Share Market Live

NSE

Shares of packaged snacks maker Bikaji Foods International Ltd. gained 5 percent on the BSE after the company posted a 43 percent jump in net profit for the September quarter.

The stock hit the upper circuit of Rs 415.30, up by 5 percent over the last close of Rs 395.55, in morning trade.

The company’s consolidated profit after tax (PAT) rose by 43 percent to Rs 40.92 crore from Rs 28.51 crore in the year-ago period.

Its consolidated net sales surged 31 percent to Rs 575.98 crore from Rs 436.9 crore a year ago. EBITDA was up 40 percent at Rs 64.6 crore from Rs 46.1 crore in the year-ago quarter.

The company’s operating margins improved to 11.4 percent from 10.6 percent a year ago.

Also Read: Bikaji Foods shares debut on Dalal Street at 8% premium over issue price

The stock has spurted 25 percent since listing. The FMCG player listed on the bourses on November 16 at Rs 322.80 against the issue price of Rs 300. The company had raised Rs 881 crore through an initial public offering (IPO).

Bikaji Foods is the country’s major ethnic snack company. Its product range includes namkeen, bhujia, papad, packaged sweets, and western snacks among others.

Meanwhile, the company also announced that its board of directors has approved the exercise of the “right of conversion" of 28 lakh Compulsorily Convertible Cumulative Preference Shares held by the company in its name in Hanuman Agrofood Pvt. Ltd. into 28 lakh equity shares.

After the conversion, Hanuman Agrofood Pvt. Ltd. will become a subsidiary of the company.

Shares of Bikaji Foods are trading 3.654 percent higher at Rs 409.60.

Also Read: Haldiram & Bikaji: Story of the brothers who control half of India's namkeen market

(Edited by : Rukmani Krishna)

First Published:Dec 7, 2022 1:54 PM IST