Bikaji Foods trades 4% higher on 43.5% rise in September quarter net profit

Revenue for the quarter grew by 32 percent to Rs 577 crore compared to year-ago period

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Shares of ethnic snacks major Bikaji Foods opened 4 percent higher on December 7 on the back of strong September quarter results. The company has reported 43.5 percent on-year growth in net profit to Rs 40.92 crore.

In the same quarter last year, net profit stood at Rs 28.5 crore.

At 9:30am, the stock was quoting at Rs 411.50 on the National Stock Exchange, higher by 3.9 percent. It is up 28 percent since listing. The stock made its debut at Rs 321 apiece on November 16.

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Revenue for the quarter grew by 32 percent to Rs 577 crore over the year-ago period. EBITDA margin came in at 11.4 percent as against 10.6 percent in Q2FY22. EBITDA represents earnings before interest, taxes, depreciation and amortisation.

“We have witnessed a good double-digit growth in all categories as compared to previous year. We have continued to expand our distribution network and we have also started CSD (Canteen Stores Department) channel in current quarter,” Deepak Agarwal, Managing Director, Bikaji Foods said.

Also Read: Newly-listed Bikaji Foods on a roll since debut, what should investors do?

“We have seen softening in prices of our key raw materials (edible oil) and packing materials which has contributed in the profitability of the company,” he added.

At the current market price, it’s trailing 12-month (TTM) price-to-earnings ratio works out to be more than 100x. That makes it more expensive than large cap peers like Nestle India and Britannia Industries.