Prataap Snacks gained 1.87% to Rs 746 after the company reported a lower consolidated net loss of Rs 1.59 crore in Q1 FY22 as compared to a net loss of Rs 5.96 crore posted in Q1 FY21.
Net sales increased by 43.1% to Rs 278.2 crore in Q1 FY22 from Rs 194.45 crore in Q1 FY21. The company reduced its pre tax loss to Rs 2.17 crore in Q1 FY22 from Rs 7.54 crore recorded in Q1 FY21. Meanwhile, the company's operating EBITDA increased by 34.5% year on year to Rs 11.08 crore in Q1 FY22.Commenting on the Q1 FY22 performance, Amit Kumat, MD & CEO of Prataap Snacks said, We have delivered a robust performance despite the severe second wave of the pandemic in India. The learnings of the past year had made us better prepared to face the disruptions and our team responded with agility to overcome challenges and restrictions to ensure uninterrupted supplies to trade channels. This has helped us to post revenue of Rs 279.6 crore which is higher by 43% on a YoY basis. We have witnessed unprecedented rise in palm oil prices over the same quarter last year, which has exerted significant pressure on profitability. Our continuous steps towards cost rationalisation and process improvements have significantly offset this impact. Even as we work towards fully rebuilding the business back to pre-COVID levels, we are implementing initiatives to enhance performance and profitability. We are implementing our telecalling to a larger number of territories to improve distribution throughput in the existing channels. We have set up a plant in Kolkata which will serve as a hub and enable us to optimise distribution in the Eastern region with cost efficiency. Further, implementation of our direct distribution model is progressing steadily, leading to structural improvement in profitability.
Prataap Snacks is a leading Indian snack foods company. It offers multiple variants of products across categories of Potato Chips, Extruded Snacks, Namkeen (traditional Indian snacks) under the popular and vibrant Yellow Diamond brand.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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Prataap Snacks rises after Q1 net loss narrows to Rs 1.59 cr - Business Standard
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