RATING

RECOMMENDATION

Buy

  • Bikaji Foods International Limited
  • ₹400.00

  • PLACE ORDER
  • ROFR Required
  • Available in Depository:

  • NSDL

  • CDSL

  • Available for Investment:

  • Primary

  • Secondary

RATING

RECOMMENDATION

Buy

Business Type

Dominant Leader

RATING

RECOMMENDATION

Buy

Business Type

Dominant Leader

  • Bikaji Growth

If you want to know about Bikaji Foods International Ltd Revenue Growth journey before investing, Just go through this page and know about Net Growth, Key Ratio, etc. Collect all the important information about Bikaji Foods International Ltd Unlisted Shares.

Bikaji Revenue Growth

Growth in %

  • 22.10%

    1 Year

  • 20.49%

    2 Year

  • 18.94%

    3 Year

Bikaji in FY21 was the largest manufacturer of Bikaneri bhujia with an annual production of 26,690 tonnes, and was the second largest manufacturer of handmade papad with an annual production capacity of 9,000 tonnes in FY21. Total revenue of the company has shown growth of 22% in FY21 from FY20. The reason for such growth is the higher volume of sales generated from SKUs higher than Rs. 10, which in FY20 was Rs. 641 Cr compared with Rs. 819 Cr in FY21. The company has also realized growth of 15% in its SKUs priced lower than Rs. 10. This was collectively a result of the COVID-19 pandemic, as there has been an increase in demand for packed sweets owing to the pressed issues of hygiene and many small and regional unorganised players were forced to shut down their businesses, which has resulted in providing impetus to organised players such as Bikaji on account of the PAN-India footprint. Further, with the launch of the company's e-commerce website and  launch of Bikaji Café and Bikaji Funkeen brands to promote western snack segment has furthet boosted the sales of the company. 

Bikaji Net Profit Growth(PAT)

Growth in %

  • 60.02%

    1 Year

  • 32.98%

    2 Year

  • 19.54%

    3 Year

The company has witnessed a sharp increase in its net profit worth Rs. 90 Cr. in FY21 compared with Rs. 56 Cr. in FY20, which represents a growth of 65%. The primary reason for such growth is due to lower other expenses of the company, mostly advertising expenses and freight and forwarding charges. As the company has incurred considerable advertising expenses from onboarding Amitabh Bachan and hosting various campaigns in FY20, in FY21, the company did not make such arrangements in lieu of prior events and COVID-19 in FY21. Changes in the freight and forwarding charges are primarily on account of a change in freight plans from freight paid to ex-factory for a few months in FY21. The company has also established increasing levels of automation, coupled with their continuous production process enhancement, enabling them to enhance their manufacturing efficiency. Their sophisticated and technologically advanced production capabilities provide cost and operational efficiencies. Despite the increase in prices of raw materials and packaging materials such as Palm oil, company was able to maintain the profits, s by passing on the increase in raw ingredients cost to our consumers

Bikaji EPS Growth

Growth in %

  • 60.05%

    1 Year

  • 32.63%

    2 Year

  • 17.91%

    3 Year

There were no changes made in the equity structure of the company in FY21, which led to growth in EPS of 60%, totally from the growth in the net profits of the company. 

  • Bikaji Book Value Growth

Growth in %

  • 13.78%

    1 Year

  • 20.94%

    2 Year

  • 54.67%

    3 Year

In FY21, book value per share of the company witnessed a growth of 14% from FY20, primarily on account of an increase in the retained earnings of the company, which was due to an increase in profits. An increase in the foreign currency translation reserves and income attributable to non-controlling interests, which was nothing in FY20 to approximately Rs. 2 Cr. in FY21, further contributed toward the growth of book value per share of the company. 

Bikaji EBITDA Growth

Growth in %

  • 51.75%

    1 Year

  • 23.70%

    2 Year

  • 14.22%

    3 Year

Bikaji has witnessed EBITDA growth of 52% in FY21 over FY20. The primary causes of such growth in EBITDA are operational efficiency and economies of scale achieved by the company with respect to automation. Revenue per unit of expenses has also shown growth of 25% compared with FY20. The cost of raw materials and packing materials consumed has shown a growth of 26% on account of increases in the costs led by COVID-19, but the company was successful in passing on the rise in input to the consumers, which led to higher sales realisation. It must be noted that costs of raw materials and packing materials constituted 69.57% in FY21 compared with 67.23% in FY20, which impacted the gross profit margin of the company. Higher sales and lower expenses, mainly due to advertising and freight and forwarding charges, are the causes of the lower expenses in FY21. Adding to Rs. 156 Cr. of EBITDA in FY21. 

Bikaji Operating Profit Growth

Growth in %

  • 79.05%

    1 Year

  • 24.22%

    2 Year

  • 11.86%

    3 Year

EBIT has shown growth of 79% in FY21 over FY20. The increase in the EBIT of the company is primarily due to the increase in the EBITDA along with lower depreciation and amortisation expenses in FY21. The company has added tangible assets worth Rs. Depreciation on property, plant and equipment grew by 5%, whilst amortisation and impairment have collectively shown a de-growth of 55%, reducing the aggregate total and improving the EBIT of the company. 

Bikaji Asset Growth

Growth in %

  • 20.77%

    1 Year

  • 13.81%

    2 Year

  • 16.07%

    3 Year

Total assets of the company in FY21 showed growth of 21% over FY20. Non-current assets constitute 79% of the total assets, which also witnessed a growth of 23% in FY21 over FY20. This growth has been primarily brought about by the collective increase in the other non-current assets, other non-current financial assets, capital work in progress, and right of use of assets worth Rs. 63 Cr. Capital work in progress accounted for the majority of the increase of Rs. 33 Cr., which comprises expenditure for new production facilities/lines. There was also an increase in fixed assets worth Rs. 17 Cr. in FY21 from FY20. Current assets, on the other hand, witnessed a growth of 16% in FY21 over FY20, which was primarily on account of an increase in inventories, worth Rs. 20 Cr., due to an increase in the cost of raw materials and packaging materials due to COVID-19. 

Bikaji Cash Flow from Operations

Growth in %

  • 123.18%

    1 Year

  • 33.25%

    2 Year

  • 15.88%

    3 Year

The company has generated Rs. 121 Cr. of cash flow from operations, witnessing a strong growth of 123% in FY21 over FY20. The primary reason for such growth is the increase in EBIT of the company, which grew by 79% in FY21 over FY20. Along with that, there was an increase in the trade payables and reductions in the loans and advances of the company, which gave a further boost to the increase in the cash flow from operations. The total adjustment of working capital amounted to Rs. 26 Cr. in FY21 over Rs. 44 Cr. in FY20. 

  • Bikaji Solvency Ratios

Bikaji D/E Ratio

The company's debt-to-equity ratio has remained stable in FY21 from FY20. The company's total equity increased by 15% in FY21 compared to FY20. On the other hand, debt of the company witnessed a growth of 23% on account of an increase in the loan repayable on demand from the bank, working capital demand loan, as well as packing credit limit. In absolute terms, there was a Rs. 77 Cr. increase in the total equity of the company, whilst there was a Rs. 17 Cr. increase in the total debt of the company. The positive growth trend in debt as well as equity transpired into a stable debt to equity ratio for FY21.

Bikaji Current Ratio

In FY21, there was a sharp decrease in the current ratio of the company, primarily on account of an increase in trade payables. Current assets of the company in FY21 witnessed a growth of 16%, whilst overall current liabilities of the company witnessed a growth of 75% in FY21 when compared with FY20. Trade payables have witnessed strong growth in lieu of COVID-19 restrictions. On the contrary, there was an increase in the inventory of the company of Rs. 20 Cr. An increase in the current assets in absolute terms was Rs. 33 Cr. and the increase in the current liabilities in absolute terms was Rs. 70, which translated into a fall in the current ratio of the company. 

Bikaji Quick Ratio

Overall, the quick ratio of the company has shown a de-growth of 26% in FY21 from FY20. The reason for the fall in the quick ratio is an increase in the current liabilities of the company against an increase in the current assets of the company. Inventory plays a crucial part in the FMCG company and in FY21, inventories witnessed an overall growth of 56% in FY21 over FY20, which in absolute terms is an increase of Rs. 20 Cr. Taking it out of consideration, the quick ratio of the company declined steeper than the current ratio of the company. 

Bikaji Interest Coverage Ratio

Interest coverage of the company has witnessed a sharp growth of 205% in FY21 over FY20. The primary cause of such an increase in the interest coverage ratio is an increase in the operating profits of the company. Overall, interest expenses of the company have shown a de-growth of 41%, which was a result of the fall in the term loan taken by the company as well as the bank overdraft facility in FY21. With lower interest expenses and higher operating profit, the company's interest coverage ratio increased significantly. 

  • Bikaji Operating Efficiency

There has been an overall increase in the operating margins of the company in FY21 when compared with FY20. The reason for such growth in operating margins in EBIT margin, PBT margin and PAT margin of 47%, 55% and 31%, respectively, is the increase in the overall sales of the company, which grew by 22% on account of changes in consumer preferences along with the lack of penetration of unorganised players in the industry due to COVID-19, which gave a further boost towards the growth of the sales. The company has also witnessed growth in their revenue per unit of expenses by 25%, which evidently led to growth in the operating efficiency of the company in FY21. 

Bikaji Operating Profit EBIT Margin(OPM)


Bikaji Profit Before Tax Margin (PBT Margin)

Bikaji Profit After Tax Margin (PAT Margin)

  • Bikaji Profitablity Ratio

Bikaji Return on Equity(RoE)

In FY21, ROE of the company showed growth of 41% in FY21 from FY20. As per Dupont analysis, the primary reason for such growth in the ROE is the increase in the net income margin of 31% in FY21 from FY20, which was on account of growth in the net profits of 60% in FY21 from FY20. Asset turnover has also shown growth of 7% on account of higher sales realised in FY21, which was a result of COVID-19 as stated above. The equity multiplier, on the other hand, remained consistent when compared to FY20, as management did not change their plans for financing assets with equity.

Bikaji Return on Capital Employed(RoCE)

The company has realised a growth in their ROCE of 63% in FY21 from FY20. The cause of such abnormal growth is an abnormal increase in net profits of 60%. The capital employed of the company has shown growth of 12% as the total equity of the company constituted 92% of the total capital employed, which has shown a growth of 15% in FY21 from FY20, which was also a result of an increase in the net profits, which got added to the retained earnings of the company in FY21. 

Bikaji Return to Assets (RoA)

ROA has shown a growth of 41% in FY21 compared to FY20. The increase in ROA is primarily on account of an increase in net profits of the company. It must be noted that along with the growth in ROA, the asset turnover of the company has witnessed sharp growth, which shows a positive sign for the company in generating revenue and profits on their already established infrastructure. 

  • Bikaji Valuation Ratios

Bikaji Dividend Yield

Bikaji Earning Yield