Mishtann Foods Shares In Green After Posting Double Digit Growth In Q3 Earnings

The shares of the FMCG company Mishtann Foods opened today on the BSE at Rs 24.98 apiece and rallied to an intraday high of Rs 25.50 during the morning deals logging a gain of 5.90% from the previous close. The rally in the stock price was seen after the company declared financial results for the quarter ended on 31st December 2023.

According to the firm, strong demand was the main factor for its 101.86% rise in revenue from operations, from Rs. 163.64 Cr in Q3 FY23 to Rs. 330.52 Cr in Q3 FY24. From Rs. 22.63 Cr in Q3 FY23 to Rs. 96.51 Cr in Q3 FY24, EBITDA climbed by 326.47%. EBITDA margins rose by 1538 basis points, from 13.82% in Q3 FY23 to 29.20% in Q3 FY24. From Rs. 13.70 Cr in Q3 FY23 to Rs. 93.05 Cr in Q3 FY24, PAT climbed by 579.20%. PAT margins grew by 1978 basis points, from 8.37% in Q3 FY23 to 28.15% in Q3 FY24.

Commenting on the Q3 FY24 Performance, the management said "We are extremely happy to announce outstanding financial performance for Q3FY24. We have been able to achieve remarkable growth across various key financial indicators, reflecting our strong market presence, operational excellence, and customer-centric approach. Our Revenue from Operations witnessed an impressive increase of 101.86%, reaching Rs. 330.52 Cr in Q3 FY24 compared to Rs. 163.64 Cr in Q3 FY23. This growth was primarily driven by robust demand and successful geographic expansion of our products."

"We are also delighted to report a substantial surge in EBITDA by 326.47%, reaching Rs. 96.51 Cr in Q3 FY24, and an exceptional improvement in EBITDA margins by 1538 basis points, which stood at 29.20% in Q3 FY24. Our focus on optimizing costs and enhancing operational efficiency has played a vital role in achieving these remarkable milestones. Additionally, our Profit After Tax (PAT) has shown extraordinary growth of 579.20%, reaching Rs. 93.05 Cr, with PAT margins improving by 1978 basis points to 28.15% in Q3 FY24," the management added.

"These phenomenal results are a testament to our ability to consistently deliver value to our stakeholders and our commitment to driving sustainable growth. We are confident that these exceptional financial results and our expansion into sustainable sectors will further propel our company's growth and enhance our position as a leading player in the industry.

We express our gratitude to our dedicated employees, loyal customers, and supportive stakeholders for their unwavering trust and contribution to our success. Looking ahead, we remain committed to delivering on our promises, driving innovation, and creating long-term value for our shareholders and the community we serve," the management of Mishtann Foods stated in a report.

Ajay Upadhyaya, a renowned investor, had previously picked a stake in Mishtann Foods Ltd. Morgan Stanley has also picked up a stake through an open market transaction. The shareholding pattern for the quarter ending December 31, 2023, shows that Nomura Singapore Ltd. ODI owns a 2.19% stake in the company.