One of India’s biggest traditional snacks companies, Bikaji Foods International, reported 57.14 percent growth in consolidated net profit to Rs 38.28 crore in the fourth quarter (Q4) ended March 31, 2023, as against a profit of Rs 24.36 crore in the same period of the previous fiscal.
The company’s total income also grew year-on-year (YoY) to Rs 466.84 crore in Q4 FY23 as compared to Rs 405.96 crore in the corresponding period of the previous fiscal.
Deepak Agarwal, managing director, of Bikaji Foods International, said, “We had a strong fiscal year FY23 with strong double-digit value (up 22 percent YoY) and volume growth (up 15 percent 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 a healthy gross margin of 35.2% and an EBITDA margin of 13.4%.”
Bikaji believes its current momentum will continue in the next fiscal year with another double-digit topline growth and some improvement in margins led by superior mix, operating leverage, and effective cost management.
The ethnic snacks firm said that its focus on network expansion is one of the reasons for its topline CAGR growth over the years. “We remain committed to strengthening our distribution network to achieve deeper penetration across our core and focus markets. We aim to expand our footprint to 1.5 lakh retail stores by FY24,” Agarwal said.