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For the December quarter, revenue for Bikaji grew by 14.5% from last year to ₹715 crore.
However, Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) fell by 26% from last year to ₹55.45 crore, while margin narrowed to 7.8% from 12%, a contraction of 420 basis points from last year.
Net profit for the period also fell 40% from the year-ago period to ₹27.77 crore.The company experienced inflationary pressure in edible oil, potato and besan, key raw materials that are used in the manufacturing of their products.
Underlying volume growth during the quarter stood at 3% in comparison to the same quarter last year, while gross margin declined by 257 basis points from the same quarter last year.
All six analysts who have coverage on Bikaji Foods have a “buy” rating on the stock, with Nuvama having a price target of ₹1,000 on the stock, which is the highest on the street.
Shares of Bikaji Foods are trading 12.1% lower on Friday at ₹645. The stock is down 36% from its peak of ₹1,007, while its still 100% above the IPO price of ₹300.
