KRBL Limited (KRBL) Q4 22/23 earnings summary

Executive summary

• Record FY23 total income of ₹5,456 crore, EBITDA of ₹1,031 crore and PAT of ₹701 crore; domestic growth was strong.

• Q4 margins weakened on higher input costs, product mix and a diverted non-Basmati shipment.

Financial highlights

• FY23 total income was ₹5,456 crore, up 28.3%; revenue from operations was ₹5,363 crore, up 27.4%.

• FY23 EBITDA rose 46.2% to ₹1,031 crore and PAT rose 52.3% to ₹701 crore; gross profit increased 40.3% to ₹1,671 crore.

• Q4 total income was ₹1,323 crore; revenue from operations grew 30% YoY, while EBITDA was ₹187 crore and PAT ₹118 crore.

• Q4 gross margin was 26.5% and EBITDA margin 14.1%; PBT was ₹118 crore, or 6.9% of income, versus 11% a year earlier.

Outlook and guidance

• Target EBITDA margin trajectory was 17%–18%; quarterly results may vary with the timing and mix of bulk exports.

• ₹441 crore of goods dispatched awaited payment and revenue recognition at year-end; a significant portion was expected to be recognized in Q1 FY24.

• Gujarat expansion was expected to go live by June 2023; Karnataka civil work and Madhya Pradesh land preparations were underway.

• Export plans included economy variants and small packs, channel expansion, direct marketing, local-language campaigns and a stronger HoReCa range.