Bikaji Foods stock soar over 3% to 52-week high on strong growth prospects

Snacks manufacturer Bikaji Foods International shares rose by 3.66% to hit a fresh 52-week high of ₹747 apiece on the NSE. The stock has rallied around 85% from its 52-week low of ₹403.30 hit on July 20, 2023.

Bikaji Foods International shares have rallied around 35% in the past month since the announcement of its financial results for the March quarter. In 2024 so far, the stock has gained around 33% while in the past year, shares have rallied around 77%.

Experts also see further gains in the stock price due to a host of supporting factors which triggered buying in shares on Friday.

Experts see further rise in Bikaji shares

Experts believe that Bikaji shares could see further gains due to a host of favourable factors, such as growing demand for savoury snacks.

Shifting consumer preferences are driving demand for savoury snacks benefiting leading players like Bikaji Foods International.

Bikaji Foods is the third largest player in the ethnic snacks market with a 9% share and market leader in Rajasthan, Bihar and Assam.

Among the factors, growing consolidation in the unorganised snacks market is likely to boost the growth of Bikaji Foods.

Also, Bikaji Foods's better price-pack mix, brand imagery, and strong food menu have been enabling factors for the stock price this year.

Bikaji reports strong Q4 numbers

The company reported a robust 208.25% jump in net profit to ₹116.24 crore in the March quarter of FY24 against ₹37.71 crore in the year-ago period. Its sales rose by 12.81% to ₹520.83 crore in the last quarter of FY24 against ₹461.69 crore in the quarter ended March 2023.

Shares of Bikaji Foods were trading 0.86% higher at ₹726 apiece on the NSE at 1:25 pm.