Bikaji Foods International Limited (Bikaji), a manufacturer of ethnic snacks, announced on Monday a 46% increase in its profit after tax (PAT) for the quarter ending on September 30, 2023. According to the company’s regulatory filing, the PAT for this quarter stood at INR 59.8 crore, compared to the INR 40.9 crore recorded during the same period in the previous fiscal year.
In Q2 FY24, the company’s revenue from operations increased by 5.5% year-on-year (YoY) to reach INR 608.7 crore, surpassing the INR 577 crore in revenue recorded during Q2 FY23.
According to the BSE filing, the company’s total expenses for Q2 FY24 amounted to INR 539.4 crore, marking an increase compared to the INR 526.8 crore in total expenses incurred during the corresponding period in the previous fiscal year.
Bikaji Foods reported a YoY EBITDA growth of 36.5%, reaching INR 87.7 crore, resulting in a margin of 14.4%, which represented a YoY increase of 330 basis points (bps) and a QoQ increase of 80 bps. This improvement was attributed to enhanced operating efficiency, a more favorable product mix, and the positive impact of lower raw material costs, as compared to the EBITDA of INR 64.2 crore in the previous period.
Deepak Agarwal, managing director of the company said, “Our steadfast commitment to improve profitability has successfully helped us achieve record EBITDA. A key aspect contributing to our success this quarter has been the enhanced operating efficiencies we’ve implemented across our operations. This has helped us to position for further growth and advancement across various markets. With festivities around the corner, we are confident and optimistic about the upcoming quarter.”
