Hindustan Foods at new high
Hindustan Food is among the top gainers on the BSE since the opening bell today, going on to hit a new 52-week high at Rs.606.05 and continues to trade over Rs.600.
The market has given a big thumbs up to its Q2FY23 performance, with consolidated total revenue rising 41% to Rs.664 crore, with net profit going up 73% to Rs.19 crore.
EBITDA for the quarter came in at Rs.44 crore, up 49%. The Rs.2 face value stock posted an EPS of Rs.1.68 v/s Rs.0.97.
The recent acquisitions of Aero Care Personal Products and Reckitt Benckiser Scholl India Private Limited have also contributed to the consolidated numbers.
The Uttar Pradesh Ice Cream Project has commenced commercial production and is expected to be ramped up to 15,000 liters of ice cream by the end of FY23. The Rs 75 crore expansion sanctioned by the Board earlier is expected to be commercialized by Q4FY23.
Incorporated in 1984, Hindustan Foods started as a Joint Venture between the Dempo Group and Glaxo (now GlaxoSmithKline) India with the objective of manufacturing nutritional food products. In 2013 Vanity Case Group, bought controlling stake and is now a contract manufacturer for FMCG companies.
Last week, the company was added into MSCI India Domestic Small Cap Index and will be effective 30th Nov’22.