Bikaji Foods Posts 40.2% Profit Surge in Q1 2024

Bikaji Foods International Ltd reported a 40.2% increase in consolidated net profit for Q1 2024, reaching Rs 58.06 crore. Revenue rose by 15.24% to Rs 555.12 crore, with total income up 18.8%. Managing Director Deepak Agarwa highlighted notable volume growth and EBITDA improvements despite rising raw material costs.

Bikaji Foods International Ltd has clocked a substantial 40.2 per cent increase in consolidated net profit, reaching Rs 58.06 crore for the first quarter of 2024, ending in June, according to recent regulatory filings.

This marks a significant rise from last year's Rs 41.41 crore during the same period. Revenue from operations also saw a 15.24 per cent climb, hitting Rs 555.12 crore, up from Rs 481.68 crore a year ago.

The firm's volume grew by 16.2 per cent year-over-year, driven by double-digit growth across various categories. While total expenses increased by 16.08 per cent to Rs 501.32 crore, the total income surged 18.8 per cent to Rs 579.41 crore. Managing Director Deepak Agarwa acknowledged the rise in raw material costs but noted that strategic hedging mitigated their impact on margins. 'Our EBITDA for the quarter improved by 240 basis points, reflecting our commitment to operational efficiency and disciplined cost management,' Agarwa stated.

Bikaji Foods' stock closed at Rs 724.50 on the BSE, up 1.81 per cent.

(With inputs from agencies.)