Shares of Mrs Bectors Food Specialties (MBFSL) hit a new high of Rs 772 in intraday trade on Monday, gaining 8% on the BSE on heavy volume. Shares of the packaged food company have soared 17% over the past two sessions after it reported record revenue and profit for the quarter and fiscal year ending March 2023.

The stock was quoted 4% higher at Rs 745.85 at 10:35 am, while the S&P BSE Sensex rose 0.73%. The average volume traded over the counter has more than doubled today. A total of 920,000 shares changed hands on the NSE and BSE.

MBFSL is one of the leading companies in North India in the premium and mid-premium biscuits segment under the brand name “Cremica” and a leading premium bakery company in India under the brand name “English Oven”.

The stock has risen 84% so far in 2023, compared with a nearly 3% gain for the S&P BSE Sensex. The company made its stock market debut on December 24, 2020. The company is currently trading at a market price that has more than doubled or surged 168% from its issue price of Rs 288 per share.

For Q4FY23, MBFSL reported a 171% year-on-year increase in profit after tax to Rs 27.7 crore, compared to Rs 10.2 crore in the same period last year (Q4FY22). Revenue rose 37.2% year-on-year to Rs 346.1 crore.

Reported EBITDA rose 89.5% to Rs 48.2 crore from Rs 255 crore in Q4FY22. Ebitda margin in Q4FY23 improved by 380 basis points to 13.9% from 10.1% YoY.

Management stated that the company’s strong performance through product mix optimization and premiumization efforts, while strengthening brand equity, increasing distribution touchpoints, expanding the direct reach and responsible pricing actions, helped to offset the continued impact of ongoing inflation during the year.

The packaged food industry is expected to grow at a healthy pace in the future due to its large population base, increasing spending power, increasing awareness of hygiene and cleanliness among consumers, and shifting preference for branded products. MBFSL is expected to benefit from this growth as it operates in the premium biscuits and bread segment.

76% of MBFSL’s biscuit revenue comes from North and North West India, the third largest in many states (Punjab, Haryana, Himachal Pradesh, Jammu and Kashmir, Uttar Pradesh, Uttarakhand and National Capital Region Delhi). One of the big cookie makers. The company has developed relationships with large quick service restaurant (QSR) customers for its institutional baked goods (buns and breads).