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Other Agricultural Products company Mishtann Foods announced Q1FY24 results:
- Revenue from Operations grew by 85.73% from Rs 158.26 crore in Q1FY23 to Rs 293.94 crore in Q1FY24 primarily driven by robust demand.
- EBITDA increased by 298.84% from Rs 18.24 crore in Q1FY23 to Rs 71.26 crore in Q1FY24
- EBITDA margins increased from 11.52% in Q1FY23 to 24.75% in Q1FY24 by 1,323 bps.
- PAT increased by 525.31% from Rs 11.02 crore in Q1FY23 to Rs 68.91 crore in Q1FY24.
- PAT margins increased from 6.96% in Q1FY23 to 23.44% in Q1FY24 by 1,648 bps.
Commenting on the Q1FY24 performance, Management added, “We are thrilled to announce outstanding financial performance for Q1FY24. We have achieved remarkable growth across various key financial indicators, reflecting our strong market presence, operational excellence, and customer-centric approach. Our Revenue from Operations witnessed an impressive increase of 85.73%, reaching Rs 293.94 crore compared to Rs 158.26 crore in Q1FY23. This growth was primarily driven by robust demand and successful geographic expansion of our products including a very positive response to our setting up a wholly owned subsidiary in the United Arab Emirates.
We are also delighted to report a substantial surge in EBITDA by 298.84%, reaching Rs 71.26 crore, and an exceptional improvement in EBITDA margins by 1,323 basis points, which stood at 24.75% in Q1FY24. Our focus on optimizing costs and enhancing operational efficiency has played a vital role in achieving these remarkable milestones. Additionally, our Profit After Tax (PAT) has shown extraordinary growth of 525.31%, reaching Rs 68.91 crore, with PAT margins improving by 1648 basis points to 23.44% in Q1FY24. Even though there were cost escalations driven primarily by volatile markets on the supply side posing various challenges, we were able to deliver another quarter of satisfactory margins, with improved cost optimization, continued operating leverage, and a stable pricing environment for our entire product line. Our penetration into newer markets and stepping into new geographies in the present quarter was a game-changing factor that will be sustainable in the times to come.
These phenomenal results are a testament to our ability to consistently deliver value to our stakeholders and our commitment to driving sustainable growth. Moreover, we are proud to announce the incorporation of two Wholly Owned Subsidiaries operating in the fields of grain-based ethanol and electric vehicle components. This strategic move reflects our forward-looking approach, capitalizing on emerging opportunities in sustainable technologies and eco-friendly solutions.
We are confident that these exceptional financial results and our expansion into sustainable sectors will further propel our company's growth and enhance our position as a leading player in the industry. We express our gratitude to our dedicated employees, loyal customers, and supportive stakeholders for their unwavering trust and contribution to our success. Looking ahead, we remain committed to delivering on our promises, driving innovation, and creating long-term value for our shareholders and the community we serve.”
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