ADF Foods Ltd, an FMCG company, announced on Monday that it had experienced a 72% increase in its standalone profit after tax for the March 2023 quarter, amounting to INR 20.30 crore, primarily due to increased revenues.
According to a statement released by the company, it had disclosed a profit after tax (PAT) of INR 11.80 crore for the corresponding quarter of the previous year.
ADF Foods Ltd witnessed a 19% growth in its revenue from operations, which climbed to INR 98.2 crore in the January-March FY22 period from INR 82.4 crore.
For the financial year ending March 31, 2023, the board has proposed a dividend of INR 5 per share.
ADF Foods provided a business update stating that its greenfield expansion plan to increase its frozen food capacity is anticipated to commence during the second quarter of FY24 and reach completion within a period of 12-18 months.
ADF Foods Chairman & Managing Director Bimal Thakkar said, “Our flagship brand Ashoka remains a top Indian food brand in stores across the US, UK and Asia Pacific, thanks to our dedication towards traditional recipes and high-quality ingredients. Our planned expansion in Surat will unlock further frozen food production capacity”.
The company representative affirmed that they will maintain their focus on expanding their sales and distribution channels in India and abroad, with the aim of increasing their market penetration.
ADF Foods, headquartered in Mumbai, provides frozen foods as well as ready-to-eat and ready-to-cook (RTC) products, such as sauces, pickles, edible pastes, and dips, across more than 50 markets.
