fbpx
HomeNewsAnnapurna Swadisht reports impressive financial surge, sets sights on rural retail expansion...

Annapurna Swadisht reports impressive financial surge, sets sights on rural retail expansion for continued growth

[td_block_11 category_id="1561" ajax_pagination="next_prev" sort="popular1" limit="2"]

Annapurna Swadisht Limited (ASL), a Kolkata-based food and beverage company, has witnessed a remarkable upswing in its operational performance. Reporting a nearly 100 percent surge in revenue from operations, the company achieved INR 131.13 crore for the half-year ending September 30, 2023, compared to INR 65.61 crore in the corresponding period last year. Furthermore, ASL’s profit after tax also experienced substantial growth, registering a notable increase of 128 percent and reaching INR 6.56 crore during the same reporting period.

In the first half of the financial year 2023 (H1FY24), Annapurna Swadisht Limited (ASL) witnessed a substantial surge in its operating profit (EBITDA), marking an impressive increase of nearly 163 percent to reach INR 13 crore. This contrasts with the INR 4.95 crore reported in H1FY23. The company’s enhanced EBITDA margins of 9.92 percent during H1FY24 reflect a noteworthy improvement of 238 basis points compared to the previous corresponding period’s 7.55 percent. This positive shift is attributed to improved economies of scale, entry into high-margin products, and stabilized raw material prices.

Shreeram Bagla, MD, Annapurna Swadisht, said, “The increase in top line during the first half of this fiscal was primarily due to the addition of new capacities penetration into newer geographies along with better penetration in some of the existing markets.”

“We remain bullish about the Bharat story, which lies in India’s rural and semi-urban markets. We have been witnessing good traction in demand from these markets. With increasing per capita income, we expect demand to grow even further in the days to come. We have expanded our manufacturing capacity by setting up a new plant at Dhulagarh in West Bengal, which has already commenced operations. We look to strengthen our presence in the existing markets by ramping up our distribution footprint and rolling out more SKUs,” Bagla said.

Operating through a network of five proprietary manufacturing units and six contractual/leasing arrangements at diverse locations, ASL predominantly serves Tier III and Tier IV markets in Bihar, Jharkhand, West Bengal, Assam, Odisha, and Uttar Pradesh. The company boasts a comprehensive portfolio, featuring nearly 72 Stock Keeping Units (SKUs) spanning various categories. Its products are accessible through an extensive distribution network, reaching over 6 lakh retail touchpoints.

Listed on the NSE-SME platform in September 2022, ASL successfully generated approximately INR 65.43 crore by the end of September 2023 through a preferential issue of equity shares and warrants. Positioned for sustained growth, the company has strategically appointed GP Sah, the former CEO of the FMCG division of the CG group, as an Additional Director and Joint Managing Director. Mr. Sah will spearhead ASL’s expansion into new product segments, with a particular focus on the noodles segment.

Read More: Kolkata’s Annapurna Swadisht appoints new Joint MD for strategic development and innovation

Latest articles

Former Premji Invest Partner Atul Gupta launches VC firm to fuel startups across diverse sectors

Atul Gupta, a former ͏p͏artner at͏ Premji Invest, has ͏established͏ Trident Growth Partners (India),...

Nestle launches Maggi’s first meat extender ‘Rindecarne’

Dedi͏͏cated ͏to f͏o͏ste͏͏ring affordable͏ a͏nd nutritiou͏s food c͏ho͏ic͏es, Nestle i͏͏s͏ commi͏tted t͏o devel͏o͏ping pl͏a͏nt-ba͏se͏d...

Allana Group to venture into India’s poultry industry with INR 1,000 Cr investment

Allana Group, a͏ ͏prominen͏t ͏͏pla͏y͏͏͏͏͏er in ͏the F&B sector and a ͏trailblaze͏r i͏n ͏food...

Furniture brand Wooden Street expands presence with new store at Chennai’s Marina Mall

Wooden Street, ͏a p͏rominent pl͏aye͏r in India’s re͏t͏ail͏ furniture sector,͏ ha͏s launc͏hed it͏s 9͏8th...

Related Articles

ITC raises stake in Sproutlife Foods to 39.42% for INR 175 crores, inching closer to complete acquisition

ITC, a prominent FMCG firm, has disclosed in a BSE filing that it has...

D2C brand WellBe Foods hits 1000 store milestone, eyes 25,000 GT stores by FY24-25

D2C brand WellBe Foods, a part of the Nimida Group, achieved a significant milestone...

Amidst global volatility, Britannia Industries revamps strategy focusing on urban markets

Britannia Industries, a leading player in the FMCG sector, has expressed apprehensions about evident...
× Drop a, Hi?