Sarveshwar Foods reports operational revenue of Rs 869.59 crores in FY 2024

Sarveshwar Foods Limited (BSE: 543688, NSE: SARVESHWAR), a renowned player in the agricultural and food processing industry, has announced its audited financial results for FY 2024, showcasing exceptional growth. The company, known for its basmati and non-basmati rice products, achieved a significant increase in revenue and profitability, driven by strategic expansions and innovative market approaches.

Record Financial Performance

For the fiscal year ending March 31, 2024, Sarveshwar Foods reported a revenue from operations of Rs. 869.59 crore, marking a year-over-year (YoY) increase of 26%. The company’s EBITDA saw an impressive surge of 72%, reaching Rs. 55.79 crore, while the Profit After Tax (PAT) grew by an outstanding 115% to Rs. 16.78 crore.

These results were supported by robust sales growth, particularly from the B2B segment and enhanced market presence due to the geographical indication (GI) tagging of Jammu & Kashmir products. This GI tagging has bolstered consumer confidence in the quality of Sarveshwar’s offerings, contributing to the financial uplift.

Sarveshwar Foods Reports Exceptional Growth in FY 2024 with Strategic Market Expansions

Strategic Initiatives and Expansion

Throughout FY 2024, Sarveshwar Foods undertook several strategic initiatives to enhance its market position and operational efficiency. The company successfully launched initiatives to support Jammu & Kashmir farmers by distributing high-quality Sona Masuri paddy seeds. This effort not only boosts local agriculture but also ensures the production of high-grade export-oriented rice.

Additionally, Sarveshwar Foods won a significant bid to supply 90,000 quintals of premium white rice to Africa through the government’s nodal agency NAFED, totaling approximately $6 million (about Rs. 50 crores). The company also expanded its retail presence with the opening of NIMBARK Organic Stores in Punjab and the Delhi NCR region, catering to increasing consumer demand for organic products.

Enhanced Consumer Engagement and Sustainability

The company’s involvement in the Government of India’s Bharat Rice Scheme reflects its commitment to providing quality rice at affordable prices, ensuring food security for vulnerable populations. This initiative aligns with Sarveshwar’s environmental, social, and governance (ESG) strategies, emphasizing its role in social responsibility.

Leadership Commentary

Rohit Gupta, Chairman of Sarveshwar Foods Ltd., commented on the year’s achievements: “The fiscal year 2024 was a period of remarkable growth and strategic expansion for our company. We registered significant increases in revenue and profitability, driven by our focus on the export market and the introduction of new organic products.”

Future Outlook

Looking ahead, Sarveshwar Foods is poised for continued growth. The company plans to keep expanding its global footprint and enhancing its product offerings to meet the evolving demands of both domestic and international markets. With a strong foundation in quality and sustainability, Sarveshwar Foods is well-positioned to maintain its growth trajectory and maximize shareholder value.

Sarveshwar Foods Limited’s financial results for FY 2024 reflect a year of strong performance and strategic advancements. With ongoing initiatives to enhance product quality and market reach, the company is set to continue its legacy of success in the agricultural and food processing sectors.