Annapurna Swadisht Limited (ASL), a Kolkata-based food and beverages company, has recorded a near 84% (83.81%) surge in consolidated net profit at INR 13.13 crore for the year ended March 31, 2024, as compared with INR 7.14 crore in the previous corresponding period.
During 2023-24, the company witnessed a substantial uptick in its consolidated revenue from operations, marking a growth of almost 65.43% to reach INR 264.97 crore, compared to INR 160.17 crore in the previous fiscal year 2022-23.
ASL saw a notable increase in its operating profit (EBITDA), rising nearly 108% to INR 28.13 crore during FY24 from INR 13.54 crore in FY23. It reported an EBITDA margin of 10.62% in FY24, marking a 216 basis points improvement from the previous year’s 8.46%.
Shreeram Bagla, Managing Director at Annapurna Swadisht, attributed the increased margins to improved economies of scale, expansion into high-margin products, and stabilization of raw material prices. During H2FY24, the company witnessed a 41.54% growth in revenue from operations, reaching INR 133.84 crore, compared to INR 94.56 crore in H2FY23.
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The company’s standalone net profit soared by 99.15% to reach INR 14.22 crore in FY24, compared to INR 7.14 crore in FY23. Standalone revenue from operations also experienced a substantial increase, rising by 65.43% to INR 264.97 crore in 2023-24, compared to INR 160.17 crore in the preceding year.
Strategic Initiatives and Acquisitions
Regarding the company’s performance, Bagla remarked, “The fiscal year 2023-24 has been remarkable for Annapurna Swadisht. We’ve implemented several strategic initiatives to bolster our presence in existing markets while diversifying our product portfolio in the packaged food sector. Our expansion into the biscuits and noodles segments, alongside the recent acquisition of Arati branded mustard oil from R R Proteins and Agro Limited, underscore our commitment to growth. Furthermore, we enhanced our leadership team by appointing Gajanan Prasad Sah Kalwar, former Global CEO of Chaudhary Group, renowned for the Wai Wai brand noodles, as Joint Managing Director, positioning us for the next phase of growth.”
Bagla also highlighted that the strong demand for branded packaged snacks, particularly from Tier III and Tier IV markets, has been a key driver behind the company’s impressive performance in FY24.
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