On June 27, Sapphire Foods India Limited’s shares increased 2.73% after 3 million shares changed hands. At 9:24 am, the company’s stock traded 2.56% higher at Rs 1426.25 on the NSE.

Major shareholders of Sapphire Foods diluted the holding over a block deal at Rs 1,345-1,391 per share. The KFC and Pizza Hut’s India holder plans to raise $51 million via placement.

Sapphire Foods shares closed 2.38% higher at Rs 1,393.95 apiece on BSE. It is backed by a grouping of leading private equity firms, Goldman Sachs, Samara Capital, CX Partners, and Edelweiss Private Equity, and is managed by a professional team.

Sapphire Foods posted a profit of 411.2% YoY to Rs 135.48 crore in the March 31, 2023 quarter, versus Rs 26.50 crore in last year’s quarter. Revenue from operations came in at Rs 560.41 crore, up 12.8% from Rs 496.83 in the year-ago period. Sapphire Foods’ India revenue sent growth of 23%. The company’s EBITDA was Rs 98.2 crore, down 1.5% YoY.

Emkay Global Financial Services has delivered a ‘hold’ call on Sapphire Foods India with a target price of Rs 1,380, expected to be accomplished within a year.

The company posted a Q4 combined overall income of Rs 571.80 crore, and its net profit after tax for the same quarter is Rs 135.48 crore. The firm’s Q4 EBITDA is 7% to 11% below the street’s estimates. The company, however, relics optimistic about its near-term recovery and the rollout of innovations.