Bikaji Foods trades lower after Lighthouse India offloads 1.3% stake

Lighthouse India Fund III sold 32.42 lakh equity shares or 1.3% stake in Bikaji Foods International, via open market transactions at an average price of Rs 480 per share.

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Shares of Bikaji Foods International traded 1 percent lower on the NSE at the open on September 6, a day after Lighthouse India Fund III offloaded stake in the Indian snacks manufacturer. By 9:43am, the shares were trading 0.3 percent higher at Rs 514.

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According to BSE bulk deals data, Lighthouse India Fund III sold 32.42 lakh equity shares or 1.3 percent stake in Bikaji Foods International through open market transactions at an average price of Rs 480 per share. As of June 2023, Lighthouse India held 2.7 percent stake in Bikaji. Plutus Wealth Management LLP bought 13.5 lakh shares in the company at an average price of Rs 480.11 per share.

For the quarter ended June 2023, Bikaji Foods International reported a 15 percent year-on-year increase in revenue from operations to Rs. 482.1 crore. For the same period, net profit also grew by 163.8 percent year-on-year to Rs 41.4 crore. The earnings before interest, taxes, depreciation and amortisation margin for June 2023 was 13.6% up by 630 basis points from June 2022.

Also read: Hot Stocks | Precision Camshafts, Bikaji Foods, Jain Irrigation may rally up to 17%

Bikaji Foods International  is the third largest manufacturer of traditional Indian snacks with operations across India. It also exports products to 25 international countries including North America, Europe and the Middle East.

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