ADF Foods reports results for quarter ended June 30, 2020

ADF Foods Limited (BSE: 519183; NSE: ADFFOODS), a leading player in the prepared ethnic food, has reported results for the quarter ended June 30, 2020.

Q1FY21 performance:

- Total income for quarter ended June 30, 2020 stood at Rs 74.5 Cr compared to Rs 70.9 Cr in Q1FY20, up 5% YoY

- EBITDA for the quarter was at Rs 13.1 Cr compared to Rs 15.2 Cr in corresponding period last year: EBITDA margin of 17.6% in Q1FY21

- The operations were impacted due to disruptions caused by extended lockdown. In absence of this, the revenue and margins would have been more robust

- Reported Net Profit after Tax of Rs 8.7 Cr for Q1FY21, as compared to Rs. 9.2 Cr in the Q1FY20

- PAT margin for the quarter stood at 11.6%

The "Agency distribution segment" where the Company acts as distribution agent of food products for a Fortune 500 FMCG global major across the US and UK markets, contributed Rs. 22.6 Cr to revenues in Q1FY21.

Commenting on the performance, Mr. Bimal Thakkar, Chairman, Managing Director & CEO, ADF Foods Limited said, "The quarter has witnessed volatility and uncertainty in wake of Covid-19 and has caused disruptions in business operations. Both our factories at Nasik and Nadiad and supply chain were impacted till the end of May 2020. However, we have built back momentum as we ended the quarter. Our top priority has been to ensure the health and safety of our employees and we continue to take all necessary precautions to control the same. We thank our employees, business partners, vendors, and customers for their wholehearted support throughout this unprecedented period. As a responsible corporate citizen, we continue to offer our help to the most vulnerable section of the society. The Company has contributed toward providing ventilators and PPEs to hospitals and feeding programs for communities along with distribution of essential groceries to the needy.

We believe that this crisis would bring significant changes in consumer behavior towards health, hygiene, and nutrition, which could be an opportunity for us. We will continue to invest and innovate to tap these evolving consumer needs."

Shares of ADF FOODS LTD. was last trading in BSE at Rs.405.6 as compared to the previous close of Rs. 404.45. The total number of shares traded during the day was 29571 in over 1302 trades.

The stock hit an intraday high of Rs. 411.15 and intraday low of 387.3. The net turnover during the day was Rs. 11843128.

Source : Equity Bulls

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