KRBL Limited (KRBL) Q1 22/23 earnings summary

Executive summary

• Q1 FY23 standalone revenue from operations rose 21% YoY to ₹1,228.23 crore; PAT reached a quarterly record ₹164.49 crore and EPS was ₹6.99.

• Consolidated PAT was ₹164.45 crore versus ₹140.76 crore YoY; auditors qualified their review over the unresolved ED investigation.

Financial highlights

• Standalone total income was ₹1,239.20 crore versus ₹1,030.82 crore; PBT was ₹221.84 crore versus ₹186.42 crore YoY.

• Gross profit rose to ₹403 crore from ₹325 crore; EBITDA including other income was ₹242 crore versus ₹208 crore, and cash profit was ₹183 crore versus ₹159 crore.

• Domestic sales excluding energy grew 47% YoY to ₹709 crore; exports were ₹485 crore, down 4% YoY but up 73% QoQ.

• Basmati sales realization rose 13% YoY and volume increased 7%.

Outlook and guidance

• Domestic revenue was targeted at ₹2,500–3,000 crore for FY23, with management saying it could exceed ₹3,000 crore.

• Saudi revenue was expected to increase by ₹700 crore in FY23 as the new mainstream distributor ramps up and a HoReCa/traditional-trade distributor is added.

• Management expected a respectable share of Iran exports over the next three quarters through a newly established legal export channel.

• Plans included expanding retail distribution and branded-rice penetration, launching regional rice and health-food products, and developing Gujarat, Karnataka and Madhya Pradesh facilities.