ADF Foods' Net Profit Increases By 72% To Rs 20 Cr In March Quarter

FMCG company ADF Foods Ltd on Monday reported a 72 per cent rise in its standalone profit after tax to Rs 20.30 crore for the March 2023 quarter on account of higher revenues.

It had reported a PAT of Rs 11.80 crore for the year-ago quarter, the company said in a statement.

The company's revenue from operations surged 19 per cent to Rs 98.2 crore from Rs 82.4 crore in January-March FY22.

The board has recommended a dividend of Rs 5 per share for the financial year ended March 31, 2023.

On a business update, ADF Foods said its greenfield expansion plan for frozen food capacity is expected to kick off in the second quarter of FY24 and be complete in 12-18 months.

ADF Foods Chairman & Managing Director Bimal Thakkar said, "Our flagship brand Ashoka remains a top Indian food brand in stores across the US, UK and Asia Pacific, thanks to our dedication towards traditional recipes and high-quality ingredients. Our planned expansion in Surat will unlock further frozen food production capacity".

The company will continue to expand its sales and distribution in India and abroad, he added.

Mumbai-based ADF Foods offers frozen foods, ready-to-eat and ready-to-cook (RTC) items, including sauces, pickles, edible pastes and dips in over 50 markets.

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