Nomura Singapore ODI Ups Stake in Mishtann Foods, Scrip Hit Upper Circuit

Ahmedabad, 07 August 2023: Mishtann Foods Ltd. (BSE: 539594) is one of India's leading FMCG company with primary focus on various types of Basmati rice.

Nomura Singapore Ltd. ODI increases its share holding to over 2% under Sec 29 (2) of SAST of the listing agreement.

Nomura Singapore Ltd. ODI has hiked its stake in Mishtann Foods Ltd. from 1.28% (12825854 shares) to 2.19% (21882762 shares)..

Earlier, the company announced stellar earnings for Q1FY24. The Board also approved Incorporation of two Wholly Owned Subsidiaries to operate in the field on environmental sustainability including grain-based ethanol and components of Electric Vehicles (EVs).

Consolidated Financial Performance Comparison - Q1FY24 v/s Q1FY23

Revenue from Operations grew by 85.73% from Rs. 158.26 Cr in Q1 FY23 to Rs. 293.94 Cr in Q1 FY24 primarily driven by robust demand.

EBITDA increased by 298.84% from Rs. 18.24 Cr in Q1 FY23 to Rs. 71.26 Cr in Q1 FY24

EBITDA margins increased from 11.52% in Q1 FY23 to 24.75% in Q1 FY24 by 1323 bps.

PAT increased by 525.31 % from Rs. 11.02 Cr in Q1 FY23 to Rs. 68.91 Cr in Q1 FY24.

PAT margins increased from 6.96% in Q1 FY23 to 23.44% in Q1 FY24 by 1648 bps.

Mishtann Foods Limited (BSE: 539594) is India's leading FMCG company with primary focus on various types of Basmati rice. The company also has a sizeable presence in wheat and pulses segment. Mishtann Foods' 100,000 metric tonne per annum rice processing facility is strategically located near Ahmedabad in Gujarat, India, in a close proximity to port giving the company cost advantage for the export market.

Mishtann's wider product portfolio of Basmati rice includes Raw, Sella and Steam that cater to wider customer segment in wholesale as well as retail. The company offers a wide range of agricultural products, including rice, wheat, spices, and pulses. All of its products are grown using environmentally friendly farming practices and carefully processed and packaged to preserve their freshness and nutritional value. Mishtann Foods is committed to sustainable agriculture and environmental conservation.

It works closely with local farmers, providing them with training and support in eco-friendly farming practices and encouraging them to adopt sustainable methods of agriculture. Mishtann has relentlessly worked to support and encourage farmers to adopt the latest farming techniques. It is a matter of immense pride that the company sources its grains from some of the best Basmati growing farms in the region.