Bikaji Foods International trades lower on stake sale

Bikaji Foods International Ltd fell around a percent in the morning trade on June 30 after Maharaja Limited sold more than 60 lakh shares in the Indian snack maker.

The Mauritius-incorporated company sold 60,55,483 shares, or a 2.43 percent stake, in Bikaji Foods at an average price of Rs 422.67 a share, the India firms said on an after-market-hours filing on June 28.

At 12.17 pm, the stock was trading at Rs 422 on the National Stock Exchange, down 0.5 percent.

In Q4FY23, the company’s revenue grew 16 percent YoY to Rs 460 crore on sales growth across segments. Looking ahead, the expectation is that the sales growth would improve with the company’s entry into new geographies.

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The ethnic snacks maker reported a 57.14 percent growth in consolidated net profit to Rs 38.28 crore. Its total income increased to Rs 466.84 crore in Q4 from Rs 405.96 crore in the year-ago period.

The company expects its 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, as per the regulatory filling.

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