Bikaji Foods International Ltd. reported a 15% jump in its consolidated net profit in the second quarter of this financial year, missing analysts' estimates.
The snacks manufacturer recorded a profit of Rs 68.6 crore for the quarter ended September, compared to Rs 59.8 crore in the same quarter of the previous fiscal, according to an exchange filing on Thursday. Analysts tracked by Bloomberg had a consensus estimate of Rs 73 crore.
Revenue rose 19% to Rs 721.2 crore during the three months ended September. Analysts had projected a top line of Rs 710 crore.
Operating income, or earnings before interest, taxes, depreciation, and amortisation, rose 22% to Rs 106.7 crore. The Ebitda margin expanded to 14.8% from 14.4% in the same period last year. Analyst estimates for Ebitda and Ebitda margin were Rs 109 crore and 15.3% respectively.
While the papad segment revenue grew 26%, the western snacks revenue rose 23% and packaged sweets top line increased 22%. The ethnic snacks revenue rose 10.5%, with the segment contributing 63.8% to the overall revenue. The papad segment contributed 4.1% to the overall revenue, while western snacks and packaged goods contributed 8.3% and 17.5% respectively.
"This quarter, we have witnessed a significant jump in revenue and profit margins. This surge in growth is due to the demand in ethnic snacks and packaged sweets on account of festive seasonality impact," Managing Director Deepak Agarwal said.
Shares of Bikaji Foods closed 2.68% lower at Rs 834.85 apiece on the NSE, compared to a 0.15% decline in the benchmark Nifty 50. The stock has risen 77.70% in the last 12 months and 52.79% on a year-to-date basis.
Six analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 5.7%.
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