Shares of Bikaji Foods International Ltd. hit a record high intraday on Wednesday after its net profit more than doubled in the April-June quarter.
The company's net profit jumped 163.9% year-on-year to Rs 41.4 crore in the quarter ended June, according to an exchange filing. That compares with the consensus of the analyst estimates at Rs 39.1 crore, pooled by Bloomberg.
The company also announced its target to directly cater to 2.4 lakh retail stores in FY24.
The Indian snack maker was directed by the Jaipur bench of the National Company Law Tribunal to hold meetings with its equity shareholders and unsecured creditors for the approval of the Scheme of Amalgamation with Hanuman Agrofood Pvt.
"We remain committed on strengthening our distribution network to achieve a deeper distribution across our core and focus markets and on track to expand our direct reach to 2.4 lakh retail stores by FY24,” said Managing Director Deepak Agarwal.
Bikaji Foods Q1 FY24 highlights (Consolidated, YoY)
Revenue up 15% at Rs 482.05 crore (Bloomberg estimate: Rs 490.8 crore).
Ebitda up 114% at Rs 65.7 crore (Bloomberg estimate: Rs 67.80 crore).
Margins at 13.64% versus 7.33% (Bloomberg estimate: 13.81%).
Net profit up 163.9% at Rs 41.4 crore (Bloomberg estimate: 39.10 crore).
Shares of the company rose 5.12% intraday before falling 0.43% to Rs 482.1 apiece at 11:40 a.m., compared to a 1.07% decline in the NSE Nifty 50.
The stock has risen nearly 52% since it's listing on Nov. 16, 2022, and 10.8% year-to-date. Total traded volume stood at 2.1 times its 30-day average. The relative strength index was at 73, implying that the stock may be overbought.
All four analysts tracking the company maintain a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month price target given by analysts implies a potential upside of 3.2%.
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