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Stock Report
Tasty Bite Eatables announces 2nd quarter results
Posted On : 2021-11-17 22:53:53( TIMEZONE : IST )
The Board of Directors of Tasty Bite Eatables Limited have on November 12th 2021, announced the results for the second quarter (July - September 2021). Key highlights of the performance and an update on important initiatives that the company has undertaken during this period are given below.
Performance Highlights
- Revenues for the quarter were INR 920 Mn reflecting a revenue drop of 4% over last year. For the first six months of the year, revenues of INR 2,051 Mn reflects 34% growth over the same period last year.
- Consumer Business revenues (exports to US and other markets) have grown 22% in the six-month period. However, in current quarter, Consumer business revenues were lower by 23% over last year due to demand drop on account of inventory built up at US and other markets.
- Food service revenues have grown more than 100% in the six-month period as last year business is significantly impacted on account of nationwide lockdown due to COVID19. In current quarter Food Service revenues grown by 55%.
- Food Service exports are on increasing trend as we see traction towards speciality vegetarian products in Southeast Asia and Middle East. We expect that the demand for specialty vegetarian products is continuing to increase over time given the quality, variety and cost competitiveness of the Company's products.
- Due to change in government policies, other income primarily export benefits have gone down by 77% in current year six-months period eroding 3.6% of earnings from last year. This is due to discontinuation of Transport and Marketing Assistance Scheme (TMA) and Merchandise Exports from India Scheme (MEIS). A new scheme called Remission of Duties and Taxes over Exported Products (RoDTEP) has been introduced in current year in place of MEIS, however the incentives rate in RODTEP ts only 28% of MEIS rate.
- Material costs for the quarter is at 67.1% of revenues, 760 bps higher than last year (59.5%). This is primarily due to inflation in commodities and packing materials, lower incentives income and inventory provisions.
- EBITDA margins of the business for this quarter and for the six-month period ended September 2021 are 10.1% and 13.2% respectively down from the same periods last year i.e. 18.9% in Q2 FY21 and 15.7% for the six-month period ended September 2020. This is primarily impacted by lower incentives income and higher material costs.
- Board reviewed in detail the status of capital expansion plan in last board meeting. Capex plan will be completed by early 2023. This will ensure modernisation of the plant as well as new building for Tasty Bite Research Centre. This enhanced capacity will take us through for next 3 years thereby securing supplies for our customers.
Shares of Tasty Bite Eatables Limited was last trading in BSE at Rs. 13879.05 as compared to the previous close of Rs. 14205.30. The total number of shares traded during the day was 556 in over 466 trades.
The stock hit an intraday high of Rs. 14329.95 and intraday low of 13800.00. The net turnover during the day was Rs. 7808942.00.
