Agricultural Products company GRM Overseas announced Q1FY24 results:
- Total Revenue grew marginally to Rs 325.9 crore from Rs 318.8 crore in Q1FY23
- GRM’s Foodkraft revenue grew by 8% YoY to Rs 41.1 crore
- Export business stood at Rs 268.7 crore
- EBITDA at Rs 29.7 crore as against Rs 30.9 crore in Q1FY23 and Rs 25.3 crore in Q4FY23
- EBITDA Margin up by 333 bps on QoQ level, to 9.1% in Q1FY24, from 5.8% in Q4FY23, indicating a return to normalcy
- PAT stood at Rs 17.4 crore with a PAT Margin of 5.4%
Speaking about the performance and recent updates, Atul Garg, Managing Director, said, “We have reported a decent quarterbacked by high single-digit revenue growth in the branded domestic business (GRM Foodkraft), while our export business remained steady. Our EBITDA has recovered significantly on a sequential basis and is expected to improve further.
We have been witnessing stimulated demand and improved liquidity of our stock of basmati rice after the Govt. banned the export of non-basmati rice. The shift in demand from non-basmati to basmati rice in export would lead to higher exports.
While we anticipate strong revenue growth in exports, our domestic branded business is making consistent strides, as demand in Tier-II and Tier-III towns is moving towards the branded segments. We are strategically positioning our products to capture both conventional customers and contemporary customers who prefer buying products online. We have an unwavering belief in our ability to position ourselves as the preeminent and reliable standalone consumer staples brand in the country. This conviction is underpinned by the growing acceptance and demand of our 10X brand in the domestic market.”