Bikaji Foods International Limited (Bikaji), a manufacturer of ethnic snacks, announced a 15% increase in consolidated net profit, reaching INR 45.99 crore for the quarter ending on September 30, 2023. This marks a growth from the previous fiscal period’s profit after tax (PAT) of INR 39.99 crore, as stated in the company’s filing with the Bombay Stock Exchange (BSE) on Friday.

The company experienced a 22.9% year-on-year growth in total revenue from operations, reaching INR 624.15 crore in the third quarter of the fiscal year 2024, compared to the revenue of INR 507.68 crore in the third quarter of the fiscal year 2023.

According to the regulatory filing, Bikaji Foods recorded a significant increase in total expenses to INR 567.78 crore during the second quarter of FY24, compared to INR 468.36 crore in the corresponding period of the preceding fiscal year.

Driven by robust festive demand and favorable raw material prices, the company’s EBITDA witnessed a year-on-year growth of 36.1%, reaching INR 75 crore. The margin also saw an increase of 116 basis points year-on-year, standing at 12%.

Deepak Agarwal, managing director, Bikaji Foods International said, “This quarter, we experienced a robust demand driven by festive celebrations, marking it as our most successful period for packaged sweets. The surge in growth and demand within this segment can be attributed to a combination of factors. The festive season played a significant role, alongside improvements in our operational efficiencies and advantageous pricing of raw materials. Looking ahead, we are optimistic about maintaining this growth momentum and anticipate further enhancements in our profitability.”

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