ADF Foods achieves consistent improvement in its Q1 performance
Mumbai,ADF Foods Limited, one of the leading manufacturers of prepared ethnicfood, announced Financial Results for the quarter ended 30th June 2023.
Key Financial Highlights:
- Standalone Revenue for the quarter was Rs. 84.6 Cr registering a growth of 17.2% on a y-o-ybasis. EBITDA stood at Rs. 21.1 Cr, with margin of 24.9% – increasing by 189.3% y-o-y. PAT grew on a yearly basis by 121.0% to reach Rs. 16.4 Cr at a margin of 19.3%
- In Q1 FY24, consolidated revenue grew by 15.7% to Rs. 112.4 Cr y-o-y while EBITDA and PATgrew by 141.4% to Rs. 21.9 Cr and 92.7% y-o-y Rs. 14.7 Cr respectively
- Our core business of Processed and Preserved Foods saw margin improvement on both y-o-yand q-o-q basis. Revenue from Distribution business saw a 29% and 40% growth on quarterly and yearly basis respectively
Key Operational Highlights:
- Ashokabrand continues to grow at very high double digits. It crossed Rs. 200 Cr in revenue in last financial year and has grown well in the current quarter too
- Wehave now created a large freezer capacity in our New Jersey warehouse, which will help us to do faster fulfilment of frozen category products in the market
- 3SKUs received listing in a large Discounter and 15 of our SKUs received listing in a supermarket chain in UK – we are optimistic of this listings’ revenue potential
Commenting on the Results, Mr. 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 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.
