In morning trade on June 21, shares of Bikaji Foods International rose 4% to reach a new 52-week high of Rs 747. This came after Nuvama Institutional Equities initiated coverage with a ‘buy’ recommendation, citing good long-term development possibilities.
A price target of Rs 885 has been assigned by the domestic brokerage. This suggests a 23 per cent increase over the National Stock Exchange’s last close of Rs 720.
As of 11:00 am, the Bikaji Foods shares were trading 0.74% at Rs 725.85.
The maker of namkeen reported a staggering 200 per cent increase in net profit in the fourth quarter of the fiscal year, coming in at Rs 116.28 crore as compared to Rs 38.67 crore in the same period last year.
Furthermore, operating revenue increased by 12.8% to Rs 520.82 crore in the March quarter compared to Rs 461.69 crore during the same time in the previous year. In the reported quarter, EBITDA increased by 10.2 per cent to Rs 67.5 crore from Rs 61.3 crore in that same period last year. The margin during the same quarter was 13 per cent.
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