Q3FY24 Quarterly & 9MFY24 Result Announced for ADF Foods Ltd.
Packaged Foods company ADF Foods announced Q3FY24 & 9MFY24 results: Financial Highlights Standalone Revenue for the quarter was Rs 103.2 crore registering a growth of 3.5% on a YoY basis. EBITDA stood at Rs 26.4 crore, with a margin of 25.6%. PAT grew on a yearly basis by 5.4% to reach Rs 20.3 crore at a margin of 19.6% In Q3FY24, on a consolidated basis revenue grew by 5.2% YoY to Rs 129.7 crore. EBITDA stood at Rs 27.0 crore, with a margin of 20.8%. PAT grew on a yearly basis by 3.0% to reach Rs 19.1 crore at a margin of 14.7% For 9MFY24, standalone and consolidated revenue registered a growth of 11.8% YoY and 12.1% YoY to Rs 285.2 crore and Rs 366.7 crore respectively. Standalone and consolidated PAT increased by 36.8% and 22.6% YoY to Rs 54.3 crore and Rs 48.8 crore respectively Operational Highlights Further investment of Rs 13 crore in Optionally Convertible Redeemable Preference Shares ("OCRPS") of Telluric Foods (India) Limited was approved to support its brand building and working capital requirements. The transfer of ADF's entire equity investment in ADF Foods (India) Limited to Telluric Foods Limited was approved at fair market value to be determined. An in-principle approval for the merger between subsidiaries ADF Foods (India) Limited and Telluric Foods Limited was granted for achieving merger synergies. New product launches across various categories including frozen desserts and Indo-Chinese sauces under the 'Ashoka' brand were accomplished. Commenting on the Results, Bimal Thakkar – Chairman & Managing Director said, “We recorded satisfactory growth and healthy margins over the past nine months as we focused on brand building and investing in profitable products. Our Q3 revenue growth could have been better however, the Red Sea crisis impacted sales shipments towards the quarter's end. We initiated several new plans to accelerate our long-term growth. The Board approval for investment in Telluric Foods (India) Limited will enable us to accelerate our India business growth. Further the merger of our subsidiaries ADF Foods (India) Limited and Telluric Foods Limited will enable us to achieve substantial synergies including efficient capital utilization, flexibility in business operations, and cost rationalization. We continue to witness strong demand for our products and in order to support the same, we launched several new products under our flagship ‘Ashoka’ brand. Overall we expect all the above initiatives to herald in a new era of growth for your Company.” Result PDF31-01-2024