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Hindustan Foods Limited announces Q4FY19 financial results

Posted On: 2019-05-24 10:40:46

Hindustan Foods Limited, manufacturers of FMCG products announced their financial results today, for the fourth quarter ending on March 31st, 2019 and the financial year 18-19 as approved by the Board of Directors.

The Company has posted its highest ever turnover and profit figures for the year 2018-19 owing to increase in existing capacities, new facilities and a wider product portfolio.

Key Financial Highlights of the Quarter:

- Gross Revenues grew by 31% from Rs 63.90 crores in Q4FY18 toRs 83.98 crores in Q4FY19.

- EBITDA grew by 14% from Rs 5.03 crores in Q4FY18 toRs 5. 76 crores in Q4FY19

- PBT dropped by 19% to Rs. 2.99 crores in Q4FY19 as opposed to 3.69 crores in Q4FY18 mainly due to the ramping up of the new factory at Coimbatore.

Key Financial Highlights of the 12 months (FY19):

- Gross Revenues increased by 70% from Rs 139.98 crores in FY18 toRs 237.22 crores in FY19.

- EBITDA grew by 87% from Rs 11.18 crores in FY18 toRs 20.99 crores in FY19.

- PBT grew by 61% from Rs 8.65 crores in FY18 toRs 13.91 crores in FY19.

Key Operational Highlights for Q3FY19:

- The first phase of the Coimbatore project was executed without any budget over-runs. The Company has successfully ramped up the production at its green-field project in Coimbatore for packing of tea and other beverages. The first phase of the investment will start delivering at the rated capacity from June'19.

- The process of acquisition through demerger of the Hyderabad facility of Avalon Cosmetics Private Limited with the company received the shareholder's approval at a meeting convened by the Hon'ble National Company Law Tribunal.

- The Extruded Foods manufacturing in Goa, the Leather Shoes business in Pondicherry and Chennai, and the Pest Control manufacturing in Jammu continued to perform consistently.

Key Strategic Highlights from the Board Meeting:

- The Company had subscribed to additional 8% of the equity shares of ATC Beverages Private Limited in Mysore which is engaged in the business of contract manufacturing of beverages for Pepsico presently. This is in addition to the Shares that the company has agreed to acquire via the SPA. The company will hold nearly 40% of ATC Beverages Private Limited once this SPA is given effect to.

- Phase 2 of the investment in the Coimbatore plant which the Board had authorised in the previous meeting has commenced. The company expects to commercialize the increased capacity by October, 2019.

- The Rs. 150 crore expansion at Hyderabad sanctioned by the Board in the previous meeting has also been kicked off. The company expects to start commercial production from this project by October, 2019.

- The company concluded a preferential allotment of warrants to non-promoter group investors including existing investor, Sixth Sense and a new investor, Convergent Finance LLP. With this issue, the company is well capitalised to take on additional projects and the board was briefed about the potential expansion plans.

Sameer Kothari, Managing Director of Hindustan Foods Limited, said, "The Q4 of the year saw the new Coimbatore project ramping up. We are satisfied with the process and the speed of the progress and are confident that Coimbatore project should start delivering better figures from Q1FY20 as we stabilize production and increase it further.

The shareholders approved the merger of the Hyderabad factory into HFL at a NCLT convened meeting and once the legal process is completed, the Rs. 64 crores turnover of Q4FY19 will reflect in the books of HFL. For FY19, the Hyderabad unit has totally achieved a turnover of Rs. 252 crores. This would mean HFL's consolidated turnover after the approval of Scheme of arrangement of merger will be approximately Rs. 490 crores in FY 19.

The expansion of this Hyderabad facility has commenced and we are confident of starting production from Q3FY20.

We are on track to accomplish the goal of Rs 1,000+ crore turnover in this financial year (FY20}. The equity infusion by Convergent Finance and Sixth Sense has ensured that the company is well capitalized to aim at doubling the FY20 turnover in the next couple of years.

Am also pleased about the fact that in spite of being a small company, we have met our CSR responsibility and undertake to ensure that we will strive to comply with the requirements in the future as well. Mr. Sarvjit Singh Bedi's induction as a Director representing Convergent Finance, LLP will further strengthen the Board. He is a Chartered Accountant and has done his Masters from Cornell University and has worked with various companies including Fairfax."

Shares of HINDUSTAN FOODS LTD. was last trading in BSE at Rs.405.25 as compared to the previous close of Rs. 406.8. The total number of shares traded during the day was 8703 in over 100 trades.

The stock hit an intraday high of Rs. 416.85 and intraday low of 400. The net turnover during the day was Rs. 3522365.


Source: Equity Bulls

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