Shares of Mishtann Foods went down early on Wednesday, but they went back up after the company announced its results for the time period that finished on March 31, 2023. The company also said that, if the board agrees, it will set up two foreign subsidiaries.
For the time period that finished on March 31, 2023, Mishtann Foods had a net profit of Rs 14,13 crore. The company made a net profit of Rs 13,15 crore in the quarter ending in March 2022 and Rs 13,71 crore in the quarter ending in December 2022. For the quarter, its net profit margin was 8.36%.
The company’s business brought in Rs 168.89 crore in revenue, which is a double-digit increase from the previous year’s figure of Rs 153.47 crore. In the last quarter, the income from business was Rs 163,64 crore.
After its results were announced, shares of Mishtann Food went from a low of Rs 7.95 on Wednesday to a high of Rs 8.27, a gain of more than 4%. The market capitalization of the small-cap company was Rs 820 crore. On Tuesday, the price of the scrip was Rs 8.21.
Mishtann Foods’ net profit for the whole year, which finished on March 31, 2023, went up 60% to 49.92 crore, with a PAT margin of 7.68%. The amount of money made from business went up by 30.45% to Rs 650.38 crore. The EBITDA for the year was Rs 82.61 crore, which was a 60% increase from the previous year. The EBITDA margin grew by 231 basis points to Rs 12.7%.
Mishtann Foods’s business board also agreed to set up its wholly-owned subsidiary in Singapore and the US, which will help its plans to grow. The company wants to take advantage of the fact that people all over the world are buying more rice.
Mishtann Foods has a plant near Ahmedabad that can process up to 100,000 metric tons of rice per year. The company says that all of its products are grown using farming methods that are good for the earth and are carefully processed and packaged to keep them fresh and full of nutrients.
Nomura Singapore’s share of Mishtann Foods has grown. The global fund house owns 1.28 percent of the company, or 1,282,504 equity shares, according to the statement with the exchange. Mishtann Foods is also a big player in the wheat, lentils, and spices markets, as well as the Basmati rice market.