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Bikaji FY23 revenue up by 22% YoY; gross margin at 29.1%; double digit EBITDA margin at 10.9%
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Friday, 26 May, 2023, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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Bikaji Foods International Limited, India’s third-largest ethnic snacks manufacturer and the second-fastest growing company in Indian organised snacks market, has announced its financial results for the quarter and full-year ended March 31, 2023.
FY23 Financial Performance Summary:
- Revenue from operation grew 22% YoY to Rs. 19,661 mn with Volume growth of 15% YoY
- EBITDA margin stood at 10.9% (up 220bps YoY)
- Witnessed softening of raw material and packing material prices in FY23 over FY22, resulting in improvement of gross margin by 170 bps YoY to 29.1%. EBITDA margin was further supported by efficiency measures undertaken in all other cost heads
- Profit After Tax (PAT) grew 63% YoY to Rs. 1,265 mn. PAT margin stood at 6.4% (up 170bps YoY)
- Earnings per share (EPS) (Diluted) stood at Rs. 5.1
Q4FY23 Financial Performance Summary:
- Revenue from operation grew 15% YoY to Rs. 4,623 mn with Volume growth of 13% YoY
- EBITDA margin stood at 13.4% (up 320bps YoY)
- Witnessed softening of raw material and packing material prices and efficient pricing measures in Q4FY23 over Q3FY23, resulting in improvement of gross margin by 440 bps QoQ to 35.2%. EBITDA margin was further supported by efficiency measures undertaken in all other cost heads
- Profit After Tax (PAT) grew 57% YoY to Rs. 381 mn. PAT margin stood at 8.3% (up 220bps YoY)
- Earnings per share (EPS) (Diluted) stood at Rs. 1.5
FY23 Business Segments Review:
- Ethnic Snacks: Revenue grew 20% YoY; constitutes ~70% of overall revenue
- Packaged Sweets: Revenue grew 17% YoY; constitutes ~12% of overall revenue
- Western Snacks: Revenue grew 79% YoY; constitutes ~8% of overall revenue
- Papad: Revenue grew 16% YoY; constitutes ~6% of overall revenue
Q4FY23 Business Segments Review:- Ethnic Snacks: Revenue grew 15% YoY; constitutes ~76% of overall revenue
- Packaged Sweets: Revenue grew 14% YoY; constitutes ~7% of overall revenue
- Western Snacks: Revenue grew 41% YoY; constitutes ~8% of overall revenue
- Papad: Revenue grew 8% YoY; constitutes ~8% of overall revenue
Deepak Agarwal, managing director, Bikaji Foods International Limited, said, “We had a strong fiscal year FY23 with strong double-digit value (up 22% YoY) & volume growth (up 15% YoY), The performance was broad-based across business segments. In the current quarter, the downward trend in our key input materials and efficient pricing measures has amplified profitability with the healthy gross margin of 35.2% and EBITDA margin of 13.4%. We expect, current momentum to continue in the next fiscal with another double-digit topline growth and some improvement in margins led by superior mix, operating leverage and effective cost management.”
He added, “Our unwavering focus on network expansion is also one of the reason of our robust topline CAGR growth over the years. We remain committed on strengthening our distribution network to achieve a deeper penetration across our core & focus markets. We aim to expand our footprint to 1.5 lakh retail stores by FY24.”
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