Bikaji Foods International Ltd. · NSE:BIKAJI
Bikaji Foods International — Q4 FY23 Earnings Presentation
40 slides from Bikaji Foods International's earnings presentation, May 24, 2023
Slide 1: Filing cover letter to stock exchanges
BIKAJI FOODS INTERNATIONAL LIMITED F 196-199, F 178 & E 188, Bichhwal Industrial Area, Bikaner, Rajasthan, India – 334006 T: +91-151-2250350 | F: +91-151-2251814 | E: cs@bikaji.com | W: www.bikaji.com CIN: L15499RJ1995PLC010856 | GST No.: 08AAICS1030P1Z5 Ref: BFIL/SEC/2023-24/22 Date: May 24, 2023 T
Slide 2: Earnings Presentation Q4 & FY23
BIKAJI FOODS INTERNATIONAL LIMITED Earnings Presentation Q4 & FY23|May 24th, 2023 | Bikaner
Slide 3: Disclaimer
Disclaimer This presentation may have certain statements that may be “forward looking” including those relating to general business plans and strategy of Bikaji Foods International Ltd., its outlook and growth prospects. The actual results may differ materially from these forward-looking statements
Slide 4: Table of Contents
Table of Contents Key Financial Highlights 4 Business Segments 15 Milestones for FY23 6 Marketing Initiatives 23 About Us 7 Financials 30 Board of Directors & Senior Management 8 Key Quarterly Highlights/Commentary 35 Company Snapshot 10 Outlook for FY24 38 Product Portfolio 11 3
Slide 5: FY23 Key Financial Highlights
FY23 Key Financial Highlights Strong Fiscal Performance with 29.1% Gross Margin & 10.9% EBIDTA Margin (INR Millions) EBITDA INR 2,135.92 mn Revenue from PAT operations INR 1,266.04 mn 22.04% 53.06% 66.52% INR 19,660.72 mn 29.04% 10.86% Gross margin at EBITDA Margin at (up 168bps YoY) (up 220bps YoY)
Slide 6: Q4FY23 Key Financial Highlights
Q4FY23 Key Financial Highlights Strong Quarter Performance with 35.2% Gross Margin & 13.4% EBIDTA Margin (INR Millions) EBITDA INR 618.35 mn Revenue from PAT operations INR 382.86 mn 15.49% 52.39% 57.11% INR 4,622.64 mn 34.16% 13.38% Gross margin at EBITDA Margin at (up 514bps YoY) (up 320bps YoY) 5
Slide 7: Milestones for FY23
Milestones for FY23 Got listed on Added 3 new plants Received 1st tranche Expanded regional Strengthen BSE/NSE in Kanpur, of PLI Subsidy of offices to South India the management Muzaffarpur and INR 198.4 million across function Hanuman out of 2,613.9 million 6
Slide 8: About Us
About Us Shiv Ratan Agarwal Launched in 1993 by Mr. Shiv Ratan Agarwal, is one of the pioneers with 3+ decades of experience in the Indian snack industry. Bikaji’s lineage traces back to the founder of ‘Haldiram’, Gangabishan Agarwal, grandfather of Shiv Ratan Agarwal Bikaji is among the largest
Slide 9: Experienced Board…
Experienced Board… Shiv Ratan Agarwal Deepak Agarwal Shweta Agarwal Chairman & Whole-time Managing Director Whole-time Director Director Sachin Kumar Bhartiya Siraj Azmat Chaudhry Richa Manoj Goyal Non-executive Director & Independent Director Independent Director Nominee Director Pulkit Anilkumar B
Slide 10: ...Supported By Professional Management
...Supported By Professional Management Mahavir Jain Manoj Verma Rishabh Jain Chief Operating Officer Chief Financial Officer Chief Business Officer Mukesh Sharma Shambhu Dayal Gupta Ram Sinha Head - Supply Chain President – Finance and President Sales Management Corporate Affairs Neha Rao Bhupender
Slide 11: Snapshot
Snapshot Market Leadership Distribution and Capacity Organisation 3rd largest 5-year revenue CAGR PAN India distribution ethnic snacks company Present in 9.5 lacs outlets Value - 21.6% in India across the country Volume – 13.0% Largest manufacturer of Strong Export Network Diversified product portfo
Slide 12: Product Portfolio
aD Product Portfolio
Slide 13: Product Categories
Product Categories Six principle product categories with 300+ products Bhujia Namkeen Packaged Sweets One of largest manufacturers, in particular, Largest producer of Bikaneri Bhujia Wide & diversified product portfolio of Rasgulla, Gulab Jamun & Soan Papdi in India Papad Western Snacks Other Snacks
Slide 14: New Product Launches
New Product Launches Domestic Products International Products Premium Category: Mass Category: 13
Slide 15: New Products / Packs (in the pipeline)
New Products / Packs (in the pipeline) 14
Slide 16: Business Segments
aD Business Segments
Slide 17: Product Categories- All segments have grown in strong double digits in last 5 years
Product Categories- All segments have grown in strong double digits in last 5 years Revenue (Sale of food products) Ethnic Snacks Packaged Sweets 21% 21% 22% 2,380 2,035 19,634 13,640 1,606 16,023 11,306 1,298 13,069 9,447 1,125 8,981 10,722 6,299 7,497 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 F
Slide 18: Product Mix- Share of Western Snacks expected to up to 11% by FY25
Product Mix- Share of Western Snacks expected to up to 11% by FY25 FY22 FY23 4.3% 3.9% 5.7% 8.2% 6.7% 6.2% 35.0% 12.7% 33.4% 12.1% 35.6% 36.1% Bhujia Namkeen Packaged Sweets Papad Western Snacks Others Contribution of high margin products sales in Namkeen category contributed to 12.5% in overall rev
Slide 19: Core & Focus Markets- Both Markets have grown 20%+ over the last 5 years
Core & Focus Markets- Both Markets have grown 20%+ over the last 5 years CORE FOCUS 21% 22% 14,281 11,453 9,337 2,935 7,781 2,207 2,416 6,727 1,751 1,323 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 OTHER EXPORT 33% 15% 1,774 665 638 644 1,516 460 861 369 730 562 FY19 FY20 FY21 FY22 FY23 FY19 F
Slide 20: Regional Markets Breakdown
Regional Markets Breakdown East North 24% 20% 6,415 4,907 10,875 4,120 9,058 3,310 7,147 2,702 5,183 5,969 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 South West 68% 16% 473 1,150 1,227 270 877 935 202 668 106 59 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 INR millions 19
Slide 21: SKU Mix- Market leader in family pack segment
SKU Mix- Market leader in family pack segment- Constitutes ~59% of overall sales Impulse packs Family packs Others 13% 23% 21% 7,730 334 11,570 284 6,034 9,705 8,186 204 213 4,734 4,102 6,407 149 3,346 5,431 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 FY19 FY20 FY21 FY22 FY23 INR millions FY22
Slide 22: Strategically Located, Large Scale Manufacturing Facilities
Strategically Located, Large Scale Manufacturing Facilities Adhering To Stringent Quality Standards In the Current fiscal, added 3 new plants in Kanpur, Muzaffarpur and Bikaner (Hanuman) Located in core market - reduced logistic costs & build Easy access to cow milk, sales in western snacks dew bean
Slide 23: Pan India distribution
Pan India distribution Bikaji’s Reach across India Punjab (no. of outlets) Uttarakhand Haryana 9,52,422 Delhi Assam 8,53,883 Nagaland Rajasthan Uttar Pradesh Bihar Manipur Gujarat Jharkhand West Bengal Madhya Pradesh Chhattisgarh Odisha Maharashtra Telangana Core Dec-21 Dec-22 Goa Focused Andhra Pra
Slide 24: Marketing Initiatives
aD Marketing Initiatives
Slide 25: Marketing Initiatives Brand Collaborations
Marketing Initiatives Brand Collaborations ATL Campaign for Diwali TELEVISION RADIO PRINT Social Media Topical Campaign: Campaign Stats: 25 screens 1.9 Cr Scans 198 shows 9.38 Redemption Rate 24
Slide 26: International
International Television US, Canada, UK, Europe, Australia & New Zealand, GCC & APAC feeds Exhibitions SIAL PARIS Live Event (UK) Ground Activation October 2022 Sponsorship & Sampling Sharjah Exercise 25
Slide 27: New Brand Campaign
New Brand Campaign 01 02 03 04 Brand Ambassador New Direction Festive Campaign Brand Campaign Discussion with Aim to expand the current Festive season campaign acclaimed actor Amitabh Briefing stage with audience to include the this year will comprise the Bachchan underway for the production house y
Slide 28: Strategic initiatives to further consolidate leading position in Core Markets
Strategic initiatives to further consolidate leading position in Core Markets Sales automation tools New manufacturing facilities Strategic initiatives Specific shopper to further consolidate Premiumization & marketing program leading position in up-trading Core Markets Wholesale distributors & Roll
Slide 29: Strengthening Position in Focus & Other Markets
Strengthening Position in Focus & Other Markets Drive growth in focus markets leveraging existing & proposed facilities Focus markets - UP, Punjab, Haryana, Delhi, Karnataka & Telangana 01 02 03 04 05 Expand distribution Focus on categories Develop products to Leverage modern trade Strengthen sale
Slide 30: Leverage Advanced Technology To Further Optimize Operations
Leverage Advanced Technology To Further Optimize Operations Bikaji has implemented various advanced technology driven production and distribution processes Daily Production Report (DPR)-Record Daily ERP for One ERP forall allUnits- Units- StrengthenEco Strengthen EcoSystem System by by Production Lo
Slide 31: Financials
Financials
Slide 32: Consistent Financial Performance
Consistent Financial Performance Continued focus on efficiency, productivity and cost rationalization has enabled the company to deliver consistent financial performance (INR Millions) Revenue from operations Gross profit & Gross margin EBITDA & EBITDA margin 30.7% 10.3% 11.0% 10.9% CAGR: 22% 8.8% 8
Slide 33: Business Performance: FY23
Business Performance: FY23 (INR Millions) Revenue from Operations Ethnic Snacks Packaged Sweets 22.0% 20.5% 17.1% 16,110 19,661 11,544 13,913 2,083 2,438 FY22 FY23 FY22 FY23 FY22 FY23 Western Snacks Papad 78.9% 15.7% 915 1,638 1,087 1,257 FY22 FY23 FY22 FY23 32
Slide 34: Business Performance: Q4FY23
Business Performance: Q4FY23 (INR Millions) Revenue from Operations Ethnic Snacks Packaged Sweets 15.5% 14.8% 14.1% 4,003 5,077 4,623 3,044 3,455 3,493 292 602 333 Q4FY22 Q3FY23 Q4FY23 Q4FY22 Q3FY23 Q4FY23 Q4FY22 Q3FY23 Q4FY23 Western Snacks Papad 41.2% 8.3% 277 434 391 333 363 361 Q4FY22 Q3FY23 Q4F
Slide 35: Consolidated Financial Performance
Consolidated Financial Performance (INR Millions) Quarter ended Quarter ended Quarter ended Particulars FY 2022-23 FY 2021-22 31st March, 2023 31st December, 2022 31st March, 2021 Revenue from Operations 4,622.64 5,076.78 4,002.53 19,660.72 16,109.61 Other Income 45.78 35.90 57.08 26.47 28.94 Total
Slide 36: Key Quarterly Highlights/Commentary
Key Quarterly Highlights/Commentary Key Financial Performance (INR Millions) Particulars Q4 FY23 FY23 Growth over Q4 FY22 Growth over FY22 Total revenue from operations 4,623 19,661 15% 22% EBITDA 618 2,136 52% 53% PAT 383 1,266 57% 67% − In Q4 FY 23, Revenue was up by 15%, EBITDA was up by 52% and
Slide 37: Sensitivity in key material categories
Sensitivity in key material categories Edible Oil Pulses & Flours 1.98 1.10 1.08 1.09 1.71 1.73 1.61 1.61 1.65 1.06 1.06 1.05 1.05 1.46 1.49 1.04 1.38 1.24 1 1.07 0.99 1 1.01 0.99 Laminates Corrugated Boxes 1.16 1.14 1.29 1.13 1.10 1.21 1.22 1.19 1.14 1.16 1.04 1.04 1.11 1 1.08 1.08 1.03 1 0.96 0.94
Slide 38: Product Linked Incentive Scheme (PLI) update
Product Linked Incentive Scheme (PLI) update 1. Subsidy Status till 31 March 2023 Target Minimum Sales Incentive-CATI Year Base Year subsidy (%) Realization status (INR millions) (INR millions) 2019-20 2021-22 2019-20 12,209.1 7.5% 198.4 Realized 2022-23 2019-20 13,796.3 7.5% 317.6 2023-24 2019-20 1
Slide 39: Outlook for FY24
Outlook for FY24 01 Business and Financials: 02 Future readiness: 1. To improve the gross margins by 0.50% on 1. To increase the reach by 1.5 lakh outlets by account of improved purchase planning the end of the financial year 2. To leverage the freight-related costs on 2. To add 500 feet on ground t
Slide 40: THANK YOU
THANK YOU Bikaji Foods International Ltd. Rishabh Jain Prateek Sharma Email: rishabh@bikaji.com Email: prateek.sharma@bikaji.com Registered Office: Corporate Office: F 196 -199, F 178 & E 188 Bichhwal IND. Plot No.E-558-561, C-569-572, E-573-577,f-585-592 Area, Bikaner RJ 334006 IN. Karni Extension,
Bikaji Foods International — Q4 FY23 Earnings Presentation on 6ix