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COMPANY REPORT

Revenue of Prataap Snacks Ltd for Q1 FY20 grows 23.2% on y-o-y basis
Monday, 12 August, 2019, 12 : 00 PM [IST]
Our Bureau, Mumbai
Prataap Snacks Ltd (PSL), a leading Indian snack foods company has announced its financial results for the first quarter of FY20, ended June 30, 2019. The company reported revenue of Rs 3,309.9 million, and delivered double-digit growth of 23.2 per cent on a y-o-y (year-on-year) basis.

Its operating EBITDA (earnings before interest, taxes, depreciation and amortisation) of Rs 272.1 million, translating  to a margin of 8.2 per cent. EBITDA for Q1FY20 (without the impact of IND-AS 116), at Rs 228 million, was higher by 15 bps (basis points). The EBITDA margin was 6.9 per cent.

PAT (profit after tax) stood at Rs 96.5 million in Q1FY20. Diluted EPS (earnings per share) was at Rs 4.12 per share in Q1FY20. PAT for Q1FY20 (without the impact of IND-AS 116) at Rs 88.1 million.

The company has adopted Ind AS 116 Leases using modified retrospective approach under which the cumulative effect of initial application is recognised as at April 1, 2019, and does not require restatement of comparative information. Consequently, operating lease and job work charges have changed from other expenses and cost of materials consumed to depreciation expenses and finance costs.

Commenting on the Q1FY20 performance, Amit Kumat, managing director, Prataap Snacks Limited said, “I am glad to share that we have begun FY20 on a positive note with topline growth of 23.2 per cent on a y-o-y basis despite the subdued overall consumption demand.”

“This was due to healthy traction in the broader salty snacks portfolio, continued growth in the range of products under the Avadh brand, and the successful execution of the decentralised supply chain strategy,” he added.

Kumat said, “The performance of Avadh continues to be robust during the quarter, and additional capacity at Rajkot will come on stream in end-August aiding expansion plans.”

“During the quarter, we undertook several measures to address the issue of capacity constraints and achieve streamlining of operations. Most of our facilities have successfully undergone de-bottlenecking which aided volumes growth,” he added.

“In addition, we commenced the manufacturing of Chulbule at the Hisar facility and namkeen snacks at Kashipur. Further, we concluded the process of merger of our wholly-owned subsidiary Pure ‘N’ Sure Foods with the company,” Kumat said.

“This provides a simplified corporate structure and also allows for business efficiencies both for the company as well as its distributors and partners,” he added.

“The outlook is encouraging as overall demand which was sluggish for the last six months, has shown signs of strong recovery. Our strategic choice on capacity additions in salty snacks and new products in sweet snacks, such as cup cakes is allowing us to open new market segments. We look forward to strong growth momentum in the ensuing quarters,” Kumat said.
 
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