Packaged Foods company ADF Foods announced Q1FY24 results:
- Standalone revenue for Q1FY24 was Rs 84.6 crore registering a growth of 17.2% on a YoY basis. EBITDA stood at Rs 21.1 crore, with a margin of 24.9% - increasing by 189.3% YoY. PAT grew on a yearly basis by 121% to reach Rs 16.4 crore, at a margin of 19.3%
- In Q1FY24, consolidated revenue grew by 15.7% to Rs 112.4 crore YoY, while EBITDA and PAT grew by 141.4% to Rs 21.9 crore and 92.7% YoY to Rs 14.7 crore respectively
- The company's core business of processed and preserved foods saw margin improvement on both YoY and QoQ basis. Revenue from the distribution business saw a 29% and 40% growth on a quarterly and yearly basis respectively.
- Ashoka brand continues to grow at very high double digits. It crossed Rs 200 crore in revenue in the last financial year and has also grown well in the current quarter
- The company has created a large freezer capacity at its New Jersey warehouse, which will help with faster fulfilment of frozen category products in the market
- 3 SKUs received a listing in a large discounter and 15 SKUs received a listing in a supermarket chain in the UK – and is optimistic about their listings’ revenue potential
Commenting on the results, Bimal Thakkar, Chairman & Managing Director said, “We have delivered yet another remarkable first quarter result – posting higher revenues and improving our operational metrics year on year.
Historically we see that the quarters in the later part of the year contribute significantly to the top line; flowing subsequently to our bottom line. However, given we have achieved the run rate of last financial year in this year’s first quarter itself – it makes us very excited about our prospects for this year.
We try to consistently introduce new delectables in our product portfolio since we serve a wide palate of global consumers. This quarter saw the introduction of new products under Ashoka. We also started working on improving our capabilities towards the introduction of frozen products in the third quarter under our Truly Indian Brand.
Some of our SKUs received listing nods with a large discounter and a supermarket chain – a testament that at ADF we not only try to serve people with the authentic Indian experience when it comes to food but do so while holding ourselves to the highest standards of quality. We continue to strive harder to increase our product basket and enhance value for our shareholders with consistent performance."