Publicly-listed Prataap Snacks posts solid growth
The Yellow Diamond chip producer launched its IPO in September and was listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) at Rs 938 ($14.60) per share.
Amit Kumat, MD and CEO of PSL, said the company delivered 15% revenue growth, despite temporary headwinds due to goods and sales tax (GST) implementation.
The company reported a 143% jump in its Q2 net profit at Rs 12.9 crore ($20m), versus Rs 5.3 crore ($8.2m) in the same quarter last year.
Revenue was up 10% at Rs 263 crore ($4m), EBITDA was up 46% at Rs 26.1 crore ($4m) and margins were up 550 bps at 9.9% (from 4%) for the same period.
Salty, spicy and now sweet…
PSL produces potato-based snacks, extruded snacks and namkeen (Indian snacks), and ventured into the noodles market last year.
“We are in the process of commercialising our entry into sweet snacks, through the launch of Yum-pie, which will complement our offerings in the savoury segment,” said Kumat.
PSL launched Yum-Pie, a range of chocolate-based confectionery snacks under the brand name Rich Feast, in November. Production of Yum-Pie is being undertaken under PSL’s wholly owned subsidiary, Pure N Sure Food Bites.
“Currently, the company is navigating the potato supply crunch and increased duties on inputs (palm oil), but we are hopeful of a recovery to end the financial year on track with our expectations,” added Kumat.
- Total income of Rs 4,9bn crore ($76m), an increase of 15% yoy
- Revenue up 10% to R 263 crore ($4m)
- Net profit up 143% to Rs 12.9 crore ($20m)
- EBITDA of Rs 460m crore ($7.1m), an increase of 131% yoy