Annapurna Swadisht posts over two-fold rise in H1 net profit to Rs 6.56 cr

New Delhi, Nov 10 (PTI) Annapurna Swadisht Ltd (ASL), a Kolkata-based food and beverages company, has reported an over two-fold rise in net profit to Rs 6.56 crore for the first half of the current financial year.

Its net profit stood at Rs 2.87 crore in the year-ago period.

The company has almost doubled its revenue from operations at Rs 131.13 crore in the April-September period of 2023-24 compared to Rs 65.61 crore registered in the same period last year, it said in a statement.

Annapurna said its operating profit (EBITDA) surged nearly 163 per cent to Rs 13 crore during H1 FY24 against Rs 4.95 crore in the year-ago period.

'The company's margins improved because of better economies of scale, entry into high-margin products and normalising raw material prices,' the statement said.

ASL has five owned manufacturing units spread across West Bengal at Asansol, Siliguri, Gurap, and Dhulagarh, and six contractual/leasing arrangements at Kakinara (West Bengal), Hazaribagh (Jharkhand), Ranigunj (WB), Ganjam (Odisha), Siliguri (WB) and Mathura (Uttar Pradesh).

'The increase in top line during the first half of this fiscal was primarily due to the addition of new capacities penetration into newer geographies along with better penetration in some of the existing markets,' Shreeram Bagla, Managing Director of Annapurna Swadisht, said.

Annapurna Swadisht primarily caters to the Tier III and Tier IV markets in Bihar, Jharkhand, West Bengal, Assam, Odisha and Uttar Pradesh.

The company, listed on the NSE-SME platform in September 2022, has raised close to Rs 65.43 crore through a preferential issue of equity shares and warrants by the end of September 2023. PTI NKD NKD SHW BAL BAL

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