Packaged snacks and sweets major Bikaji Foods International posted a robust 14.4% increase in its third-quarter profit on Friday.
The spike in profit is attributed to the increase in demand for its varied range of packaged sweets and snacks.
The consolidated net profit for the three months ending December 31 totalled to Rs 46.62 crore, marking a incredible rise from Rs 40.74 crore recorded in the corresponding period the previous year.
The festive season, starting from October and ending in November, witnessed a notable uptick in consumer purchases of snacks and sweets, contributing significantly to Bikaji Foods’ third-quarter financial performance.
The ethnic snacks segment, deep-fried snacks, featuring crispy and the popular Bhelpuri-a savory, spicy, and crunchy mix-constituted approximately 63% of the total revenue, witnessing a substantial 15.4 per cent year-on-year growth.
Driven by the surge in the ethnic snacks segment, revenue from operations witnessed a remarkable 23 per cent increase, reaching Rs 624 crore.
Surpassing all segments, the packaged sweets category demonstrated the highest growth during the quarter, experiencing an impressive 83 per cent surge, outshining even the robust performance of ethnic snacks.
Managing Director Deepak Agarwal attributed this success to a combination of factors, stating, “The festive season played a significant role, alongside improvements in our operational efficiencies and advantageous pricing of raw materials.”
