BIKAJI · Fast Moving Consumer Goods
Bikaji Foods International Ltd. reported revenue of ₹676 cr for October to December 2024, +10.3% on the year and −5.2% on the quarter.
Operating profit (EBITDA) was ₹56.0 cr, a margin of 8.3%, −411 bps on the year and −700 bps on the quarter. It is the narrowest margin of the last 7 quarters (range 8.3% to 26.6%). Operating costs grew +15.5%, faster than revenue at +10.3%, so operating profit grew less than sales.
Net profit was ₹31.0 cr, −36.7% on the year and −56.9% on the quarter, with earnings per share of ₹1.23. Profit before other income, one-offs and tax fell 40.7%, so 4 points of the headline growth came from outside the core business. The tax rate of 26% is in line with its recent average.
On earnings per share of ₹11.13 over the last four quarters, the stock at ₹475.05 trades at 42.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 8.3%, −411 bps on the year (−700 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹598 cr | ₹613 cr | ₹606 cr | ₹565 cr | ₹713 cr | ₹676 cr | ₹585 cr | ₹624 cr | ₹796 cr | ₹731 cr | ₹667 cr | ₹678 cr |
| YoY | — | — | — | +18% | +19% | +10% | −3% | +10% | +12% | +8% | +14% | +9% |
| EBITDA margin | 14.9% | 12.4% | 26.6% | 16.5% | 15.3% | 8.3% | 13.5% | 15.9% | 16.3% | 13.0% | 13.6% | 14.6% |
| Other income, % of PBT | 8% | 9% | 7% | 9% | 8% | 17% | 11% | 9% | 0% | 12% | 17% | 13% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 22% | 24% | 25% | 26% | 26% | 26% | 25% | 26% | 29% | 23% | 24% | 26% |
| Net profit | ₹61.0 cr | ₹49.0 cr | ₹116 cr | ₹60.0 cr | ₹72.0 cr | ₹31.0 cr | ₹48.0 cr | ₹63.0 cr | ₹78.0 cr | ₹65.0 cr | ₹64.0 cr | ₹65.0 cr |
| YoY | — | — | — | +40% | +18% | −37% | −59% | +5% | +8% | +110% | +33% | +3% |
| Core profit YoY | — | — | — | +40% | +24% | −41% | −60% | +5% | +22% | +111% | +21% | −1% |
| EPS | ₹2.45 | ₹1.96 | ₹4.64 | ₹2.38 | ₹2.88 | ₹1.23 | ₹1.93 | ₹2.52 | ₹3.10 | ₹2.58 | ₹2.54 | ₹2.58 |
| Flags | · | · | · | ✓ | ✓ | 1 | 1 | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Bikaji Foods International Ltd. reported revenue of ₹676 cr (+10.3% on the year) and net profit of ₹31.0 cr (−36.7% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −40.7% on the year, against −36.7% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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