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Other food products company Manorama Industries announced Q1FY24 results:
- Revenues for Q1FY24 stood at Rs 1,115.6 million, a growth of 53% YoY as compared to Rs 729.7 million Q1FY23
- Reported an absolute EBITDA growth of 48% YoY and 13% QoQ which stood at Rs 186.4 million
- PAT for Q1FY24 grew by 71% YoY and 16% QoQ to Rs 115.5 million
- PAT margins improved by —53 bps which stood at 10.4% as compared to 9.8% in Q4FY23
- Cash PAT for Q1FY24 grew by 69% YoY and 10% QoQ which stood at Rs 145.4 million.
Commenting on the results and performance, Gautam Kumar Pal, Managing Director, said: "We are delighted to report a strong performance for the first quarter of FY24. Our Revenue for the quarter demonstrated an impressive growth of 53% YoY and 10% QoQ, which stood at Rs 1,115.6 million. This performance can be attributed to the continuous enhancement in demand and consumption within the Chocolate, Confectionery, and Cosmetic industry.
The EBITDA for the quarter exhibited remarkable growth, growing by 48% YoY and 13% QoQ which stood at Rs 186.4 million. Furthermore, our dedication to operational efficiency and cost management is evident in the - 50 basis points improvement in EBITDA Margins, improvement in EBITDA Margins, which now stand at 16.7% as compared to 16.2% in Q4FY23.
In May 2023, we reached a significant milestone with the successful completion of capex for our Refinery plant and other associated facilities. Our current focus is on completing the Fractionation plant, a project anticipated to commence operations in the coming months. As of June 30, 2023, the company's investment toward this Capital Expansion has amounted to Rs 1,099 million.
Upon the commencement of this expansion, our combined capacity is poised to deliver substantial growth in both top-line and bottom-line, accompanied by enhanced throughput.
Moreover, in continuation with the outcome of the board meeting in August 2022, during this quarter, the company now has successfully finalized the acquisition of 100% shares of its associate company, Manorama Africa Limited, at a valuation of Rs 100 million by way of cash consideration. This strategic transaction marks a significant juncture, leading to Manorama Africa Limited (MAL) becoming a wholly-owned subsidiary of Manorama Industries Limited. MAL which has expertise in sourcing Shea nuts from key West African markets of Benin, Burkina Faso, Ivory Coast, Togo, and Nigeria, will be a unique dimension to our portfolio."
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