Fast Moving Consumer Goods (FMCG) are the focus of Kohinoor Foods Ltd, a small cap company with a market valuation of ₹241.71 Cr. Kohinoor Foods has a market presence nowadays, selling food items such as basmati rice, wheat flour, ready-to-eat curries and meals, simmer sauces, cooking pastes to spices, seasonings, and frozen food in India and more than 60 other countries.
Kohinoor Foods has said in a stock exchange filing that “The Board has reviewed the proposal of ‘M/s. Vikas Lifecare Limited, for strategic investment, in the Company to the tune of Rs. 250 Crores and accorded its approval to enter into a Memorandum of Understanding with M/s. Vikas Lifecare Limited. An Indian Listed Public Company, with an objective to settle company’s bank-debts and future business growth.”
The management achieved an arrangement with its bankers for the settlement of bank dues and pursuant to this arrangement and strategic investor viz, M/s. Vikas Lifecare Limited is aiming to make Kohinoor Food Limited, Business a debt-free company, said the Board of Directors.
In Q3FY23, Kohinoor Foods reported a net loss of ₹13.86 crore compared to ₹net profit of ₹0.40 crore during the year-ago quarter. The company recorded net sales of ₹16.81 crore in the quarter ended December 2022 down by 25.65% YoY from ₹22.61 Cr recorded in the quarter ended December 2021. The shares of Kohinoor Foods Ltd were trading on the BSE at ₹64.85, down by 6.08% from the previous close of ₹69.05. In the last 1 year, the stock has generated a multibagger return of over 700% and on a YTD basis, it has gained 17.91% so far in 2023. The stock touched a 52-week-high of ₹133.40 on (01/07/2022) and a 52-week-low of ₹7.77 on (06/04/2022).
For the quarter that concluded on December 31, 2022, Vikas Lifecare recorded a net profit growth of 120% to ₹6.19 crore from ₹2.82 crore in the same period the previous year. In Q3FY23, the company’s revenue from operations increased by 25 percent YoY to ₹133.95 crore from ₹106.74 crore in Q3FY22. The shares of Vikas Lifecare Ltd were trading on the BSE at ₹4.15 apiece, down by 1.19% from the previous close of ₹4.20. The stock touched a 52-week-high of ₹7.24 on (08/02/2022) and a 52-week-low of ₹3.63 on (12/05/2022). In the last 1 year the stock has fallen 40.29% and on a YTD basis, it has fallen by 12.63% so far in 2023.
