Bikaji Foods International gains as Q1 profit jumps 164% YoY

Shares of Bikaji Foods jumped 4 percent in early trade on August 2 after the ethnic snacks manufacturer’s June quarter net profit rose 164 percent year-on-year to Rs 41.4 crore and gained 15 percent YoY to Rs 482.1 crore.

“We have started fiscal year FY24 with strong double-digit value (up 15 percent YoY) and volume growth (up 15.2 percent YoY) in Q1, the performance was broad-based across business segments and markets. We have delivered a resilient EBITDA margin in Q1 led by superior mix, operating leverage and effective cost management,” managing director Deepak Agarwal said.

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He said the company remained committed to strengthening its distribution network to achieve a deeper distribution across its core and focus markets and was on track to expand direct reach to 2.4 lakh retail stores by FY24, Agarwal said.

Bikaji Foods stock has given a return of 27.38 percent over the past six months, outperforming Nifty FMCG index that gained 14.36 percent over the same duration.

At 10.24 am, the stock was trading at Rs 489 on the National Stock Exchange, up 1 percent from the previous day.

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