NHC Foods' fourth quarter profit jumps 16-fold, acquires Sachmas

NHC Foods Limited, a company exporting agricultural commodities and spices, has reported a significant surge in its financial results for the September quarter. According to a report by Business Standard, the company's total profit for the fourth quarter increased 16-fold to ₹21.68 crore. During the same period, the company's total revenue rose by 333 per cent compared to last year, reaching ₹451.32 crore.

According to the company's statement, the total revenue in the corresponding quarter of the previous financial year was ₹104.09 crore and the profit was ₹1.34 crore. Looking at the first six months of the financial year, NHC Foods' total revenue stood at ₹821.45 crore, which is 282 per cent higher than last year's ₹214.68 crore. During this period, profit increased nearly 13-fold to ₹38.68 crore, compared to ₹3.01 crore in the previous year.

Regarding this performance, the company's Managing Director Satyam Joshi stated that they are encouraged by the strong performance of this quarter and the first half of the year, and are focusing on maintaining this growth momentum. He further added that their strategy is based on expanding operations, strengthening their presence in the agricultural commodities and food processing sector, and seeking opportunities that complement their capabilities. They are committed to creating long-term value for stakeholders.

Additionally, the company's board has approved the acquisition of a 99.98 per cent stake in Sachmas Foods. Sachmas Foods is involved in the production, processing, repacking, and trading of chickpeas, peanuts, and other food products through wholesale and retail channels. This acquisition is expected to increase NHC Foods' presence in the food processing sector and strengthen its product portfolio.

The board has also approved the appointment of Jayesh Shah as an Additional Director, who has over 15 years of experience in the food processing and FMCG sector. Alesha Hakim Khan has been appointed as the Company Secretary and Compliance Officer.

NHC Foods is a company that operates as an exporter of agricultural commodities and spices.