Friday, June 14, 2024

Annapurna Swadisht’s consolidated net profit jumps 83.81% in FY24

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Annapurna Swadisht Limited (ASL), a Kolkata-based food and beverages company, has reported a near 84% (83.81%) surge in consolidated net profit at Rs 13.13 crore for the year ended March 31, 2024, as compared with Rs 7.14 crore in the previous corresponding period.

The company’s consolidated revenue from operations increased by nearly 65.43 percent at Rs 264.97 crore during 2023-24, as against Rs 160.17 crore in 2022-23.

ASL’s operating profit (EBITDA) surged nearly 108% to Rs. 28.13 crore during FY24 as against Rs.13.54 crore registered during FY23. It reported an EBITDA margin of 10.62% in FY24, an improvement of 216 basis points from 8.46% over the previous year.

According to Shreeram Bagla, Managing Director, Annapurna Swadisht, the higher margins came on the back of better economies of scale, entry into high-margin products, and normalizing raw material prices. For H2FY24, the company’s revenue from operations grew by 41.54% to touch Rs 133.84 crore, as compared with Rs 94.56 crore in H2FY23.

On a standalone basis, the company’s net profit surged by 99.15% to touch Rs 14.22 crore in FY24, as against Rs 7.14 crore in FY23. Standalone revenue from operations increased by 65.43% at Rs 264.97 crore in 2023-24, as compared with Rs 160.17 crore during the previous year.

Commenting on the company’s result, Bagla said, “The year 2023-24 has been an exceptional year for Annapurna Swadisht as we have taken several key initiatives to strengthen our foothold in existing markets even while adding new products to fortify our presence in the packaged food industry. Our foray into the biscuits and noodles business and the recent acquisition of Arati branded mustard oil from R R Proteins and Agro Limited, are steps in this direction. During the year, we strengthened our management team by appointing Gajanan Prasad Sah Kalwar, who was the Global CEO of the Chaudhary Group, the makers of Wai Wai brand noodles, as the Joint Managing Director to steer the company on to the next phase of growth.’’

Bagla also emphasized that the robust demand for branded packaged snacks, especially from Tier III and Tier IV markets, has significantly contributed to the company’s strong performance in FY24.

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