Prataap Snacks zooms 30% in two days as GDN Investments buys 1% stake
On November 20, GDN Investments Private Limited bought 250,000 shares representing 1.05 per cent fairness of Prataap Snacks in two tranches of 125,000 shares at value of Rs 948.87 per share on the NSE through bulk offers, the trade knowledge exhibits.
Rajeshbhai Mansukbhai Savani bought 273,254 shares of the corporate at value of Rs 970.69 per share, the information exhibits.
On Monday, as many as 1.61 million shares representing 6.8 per cent of complete fairness of Prataap Snacks modified arms on the NSE, in line with trade knowledge. The names of the opposite consumers and sellers weren’t ascertained instantly.
At 09:44 AM; the inventory was quoting 2 per cent increased at Rs 997.85, as in comparison with 0.44 per cent rise within the Nifty 50. The inventory surpassed its earlier excessive of Rs 1,010 touched on November 22, 2022. It had hit a document excessive of Rs 1,458.70 on April 10, 2018.
Prataap Snacks is a number one Indian Snacks Food Company. It affords a number of variants of merchandise throughout classes of Potato Chips, Extruded Snacks, Namkeen (conventional Indian snacks) underneath the favored and vibrant Yellow Diamond and Avadh manufacturers. It lately launched a spread of candy snacks with completely different kinds of muffins.
The firm had reported a resilient efficiency in September quarter (Q2FY24); together with a 12 per cent improve in gross sales on quarter‐to‐quarter (QoQ) foundation amidst the difficult macroeconomic surroundings marked by uneven rainfall, sluggish demand and heightened aggressive stress. On a yr‐on‐yr (YoY) foundation, the corporate had reported a de‐progress of 4.2 per cent in gross sales in comparison with the extent attained in Q2 final yr. The silver lining within the prime line efficiency has been a robust progress within the Namkeen class, the administration stated.
The revenue after tax (PAT) throughout the quarter stood at Rs 16.5 crore, rising 4x when in comparison with PAT of Rs 3.3 crore in Q2FY23. Earnings earlier than curiosity, taxes, depreciation, and amortisation (EBITDA) margin improved 400 bp YoY and 30 bp QoQ at 8.8 per cent. The administration stated the improved margins realized primarily by way of the structural enchancment in enterprise mannequin as a result of compressed distribution construction achieved on the again of efforts over the past 3 years. The EBITDA margin trajectory has been additional augmented by price optimization measures and cooling of enter costs.