Mishtann Foods drops after Q1 PAT grows 3.4% YoY

Mishtann Foods fell 3.91% to Rs 17.19 after the company reported muted Q1 June 2024 result.

On a consolidated basis, net profit of Mishtann Foods rose 3.47% to Rs 71.30 crore on 30.19% increase in net sales to Rs 382.67 crore in Q1 June 2024 over Q1 June 2023. Profit before tax rose 1% YoY to Rs 71.98 crore in Q1 June 2024. EBITDA was flat at Rs 72.69 crore during the period under review.

Total expenses rose 40.2% YoY to Rs 310 crore in quarter ended 30 June 2024. Cost of materials consumed was at Rs 264.31 crore (up 45.2% YoY) and employee expense was Rs 0.74 crore (down 14%) during the quarter.

The company said the growth was primarily driven by robust demand and successful geographic expansion of its products including strong contributions from wholly owned subsidiaries. Mishtann Foods said it is strategically positioned to capitalize on the significant increase in Indias Basmati rice exports. Moreover, it is striving to grow in the fields of grain-based ethanol and electric vehicle components.

Mishtann Foods is a leading Indian FMCG company specializing in Basmati rice. It also produces salt and other grains. The company has a large rice processing facility near Ahmedabad, giving it a cost advantage for exports. Mishtann offers a variety of Basmati rice products and is committed to sustainable agriculture. It works closely with farmers to promote eco-friendly farming practices.

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