Mrs Bectors Food Specialities Results: Latest Quarterly Results & Analysis

Packaged Foods company Mrs. Bectors Food Specialities announced Q1FY25 results:

• Biscuit segment revenue Q1FY25 stood at Rs 273 crore against Rs 223 crore in Q1FY24, thus registered a growth of 23% compared to Q1FY24 including domestic & export biscuit segment. Biscuit segment has grown by 53% as compared to Q1FY23
• Bakery segment revenue Q1FY25 stood at Rs 154 crore against Rs 135 crore in Q1FY24, thus registered a growth of 14% compared to Q1FY24 including retail bakery and institutional segment. Bakery segment has grown by 44% as compared to Q1FY23

Commenting on the Results,  Anoop Bector, Managing Director said,  I am pleased to announce that we have achieved an impressive 17% year-over-year revenue growth, along with a strong 48% gross margin. Our strategic emphasis on premiumization and strong branding has positioned us to capture a greater market share.

To reinforce our market position, we are dedicated to broadening our reach and enhancing our distribution network. We plan to extend our market presence by entering new regions and optimizing our distribution channels, ensuring our products are easily accessible to consumers across a wide range of locations.

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Packaged Foods company Mrs. Bectors Food Specialities announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

• Revenues for Q4FY24 stood at Rs 406.4 crore, reflecting a growth of 17.4% compared to Q4FY23 figure of Rs 346.1 crore.
• Gross Profit in Q4FY24 amounted to Rs 194.0 crore, indicating a notable increase of 24.0% from Q4FY23 value of Rs 156.4 crore.
• EBITDA for Q4FY24 reached Rs 58.6 crore, marking a growth of 21.6% compared to Q4FY23 figure of Rs 48.2 crore.
• Profit After Tax (PAT) in Q4FY24 was Rs 33.6 crore, showcasing a rise of 21.6% from Q4FY23 value of Rs 27.7 crore.
• EBITDA Margins improved to 14.4% in Q4FY24 from 13.9% in Q4FY23.
• PAT Margins also saw an increase, reaching 8.3% in Q4FY24 compared to 8.0% in Q4FY23.

FY24 Financial Highlights:

• Revenues for FY24 surged to Rs 1,623.9 crore, marking a substantial growth of 19.2% from FY23 figure of Rs 1,362.1 crore.
• Gross Profit in FY24 amounted to Rs 757.8 crore, indicating a significant increase of 24.6% from FY23 value of Rs 608.1 crore.
• EBITDA for FY24 reached Rs 242.4 crore, showcasing a remarkable growth of 38.4% compared to FY23 figure of Rs 175.2 crore. 
• Profit After Tax (PAT) in FY24 was Rs 140.4 crore, demonstrating a substantial rise of 55.8% from FY23's value of Rs 90.1 crore.
• EBITDA Margins improved to 14.9% in FY24 from 12.9% in FY23.
• PAT Margins also saw a significant increase, reaching 8.6% in FY24 compared to 6.6% in FY23.

Commenting on the Results, Anoop Bector, Managing Director said,  “I’m pleased to announce that the company has delivered a remarkable revenue growth of 17.4% and profitability improved by 21.6% to Rs 33.6 crore in Q4 FY24 on a YoY basis. Our branding and marketing initiatives have been well-positioned to create strong brand recognition among customers. We continue to focus on the premiumisation of our products and increasing our footprint in both existing and new territories by enhancing retail touchpoints and expanding our distribution reach.” 

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Mrs. Bectors Food Specialities announced Q3FY24 & 9MFY24 results:

Q3FY24 vs Q3FY23:

• Revenues: Rs 428.9 crore, showing a growth of 16.6% compared to Q3FY23.
• Gross Profit: Rs 194.6 crore, increased by 17.8% from Q3FY23.
• Gross Profit Margin: 45.4%, up from 44.9% in Q3FY23.
• EBITDA: Rs 61.2 crore, grew by 19.4% compared to Q3FY23.
• EBITDA Margin: 14.3%, improved from 13.9% in Q3FY23.
• Profit After Tax (PAT): Rs 34.6 crore, showing a significant growth of 24.6% compared to Q3FY23.
• PAT Margin: 8.1%, increased from 7.5% in Q3FY23.

9MFY24 vs 9MFY23:

• Revenues: Rs 1,217.6 crore, increased by 19.8% compared to 9MFY23.
• Gross Profit: Rs 563.8 crore, up by 24.8% from 9MFY23.
• Gross Profit Margin: 46.3%, improved from 44.4% in 9MFY23.
• EBITDA: Rs 183.8 crore, showing a significant growth of 44.8% compared to 9MFY23.
• EBITDA Margin: 15.1%, increased from 12.5% in 9MFY23.
• Profit After Tax (PAT): Rs 106.7 crore, showing a substantial growth of 71.0% compared to 9MFY23.
• PAT Margin: 8.8%, improved from 6.1% in 9MFY23.

Commenting on the Results, Anoop Bector, Managing Director said, “Our investments across different business verticals have reaped benefits for us which is evident from our strong quarterly performance. Our consolidated Q3 revenues increased by 17% and PAT by 25% on YoY basis.

Manufacturing superior and stringent quality products has been our strength and we are pleased to announce that our upcoming state of the art manufacturing facilities at Dhar, MP & Khopoli (Maharashtra) are on track and we have commenced construction of the respective factory buildings as well. Moving forward these incremental capacities complemented with our efforts in establishing robust distribution network over the last few years will help the company to expand our operations into newer markets as well as penetrate the existing markets.

We remain committed to distribution led growth and are confident of achieving our target of 3.2 Lakhs direct distribution reach by the end of FY24."

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Packaged Foods company Mrs. Bectors Food Specialities announced Q2FY24 & H1FY24 results:

• Q2FY24:
  • Revenues: Rs 414.5 crore, up by 19.3% YoY and 10.8% QoQ.
  • Gross Profit: Rs 193.6 crore, marking a 25.2% YoY increase and 10.2% QoQ.
  • Gross Profit Margin: 46.7%, a YoY increase of 218 basis points (bps), a slight QoQ decrease of 24 bps.
  • EBITDA: Rs 64.7 crore, with a significant 45.5% YoY increase and 11.6% QoQ.
  • EBITDA Margin: 15.6%, up by 281 bps YoY, a marginal 11 bps QoQ.
  • Profit After Tax: Rs 37.3 crore, showing a substantial 70.1% YoY growth and 7.0% QoQ.
  • PAT Margin: 9.0%, with a 268 bps YoY increase, a slight decrease of 32 bps QoQ.
• H1FY24:
  • Revenues: Rs 788.7 crore, up by 21.7% YoY.
  • Gross Profit: Rs 369.2 crore, showing a 28.9% YoY increase.
  • Gross Profit Margin: 46.8%, up by 263 bps YoY.
  • EBITDA: Rs 122.6 crore, a significant 61.9% YoY increase.
  • EBITDA Margin: 15.5%, up by 387 bps YoY.
  • Profit After Tax: Rs 72.1 crore, demonstrating a substantial 108.2% YoY increase.
  • PAT Margin: 9.1%, up by 380 bps YoY.

Commenting on the results, Anoop Bector, Managing Director said, “It has been another strong quarter for us on the revenue and margin front. Our revenues for the second quarter increased by 19% and PAT by 70% on a YoY basis. We continue to focus on distribution, marketing, premiumization within existing product segments, and providing customers with differentiated products both in domestic and international markets. This has resulted in revenue and margin expansion.

We believe there is a lot of room for the company to increase distribution reach in the existing markets in North India. We remain committed to strengthening our footprint across other states in the coming years for both business segments. Our focus also continues to be on the export and QSR businesses, where we are supported by the growth of existing customers and the addition of new ones. Geographical diversification backed by our distribution expansion, premiumization, and marketing will be the key growth drivers for the company in the coming quarters”

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Mrs. Bectors Food Specialities announced Q3FY23 results:

• Q3FY23:
  • Biscuit segment revenue for Q3FY23 stood at Rs 219 crore against Rs 157 crore in Q3FY22, thus registering a growth of 40% compared to Q3FY22, including the domestic & export biscuit segment.
    • The biscuit segment has grown by 55% as compared to Q3FY21. Both Domestic & Export Biscuit has grown by a higher double-digit in Q3FY23 as compared to the same period last year.
  • Bakery segment revenue for Q3FY23 stood at Rs 127 crore against Rs 92 crore in Q3FY22, thus registering a growth of 38% compared with Q3FY22 including retail bakery and institutional segments.
    • The bakery segment has grown by 77% as compared to Q3FY21. Both Retail & Institutional Bakery has grown by a higher double-digit in Q3FY23 as compared to the same period last year.

Commenting on the Results, Anoop Bector, Managing Director, said, “I’m pleased to share the company has reported strong quarterly & nine months numbers and has crossed previous full-year revenue and EBITDA in 9 months of the current financial year, supported by both domestic and exports revenue growth. The company is satisfied with the double-digit revenue growth for both biscuits and Bakery businesses. The company continues to increase its distribution footprints in an existing and new geography, build manufacturing infrastructure, peruse digitization in selling & distribution along with marketing, and branding initiatives.

In Q3FY23, revenue grew by 40% on a YoY basis, witnessing good growth across business verticals and improved EBITDA margin to 13.9% as compared to 12.6%in Q3FY22. Our industry as a whole continues to witness elevated prices of raw materials and we are monitoring this situation very closely. Further, the company took price correction to offset these inflationary pressures. I’m also pleased to share that we have declared an interim dividend of Rs 1.25 per share.

Going forward, we will continue to increase our competitiveness by innovating and introducing new products in the premium category of biscuits & bakery. Our consistent performance is reflective of our strategic clarity, marketing initiatives, excellence in execution, strengthening core team, technology adoption, and increasing distribution reach.”

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Packaged Foods firm Mrs. Bectors Food Specialities announced Q1FY23 Result :

• Biscuit segment reported a growth of 24% in Q1FY23 over Q1FY22. This segment has grown by 26% over Q1FY21.
  • Our domestic biscuit segment and exports witnessed higher double-digit growth in Q1FY23 as compared to same period last
• Bakery segment has grown by 56% in Q1FY23 including retail bakery and institutional segment. This segment has grown by 114% as compared to Q1FY21
  • Both Retail & Institutional Bakery has grown by higher double digit in Q1FY23 as compared to same period last year. The Company continues to focus on increasing distribution and premiumization of products

Commenting on the Results, Mr. Anoop Bector, Managing Director said, “We witnessed revenue growth of 33% with strong growth momentum across both the biscuits and bakery segment. I’m pleased to share that we saw growth in both volumes and realization. In first quarter, we continued to experience pressure on raw materials prices and the Company also took price hikes to mitigate these pressures. Having said this, the Company is currently witnessing softening of raw material prices, this coupled with price hikes is expected to have a positive impact on our EBITDA margins, going forward. Mrs Bectors has focused over past few months on strengthening leadership team, building capacities to enhance manufacturing infrastructure, driving S&D through digitization and field force augmentation alongside premiumization..

We have successfully onboarded marketing and supply chain head from reputed organizations to achieve our long-term growth targets. The Company has recently implemented salesforce management system (SFS) and is expected to implement Distributor Management System (DMS) in the coming quarters. The company continues to enhance its existing distribution and plans to double its network in North India in next two years. Further, we will also focus on enhancing our presence in Western and Southern India over next few quarters."

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