Overseas declares Q3FY22 result: Consolidated Revenue at Rs 772 Crores and PAT at Rs 69 Crores in 9M FY22 GRM Foodkraft reported Rs 132 Crores Revenues in 9MFY22 against Rs 58 Crores in FY21 Total Revenue at Rs 297 Crores in Q3 FY22 as against Rs 214 Crores reported in Q3 FY21, a 39.0% YoY growth; During 9M FY22 period, GRM reported total revenues at Rs 772 Crores as against Rs 503 Crores in 9M FY21, a 53.5% YoY growth GRM Foodkraft (incorporated in July 2020) under its growing 10X brand reported a revenue of Rs 78 Crores and Rs 132 Crores in Q3 FY22 and 9M FY22, respectively, as against Rs 58 Crores revenue reported in FY21 Absolute EBITDA at Rs 23 Crores grew by 100.8% YoY in Q3 FY22 with an EBITDA Margin of 7.8%; During 9M FY22, EBITDA was at Rs 82 Crores, a growth of 79.3% YoY with the Company reporting an EBITDA Margin of 10.6% during the said period GRM reported PAT of Rs 27 Crores as compared to Rs 6 Crores in Q3 FY21, a 350% YoY growth; In 9M FY22, PAT was at Rs 69 Crores, a significant growth of 158.2% YoY as against Rs 27 Crores in 9M FY21 The Company Board of Directors have proposed an Interim Dividend of 50% i.e., Rs 1.00 per equity share of Face Value of Rs 2 per equity share for FY22 Speaking about the performance, Mr. Atul Garg, Managing Director, said: “The performance during the current financial year till date has been in line with our anticipated goals. GRM has been showing continuous improvement both in terms of operational and financial fronts demonstrating its strong managerial skills. With the incorporation of “GRM Foodkraft Private Limited” a majority owned subsidiary of GRM, the Company has been expanding its domestic footprints through its own “10X” brand by pushing its presence both in General trade and Modern trade. The Company’s tie-up with around 125+ distributors and around 103,545 Kirana stores and also availability of its products at various modern trade and ecommerce platform such as Jio Mart, udaan, Amazon India, ElasticRun, Walmart India, etc among others will help it strengthen 10X brand presence and product reach while keeping it competitive and driving its revenue and profitability." Result PDF
Q2FY22 Performance: Total Revenue: Rs. 257.97 Cr EBITDA: Rs. 31.39 Cr EBITDA Margins: 12.41% PAT: Rs. 24.47 Cr PAT Margins: 9.49% Diluted EPS: Rs. 20.41 per share H1FY22 Performance: Total Revenue: Rs. 481.28 Cr EBITDA: Rs. 58.80 Cr EBITDA Margins: 12.37% PAT: Rs. 42.77 Cr PAT Margins: 8.89% Diluted EPS: Rs. 35.67 per share Result PDF