Vadilal Industries on Wednesday posted its fiscal first quarter profit at Rs 10.49 crore, down 32.8 per cent in comparison to Rs 15.61 crore during the corresponding quarter of last year. It posted revenue from operations at Rs 434.73 crore. This was up 4.6 per cent from Rs 415.81 crore during the first quarter of FY23. Vadilal Industries, during the period, posted EBITDA at Rs 16.4 crore, up 28.4 per cent on-year. EBITDA margin was at 3.8 per cent vs 5.5 per cent on-year.
Earlier last month, reports had suggested that Bain Capital was in talks to acquire controlling stake in Vadilal Industries and Vadilal Enterprises. The company had later stated that Vadilal Industries had received a buyout interest from and that there was no information which had not been announced by the company to stock exchanges.
In April this year in a conversation with PTI, Vadilal Enterprises Brand Director Aakansha Gandhi had said that the group is eyeing over Rs 800 crore sales from ice creams in India this fiscal, expecting higher demand in the peak summer season and strengthened distribution network. It had clocked Rs 650 crore sales from ice creams in FY 2019-20. Gandhi refused to share sales recorded in the previous year. “We are aiming for over Rs 800 crore sales from ice creams in the current financial year. We applied learnings from last year, when COVID-19 impacted our sales. But we have seen good demand in the last quarter of the previous year. We have strengthened our distribution network and cold chain network,” Aakansha Gandhi had said.
Appointments at Vadilal Industries
Vadilal Industries approved the appointment of Rajesh R Gandhi as the chairman and managing director of the company for a period of five years effective from August 10, 2023. It also approved the appointment of Devanshu L Gandhi as a managing director of the company for a period of five years effective on August 9, 2023. Further, it also announced that the company has accepted the resignation of Varma Kamal Nainaram and Ranaveersinh Raol from the position of Chief Executive Officer with effect from 1st September, 2023.