Prime Fresh Ltd. Reports Robust Earnings for H1FY24, Revenue Grows 44 per cent YoY
Nov 28, 2023
ATK
Ahmedabad (Gujarat) [India], November 28: Prime Fresh Limited, a frontrunner in the national fruits and vegetables supply chain management sector, announced its unaudited Financial Results for the half-year ended on 30 September 2023 in a board meeting held on November 09, 2023.
Key Financial Highlights for H1FY24:
* Revenue from Operations surged by 44.81 per cent from Rs 4339.60 Lakhs in H1FY23 to Rs 6284.031 Lakhs in H1FY24.
* EBITDA increased by 21.69 per cent from Rs 342.63 Lakhs in H1FY23 to Rs 416.93 Lakhs in H1FY24.
* PAT grew by 19 per cent from Rs 239.40 Lakhs in H1FY23 to Rs 284.88 Lakhs in H1FY24.
Management Commentary on H1FY24 Performance:
The management expressed pride in the company's significant milestones and robust financial performance for H1FY24. Notably, the growth across key financial indicators reflects Prime Fresh's dedication to innovation, sustainability, and value creation throughout the agricultural value chain.
In H1FY24, standalone Revenue from Operations witnessed an impressive 44.81 per cent surge, reaching Rs 6284.031 Lakhs compared to Rs 4339.60 Lakhs in H1FY23. This growth underscores the company's commitment to excellence and its ability to seize opportunities within the Fruits and Vegetable (F&V) sector.
EBITDA for H1FY24 saw a commendable increase of 21.69 per cent, rising to Rs 416.93 Lakhs from Rs 342.63 Lakhs in H1FY23. This upward trajectory signifies Prime Fresh's focus on operational efficiency and effective cost management strategies, contributing to its overall financial health.
Furthermore, the Profit After Tax (PAT) for H1FY24 grew by 19 per cent, reaching Rs 284.88 Lakhs compared to Rs 239.40 Lakhs in H1FY23. This steady increase in profitability underscores the success of strategic initiatives and the company's ability to navigate dynamic market conditions effectively.
Prime Fresh Ltd.'s growth story is rooted in strategic pillars driving its success, including a commitment to delivering high-quality F&V, enhanced productivity, and value addition across the agricultural value chain. Moreover, the focus on post-harvest management and market linkages has led to improved storage, reduced wastages, and more efficient distribution through smart logistics planning and technology-driven market intelligence models.
Looking ahead, Prime Fresh aims to drive value addition through frozen products, food processing, exports, and enhanced storage capabilities, aligning with its vision for unstoppable growth in the Farm-to-Market businesses. The company remains dedicated to pioneering advancements in agriculture while delivering sustainable value to all stakeholders.
With a robust ecosystem spanning multiple state and district boundaries across India, Prime Fresh Limited is a leader in the national fruits and vegetables supply chain management landscape. Demonstrating a singular business model, refined processes, and a distinctive market positioning, Prime Fresh has cemented its reputation for consistent sales, profitability, and sustained growth. The company's exceptional reach, a substantial base of farmers, a well-entrenched supply chain ecosystem, and robust partnerships with major entities contribute to sustainable growth in sales and profitability. The securities of the company are listed on BSE (BSE: 540404).
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