SUMMARY
- Paper Boat Foods has managed to cut its losses in FY24 by 48%, dropping to Rs 47.14 crore.
- Hector Beverages, the holding company, reported a rise in operating income to Rs 584.85 crore in FY24.
- In FY24, expenses grew by 7.2% to Rs 642.34 crore.
Paper Boat Foods has managed to cut its losses in FY24 by 48%, dropping to Rs 47.14 crore from Rs 90.56 crore in FY23, due to an increase in operating income and additional earnings.
Hector Beverages, the holding company of Paper Boat Foods, reported a rise in operating income to Rs 584.85 crore in FY24 with a 16% increase from Rs 503.96 crore in FY23.
Its overall sales also saw a positive trend. Additional earnings grew more than 2 times to Rs 10.33 crore, though it originated from a significantly lower base of Rs 4.54 crore in the fiscal year before.
Sales from its core business, which includes the import and export of goods, saw a 16.23% growth to Rs 304.32 crore, with the fruit juices segment playing a key role.
In FY24, expenses grew by 7.2% to Rs 642.34 crore, primarily due to the acquisition of inventory, costs related to employee benefits, and depreciation charges. The company’s interest expenses, which cover the costs of existing loans, fell by 54% to Rs 2.75 crore.
Paper Boat Foods manufactures and distributes packaged fruit juices, nuts, and trail mixes. The firm was established in 2009 by Neeraj Kakkar, James Nuttall, Neeraj Biyani, and Suhas Misra.
It counts among its investors, Peak XV Partners, A91 Partners, Sequoia Capital, and Lathe Investment. The company raised $50 million in its most recent funding round, which occurred in August 2022, led by Lathe Investment, a firm under the management of Singapore’s GIC Special Investments.
