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COMPANY REPORT

Prataap Snacks posts revenue of Rs 5,558.3 mn, up by 14.7%, in H1FY19
Friday, 09 November, 2018, 08 : 00 AM [IST]
Our Bureau, New Delhi
Prataap Snacks Ltd (PSL), a leading Indian snack foods company, has announced its financial results for the second quarter and half-year ended September 30, 2018 (Q2 and H1FY19). In H1FY19, PSL reported total revenue of Rs 5,558.3 million, higher by 14.7 per cent year-on-year (y-o-y).

It posted operating earnings before interest, taxes, depreciation and amortisation (EBITDA) of Rs 388.6 million, translating to a margin of seven per cent, profit after tax (PAT) of Rs 216.5 million at a margin of 3.9 per cent of total revenue and earnings per share (EPS) (diluted) was Rs 9.2 per share in H1FY19 on an enlarged capital base due to the initial public offer (IPO).

In Q2 FY19, PSL reported revenue of Rs 2,872.2 million, delivered double-digit growth of 11.2 per cent y-o-y despite impact of transporters strike in July 2018 and operating EBITDA of Rs 207.6 million, translating  to a margin of 7.2 per cent, which was higher by 49 basis points (bps) compared to Q1FY19.

Commenting on the Q2 and H1FY19 performance, Amit Kumat, managing director, Prataap Snacks Limited, said, “We are pleased to report healthy revenue growth of 14.7 per cent in H1FY19 despite macroeconomic challenges during the quarter. The transportation strike during the quarter delayed dispatches and further impacted revenues by about 5-6 per cent.

“While there was pressure on margins due to an abnormal increase in a few key raw materials, we have partially mitigated the impact through cost optimisation initiatives and product mix improvements and managed to improve EBITDA in Q2 of FY19 by 49 bps over Q1 of FY19,” he added.

“The acquisition formalities of Avadh Snacks have been completed. From the next quarter, we will consolidate the financials. This marks our foray into India’s largest snack market of Gujarat, and we are confident that this acquisition will accelerate our growth trajectory,” Kumat said.

“During the quarter, we introduced some exciting additions to our portfolio of sweet snacks, Yum-Cake and Cookie-Cake, and the initial consumer reaction has been highly encouraging. We believe the sweet snack portfolio offers immense growth potential and is highly complementary to our portfolio of salty snacks,” she added.

“We remain confident that the continued consumption tailwinds and our strong customer value proposition will help the business sustain healthy growth momentum in the years ahead,” Kumat said.
 
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