{"id":176471,"date":"2026-01-22T14:15:23","date_gmt":"2026-01-22T19:15:23","guid":{"rendered":"https:\/\/alphastreet.com\/india\/foods-and-inns-ltd-foodsin-q3-2025-earnings-call-transcript\/"},"modified":"2026-01-22T14:15:23","modified_gmt":"2026-01-22T19:15:23","slug":"foods-and-inns-ltd-foodsin-q3-2025-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/foods-and-inns-ltd-foodsin-q3-2025-earnings-call-transcript\/","title":{"rendered":"Foods And Inns Ltd (FOODSIN) Q3 2025 Earnings Call Transcript"},"content":{"rendered":"

Foods And Inns Ltd (NSE: FOODSIN) Q3 2025 Earnings Call dated Feb. 06, 2025<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Anand Krishnan<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Moloy Saha<\/strong> \u2014 Chief Executive Officer<\/em><\/p>\n

Milan Dalal<\/strong> \u2014 Managing Director<\/em><\/p>\n

Analysts:<\/h2>\n

Anushka Chitnis<\/strong> \u2014 Analyst<\/em><\/p>\n

Koustubh Shaha<\/strong> \u2014 Analyst<\/em><\/p>\n

Bhargav Buddhadev<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Amish Kanani<\/strong> \u2014 Analyst<\/em><\/p>\n

Arnav Sakhuja<\/strong> \u2014 Analyst<\/em><\/p>\n

Anisha<\/strong> \u2014 Individual Investor<\/em><\/p>\n

Narendra Khuthia<\/strong> \u2014 Analyst<\/em><\/p>\n

Amit Gori<\/strong> \u2014 Individual Investor<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Foods and Inns Limited Q3 FY25 earnings conference call hosted by Arihant Capital Markets Limited.<\/p>\n

As a reminder, all participant line will be in listen only mode and there will be an opportunity for you to ask question after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchtone phone. Please note that this conference is being recorded.<\/p>\n

I now hand the conference over to Ms. Anushka Chitnis from Arihant Capital Market Limited. Thank you. And over to you ma’am.<\/p>\n

Anushka Chitnis<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. On behalf of Arihant Capital, I would like to welcome everyone to the Q3 and 9 month FY25 earnings conference call of Foods and Inns Limited.<\/p>\n

I would like to take this opportunity to welcome the management of Foods and Inns represented by Mr. Milan Dalal, Managing Director, Mr. Molloy Saha, Chief Executive Officer and Mr. Anand Krishnan, Chief Financial Officer.<\/p>\n

Now without further ado, I will hand the conference call over to Mr. Anand Krishnan, CFO for the opening remarks. Over to you sir.<\/p>\n

Anand Krishnan<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Good afternoon ladies and gentlemen. This is Anand Krishnan, the CFO at Foods and Inns Limited. Thank you for joining us and I extend a very warm welcome to all. Export shipment backlog of Q1 and Q2 was called off which resulted in export and its growth. However, the domestic call off continued to be slow in Q3. The silver lining is that the rapid call offs we started witnessing in the last week of December which continued into the first month of Q4 as well.<\/p>\n

We are expecting most of the order backlog in the domestic markets to come up to speed. By Q4 of FY25, we have more than doubled our tomato processing capacity. And since December, our new tomato processing plant is running at full capacity utilization. The low inventory holding period of the tomato business is expected to improve our working capital position as a business. With anticipation of a good summer in 2025, we are expecting to actually see a good growth going forward. Our new pastry line is doing very well. We will start the commercial production of two more lines in this vertical which will result in doubling of capacity by the end of this month.<\/p>\n

Our frozen business has been expanding with client additions and incremental business with existing clients. Our focus on value added new products is helping us get a foothold into newer clients. The spray drying expanded capacity is now at full utilization since December. Tetra recart product development along with product testing with brand aspect of the requirement is going on which should help us garner traction in Tetrarekart in FY26. Only point of note that we would like to highlight is around 4.2 crores of forex mtm losses impacted our EBITDA margins and the other expenses in this particular quarter.<\/p>\n

As we come to the end of my opening remark, I would like to thank each one of you for your support and your invaluable presence on this call. Now I request the moderator to open the forum for any questions or suggestions that you all may have. Thank you.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch tone telephone. If you wish to remove yourself from the question queue you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Koustubh Shaha from Walfort PMS. Please go ahead.<\/p>\n

Koustubh Shaha<\/strong><\/p>\n

Hi, thanks for the opportunity. I had a couple of booking questions. Firstly, what was the inventory level as of December end September? I think it was around 600 odd crores. Any idea on the December numbers?<\/p>\n

Anand Krishnan<\/strong><\/p>\n

Your voice was breaking. Can you just repeat the question?<\/p>\n

Koustubh Shaha<\/strong><\/p>\n

Sorry. So I just wanted the inventory number for December end.<\/p>\n

Anand Krishnan<\/strong><\/p>\n

Around 600 crores.<\/p>\n

Koustubh Shaha<\/strong><\/p>\n

600 crores.<\/p>\n

Anand Krishnan<\/strong><\/p>\n

Correct.<\/p>\n

Koustubh Shaha<\/strong><\/p>\n

Okay. Okay. So it does not move significantly from September levels. It continues to be around that level only. Correct?<\/p>\n

Anand Krishnan<\/strong><\/p>\n

Correct. That’s right. That’s also because we have built up inventories in the tomato business, right? As in our newest capacity in tomato is fully running at capacity since December. So we have added to that and some bit of Goa has also been added.<\/p>\n

Koustubh Shaha<\/strong><\/p>\n

Okay. Okay. So can you help us with the split of what will be tomato and what would be mango and this out of the 600?<\/p>\n

Anand Krishnan<\/strong><\/p>\n

I don’t think we will be able to give you that breakup right away.<\/p>\n

Koustubh Shaha<\/strong><\/p>\n

Okay, fair enough. Not an issue. Second question was that on this MTM loss, can you just explain a bit in detail as to why this loss was this and this quarter specifically.<\/p>\n

Anand Krishnan<\/strong><\/p>\n

Your line is actually breaking in between? I don’t know whether it’s a problem at our end or yours. Maybe the moderator can confirm and let us know.<\/p>\n

Operator<\/strong><\/p>\n

Mr. Kostak, I would request you to please use your handset.<\/p>\n

Koustubh Shaha<\/strong><\/p>\n

Actually, I’m using the handset itself. Am I clear now? Yeah, yeah. So I just wanted to understand, what was this MTM loss? Any color on that? And how do we know? Kind of avoid this because it actually eats up a significant portion of our profits. We just wanted to understand that.<\/p>\n

Anand Krishnan<\/strong><\/p>\n

It’s a MTM loss. So basically, whatever was the closing rate as of December, based on that, you have to account it as per accounting standards, right?<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt, sir. Your line was not very clear. I would request you to please repeat.<\/p>\n

Anand Krishnan<\/strong><\/p>\n

This is explanatory in nature. Actually, as Shan has already communicated that comply the guideline every quarter.<\/p>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, we have lost the connection of the management. Please stay connected while we reconnect them. Thank you. Ladies and gentlemen, we have the management line back on call. Mr. Kaustubh, I would request you to please repeat your question. Thank you.<\/p>\n

Koustubh Shaha<\/strong><\/p>\n

Hi. So obviously it was regarding the MTM loss and you were explaining regarding the accounting treatment of India’s. I think that that was the answer from the side. Correct?<\/p>\n

Anand Krishnan<\/strong><\/p>\n

Correct. So basically it’s a notional law that is there. So we had our forward positions which were actually booked, which was against the confirmed orders that we actually have. And as of December, what whatever was the rupee depreciation over and above the, I mean hedge rate is what the MTM losses. But having said that, it’s notional in nature. We have anyway realized, I mean we’ll realize whatever contract that we have at that particular hedge rate as such.<\/p>\n

Koustubh Shaha<\/strong><\/p>\n

Okay, fair enough, got it. And lastly one more thing. So obviously our guidance for FY25 was almost kind of flat as compared to FY24. So which means around about 350 rows of top line for the Q4. So are we confident of that achieving that top line or in tonnage terms around about 40 to odd 1,000 tonnes?<\/p>\n

Anand Krishnan<\/strong><\/p>\n

Yes.<\/p>\n

Koustubh Shaha<\/strong><\/p>\n

Okay. Okay. And lastly if I may just squeeze in one last question. If I calculate the realization per ton for this quarter, it comes down about one like 28 odd thousand. Is that figure correct?<\/p>\n

Anand Krishnan<\/strong><\/p>\n

So you have actually done a simple math. So I mean I’d let you do that math with respect to the public numbers. That said, you would be best suited to do that math.<\/p>\n

Koustubh Shaha<\/strong><\/p>\n

Okay, because why I am asking this question because if I do the same math for all other quarters or go back in the history, this is the highest. So anything specific that you would like to highlight as to why it would be a higher number?<\/p>\n

Moloy Saha<\/strong><\/p>\n

Okay, it is basically lot of things, sorry Mola here a few things. This is basically what is the terms of the sale. Sometimes we sell X factory. Some contract may be ca basis, some contract will be a duty delivered. So we need to go each and every cell to understand, I mean to give a proper answer. So it’s a mix. Maybe in this quarter the export sales which you are talking about, maybe the duty delivered sales is more component than the CFR company. So naturally the sales value will be more because you are adding the duty part. So in the other period, I mean earlier period it may happen that you have our cells were CFR cells or FOB cells. So then the part time serialization will be low upside. So that’s why to give a specific answer is difficult. But this is the factor which sometimes vary or mismatch the quarter to quarter metrics and self realization.<\/p>\n

Anand Krishnan<\/strong><\/p>\n

Kaustoph. Just to elaborate further on this, I mean around 7 and a half crores worth of DDP shipment was actually done. So that would have actually been added to our top line this quarter as well as the other expenses would have actually gone up because whatever we sell under DDP shipment basis in the top line is also part of our cost.<\/p>\n

Koustubh Shaha<\/strong><\/p>\n

Understood, Understood. This was very helpful. Thank you. Thank you so much. I’ll join back. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Bhargav from Ambit Capital AMC. Please go ahead.<\/p>\n

Bhargav Buddhadev<\/strong><\/p>\n

Yeah, good afternoon team and thank you for the opportunity. So my first question is in the press release you mentioned that since December the domestic offtake has also started picking up. So how confident are you that you sort of see strong growth in the domestic business? Meaning you have a good visibility on callout as well till March.<\/p>\n

Moloy Saha<\/strong><\/p>\n

I believe Yamola here. Yes, we have a good visibility so far. In fact I suggest that if you can read today’s newspaper Times of India where it is in the first page it is mentioned that April hit came in February itself. Though this is may not be a good scenario for the crop, specifically vegetables, but for the juice industry or beverage industry this is a good scenario because if there’s early summer then the consumption in India on the beverage industry for both juice as well as carbonated drinks is generally increased. So this shows that whatever we are getting the projection and that is in line with that. Yes. What is something happened in different ways. I mean we can’t comment but as of today we are quite bullish and also the most of the customers in the domestic market also given a very positive indicator.<\/p>\n

Bhargav Buddhadev<\/strong><\/p>\n

Secondly sir, on this tomato processing capacity you mentioned now it’s operating at full utilization. So what can be the run rate from this business that we can expect? Maybe in FY26 because 24 you did about 49, not crores, I’m not so sure. About 45, about nine months. FY25. But if you can share that number and also some guidance on 26.<\/p>\n

Moloy Saha<\/strong><\/p>\n

So as of today, whatever crop projections are there, if that’s going to come then definitely we expect that it can be double or of last year with a mix of this year and less. I mean some of the sales will come in this financial year and balance will come the next financial year. So we are expecting to produce till April. If so, then we are expecting more than double revenue from this sector.<\/p>\n

Bhargav Buddhadev<\/strong><\/p>\n

So it can be 100 crores in 26. We are seeing.<\/p>\n

Moloy Saha<\/strong><\/p>\n

I’m telling you it’s a split between this financial year, next financial year. So I mean I’m giving a crop scenario in the. In 2023. Crop. Whatever revenue we have generated against the tomato this year, we are expecting to make it double.<\/p>\n

Bhargav Buddhadev<\/strong><\/p>\n

Okay, understood, Understood. Is it possible to give some update on what’s happening on the Kusum spice business? Because in the press release we aren’t that optimistic because we’ve mentioned we haven’t achieved the desired results. So what is the game plan over here? Because it’s been a fairly long time that we’ve done this acquisition and it continues to be fairly subscale.<\/p>\n

Moloy Saha<\/strong><\/p>\n

Yeah, we are. You are correct. We have taken. I mean it’s almost quite a long time. More than three years or four years. We are very optimistic and the purpose of this taking over our acquisition of this facility. We have some objective and though it’s delayed but we are in the same line. We have started entering in the retail market doing a slow pace but in a different geographical area. So we are strategizing two ways. One is the geographical expansion. That is something we are looking which can give more visibility or presence of our product. Initially it may take some time to get the result. But once we able to achieve the substantial presence of most of the retail stores then we can see a good revenue. And second is in the export market also we are penetrating because export market now opened up again. So we are penetrating with the pesticide residue products which is a long journey because you need a contract farming product, all these things. So we are quite bullish on this sector. And as of now we are. I mean we are in line as per our solution.<\/p>\n

Anand Krishnan<\/strong><\/p>\n

So Bhargav, just to add on to this what we actually meant in the investor note to basically with respect to the geographical expansion that we have actually done in those markets, the brand is not really well known. So we need to do a lot of activations there, a few campaigns there to actually get the brand notice. So that is what we actually meant. So as of now without those campaigns we have not got very positive results is what we meant. Sure. Any update on the Tetra Recart and the Pectin JV which you may want to share. So Tetra Recart. I mean it’s a story that we have actually told you time and again that it’s something that we have actually built for a lot of brands.<\/p>\n

The testing is still on. Nobody has confirmed orders with us as yet. It is since it’s a shelf life of up to two years without any preservatives, it’s undergoing that process wherein people have, the brands have actually made products which they want under their brand name and they are keeping it at their end to actually do a QA analysis of how it tastes after three months, after six months, after a year and so and so forth as such. So maybe we might be able to give you something on this pretty soon, but as of now, nothing in hand. But with respect to our own brands, we are doing a lot of work. We have put in a lot of work and we have already activated our brand. That’s something that, you know, so we are just trying to onboard. We’ve already onboarded a particular master chef based out of South. It’s something that we have actually not put up in the investor note. But then he’s built a few products for us under his own brand and hopefully that should be out in the market pretty soon.<\/p>\n

Bhargav Buddhadev<\/strong><\/p>\n

Okay, and the Pectin jv, sir?<\/p>\n

Anand Krishnan<\/strong><\/p>\n

With respect to the Pectin jv, we have already started commercial production on that and this quarter end by this quarter I mean Q4 and you should actually see some numbers on that.<\/p>\n

Bhargav Buddhadev<\/strong><\/p>\n

Okay. And lastly, sir, is it possible to share what has been the operating cash flow in nine months if it is available?<\/p>\n

Anand Krishnan<\/strong><\/p>\n

It’s not readily available with me as of now, but probably we can just discuss on this later.<\/p>\n

Bhargav Buddhadev<\/strong><\/p>\n

Okay, so thank you very much and all the very best.<\/p>\n

Anand Krishnan<\/strong><\/p>\n

Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Before we take the next question, a reminder to all the participants that you may press Star and one to ask a question. The next question is from the line of Shubham Biswal from Convergence Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, hi, I’m audible.<\/p>\n

Operator<\/strong><\/p>\n

Yes, sir.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, a good set of results, sir. Actually I had one question on the qualitative side. So what I’m concerned about is are we spreading our business too thin? I mean, so what are. And I’ll be more specific. So where do we see synergies in the, in our businesses? So for example, do we see synergies on the supply side, say on the RM sourcing side or on the operational side where we have similar manufacturing capabilities, fungible capacities or more on the demand side where on the distribution side. So I want to understand, is there a possibility that we are spreading through thin or there are synergies in the business that are helping each other? Or like are we using the learnings of one business and applying it to another, thus building our economies of learning? So that was my first question.<\/p>\n

Anand Krishnan<\/strong><\/p>\n

Yeah, okay. With respect to whether we are spreading ourselves thin, the answer to that is a definite no. Because if we thought that we are spreading ourselves thin, then we wouldn’t be in the business doing what we are. That’s number one. But having said that, just to highlight what the synergies in our businesses are so the pulping business is all fruits and vegetables. The straight dried fruits and vegetables also is from the fruits and vegetables itself. And the clients are almost very similar, all B2B clients as such. The frozen food is something which is not probably very aligned to what we actually do with respect to the fruits and vegetable pulping. But then again it’s fruits and vegetables which are a part of frozen foods as well. And we also do a bit of snacks in that particular part of the business. So these are our major verticals.<\/p>\n

The Tetra Recast, spices and pectin are the newer projects that we have actually done. Spices is something which is a very large industry. Size that is there and the opportunity to grow there is phenomenal. And since our sourcing skills are actually there, so we thought we bought that particular brand at a great valuation and we are very confident of growing that business to scale. So we went into that particular business and having said that, we also wanted to have our presence in the branded space as a company. So Tetra Recat is something that we wanted to focus on because it’s a USP for us. For example, in the Kusum Masala business, our USP has not been to actually say we make spices, but in a Tetra Recat thing, the USP is actually to say we can give you products which can have a shelf life of around two years and without any preservatives. So that’s the USP that is there. And this packaging is something that is not available in the market apart from what we do as of today in India. So that’s something that we actually can sell as a usb. So we are extremely confident on that. And last but not the least, pectin business is something that we make out of the waste that we generate out of mango. So it has complete synergies with what we do.<\/p>\n

Milan Dalal<\/strong><\/p>\n

I’ll quickly just kind of give you these two statements that willy nilly if you look at it. Primarily we are into fruits and vegetables. For whatever reason, the Government of India Ministry of Food Processing also allocated to us the FIELA under fruits and vegetables. So it’s a segment and we haven’t deviated from there. You may call our spice division as the glamour in the movie that you could have some glamour. The glamour has to actually work wonders and pectin is a no brainer. It is creating wealth from waste and ultimately the sustainability and everything what all the companies in the world, our customers, want us to do. So this is a bit of a brief apart from what Anand gave you in detail.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right. Thank you, sir. That was a really detailed answer. And the second question I had was, so again, it’s a two parter question, sir, but there is a final question. So I wanted to understand like how we are thinking about the spices. So when we acquired our kusum spices. Right. So in India, I think spices is a very regional place. Right. I mean we have very few, I think two, three Pan India players and even there’s a lot of MNC players quit this space because it was, it was very difficult to scale because it’s very regional, it’s very local. So. And we need to have like dedicated super stock based and sometimes it takes even a decade to reach a certain milestone. Right. So how are you thinking about this business? Are you thinking like this business, Is it like occupying a lot of your time or is it return on time invested? How are you thinking about this business? This is just one part of the question, sir.<\/p>\n

Anand Krishnan<\/strong><\/p>\n

Yeah, Shubham. The scale at which we actually acquired this business was around 16, 17 crore of turnover when we actually acquired this business. So the room for us to grow even to a hundred crore is quite easy even without too much of geographical expansion. To be very honest, I completely agree with you that it is region specific in India, but in the export markets it’s not. So. So we are also present in the export markets and we also hope to scale there. But having said that, the domestic markets are also a focus for us. So I mean I don’t think there is any reason for us to doubt whether we’ll go to 100 crore initially and then so on and so forth, you know.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right, thank you sir. I mean I’ve been closely tracking this business and I’m a happy investor. Thank you sir. That, that was all from my side.<\/p>\n

Anand Krishnan<\/strong><\/p>\n

Yeah. Valuation. So there is no time value of money that we actually have as in we have grown as a business. The first two years was obviously a loss basically because of COVID which was actually there as in we didn’t want to invest more in that business at that point of time. But having said that, now we are actually investing every profit that we make into growing scale into that in terms of people, in terms of distribution and all those things. And it’s a separate team which actually takes care of this. So the management bandwidth is not distributed to that but it’s only oversight that we actually have at the management level.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Amish Kanani from Novice Investments Manager. Please go ahead.<\/p>\n

Amish Kanani<\/strong><\/p>\n

Hello.<\/p>\n

Operator<\/strong><\/p>\n

Yes sir, I would request you to please use your hands.<\/p>\n

Amish Kanani<\/strong><\/p>\n

Yeah, just shifted it to hindsight. Am I audible? Yes, yes, sir. Yeah. Sir, you know, I just have a question on nine month, you know, overall numbers, if I see the numbers in the presentation, you know, done 6,000 tons less of, you know, sales or production and about 60 crores lower sales on a, on a yoy basis for nine months. And the equal split between domestic and exports. The question is. But we are saying that for the third quarter at least we miss some domestic call off is what we are saying. So the first question, sir, is it possible to give us some sense of whether the 60 crores. Lower sales. Is it a catch up that we can expect in the fourth quarter because of the lower domestic call off which might happen in fourth quarter?<\/p>\n

Anand Krishnan<\/strong><\/p>\n

I think with respect to the Q4, we have already spoken on this what we are targeting. There was a gentleman who asked before this. So it’s all covered in this.<\/p>\n

Amish Kanani<\/strong><\/p>\n

Sure, sure. I missed it. Maybe I’ll catch up and take the transcript note and then sir, the second question in that context is that you know our gross margin which was nine months 41% versus you 32% in last year, much higher margin. But I think we lost quite a bit of you know that in the operating expense on a nine month basis. So if you can give us some sense of where, you know we have kind of increase our expense. I understand There was this 4 crore mark to market loss that you know we have explained. But if you can give us some sense of where we are spending is it you know advertising and selling or some other expense of the new plant and stuff like that.<\/p>\n

Anand Krishnan<\/strong><\/p>\n

Okay. So with respect to the other expenses also I think we explained on this particular call itself There was around 7 and a half crores worth of DDP shipment that we actually did which is also in the top line as well as in the other expenses part of it as such. So that is also contributed to the increased other expense which is there. And There is a 4 and a half crore, 4.2 crore forex MTM loss that we have explained.<\/p>\n

Amish Kanani<\/strong><\/p>\n

Okay. Okay. Yeah. Actually sir, the lines are in between not very clear. So sorry for that. Maybe I’ll catch up on. Thanks. Thanks a lot and all the best.<\/p>\n

Anand Krishnan<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

The next question is from the line of Arnav Sakurja from Ambit Capital. Please go ahead.<\/p>\n

Arnav Sakhuja<\/strong><\/p>\n

Hi, thanks for taking my question. So in the last call you had mentioned a tie up with Punjab since for some green top covers. So I just wanted to check you know what is the progress on that tie up and are we planning to continue expanding our association with Punjabs in going forward?<\/p>\n

Milan Dalal<\/strong><\/p>\n

Yes, yes, it’s in line. Whatever you have discussed, we are already scaling up. Operation initially started with Mumbai region. Now we are expanded to Goa now we are also now talking to Hyderabad in other regions. So I think it’s intact. So we are expecting that this association of both the companies will give a good result in near future.<\/p>\n

Arnav Sakhuja<\/strong><\/p>\n

Okay, thanks. And my second question is are we continuing to receive PLI benefits right now?<\/p>\n

Milan Dalal<\/strong><\/p>\n

Yes, PLI benefits.<\/p>\n

Anand Krishnan<\/strong><\/p>\n

So with respect to FY24 is what we have actually filed a claim for as of December of 2024 and as we speak today, also, there was a query which was actually asked by the ministry, and we are responding to that. So the last year, the experience was that by end of March is when we actually received. End of March 2024 is when we actually received claims for FY23. Hopefully we are in track to receive this year’s claim as well as in for FY24.<\/p>\n

Arnav Sakhuja<\/strong><\/p>\n

And what is the expected amount? What is the amount expected to get for FY24?<\/p>\n

Anand Krishnan<\/strong><\/p>\n

We have filed a claim of around 27 crores. 27 crores.<\/p>\n

Arnav Sakhuja<\/strong><\/p>\n

Okay. Thank you.<\/p>\n

Anand Krishnan<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Anisha who is an individual investor. Please go ahead. Ms. Anisha, I would request you to unmute your line and speak please.<\/p>\n

Anisha<\/strong><\/p>\n

Yes.<\/p>\n

Operator<\/strong><\/p>\n

I would request you to speak a little louder.<\/p>\n

Anisha<\/strong><\/p>\n

Okay. Yeah. Thanks for the opportunity. I just have a couple of questions like you had mentioned a foray into CV and vegan laser. What is the progress on that? What is possibility of materializing this year?<\/p>\n

Anand Krishnan<\/strong><\/p>\n

I didn’t understand your question. You said, I mean some forum or something is already mentioned.<\/p>\n

Anisha<\/strong><\/p>\n

You are making the foray into CV like cocoa water.<\/p>\n

Anand Krishnan<\/strong><\/p>\n

So with respect to that a lot of RND is going on but we haven’t, I mean got any success on that as yet.<\/p>\n

Anisha<\/strong><\/p>\n

Okay. Okay. So I have more question like can you talk about your main client for mango, tomato and guava pulp? What is the customer concentration like across this segment? Any new clients addition happening on this side?<\/p>\n

Anand Krishnan<\/strong><\/p>\n

60% of my revenue comes from my top 10 clients. And the top 10 clients, I mean most of them have been put in the investor presentation. You can probably have a look at it.<\/p>\n

Anisha<\/strong><\/p>\n

Okay. Okay. And so how is the domestic retail expansion going beside Punjab and any other partner on the horizon?<\/p>\n

Milan Dalal<\/strong><\/p>\n

Punjab. And the last question, we just mentioned that our association with Punjab and since is a good progress initially started in Mumbai region. Now we are extending to other geography also started. We are looking Hyderabad and so on. So we are expecting a good successful association with them which will give a good result in near future.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Narendra from RoboCapital. Please go ahead.<\/p>\n

Narendra Khuthia<\/strong><\/p>\n

Good afternoon and thanks for the opportunity. Most of the questions have been answered. Just one question. So you said that revenue is going to be flat in FY25. So do we have any visibility for 26 or maybe two, three years down the line? If you could share something with us.<\/p>\n

Anand Krishnan<\/strong><\/p>\n

Narendra, there is a public number that we have spoken of over FY27 internally. What we want to actually achieve. So we have guided for around 1700 odd crores by FY27. And I mean that’s something that we have as a target internally and we have built capacities for that. But having said that, only thing that all of us need to know is basically our business model is a cost plus model. So the top line is a function of the raw material price. That’s the only caveat to it.<\/p>\n

Narendra Khuthia<\/strong><\/p>\n

Okay. Okay, understood sir. But given the scenario, current market scenario, right. So we are still confident of achieving that target, am I right? Barring any raw material fluctuations.<\/p>\n

Anand Krishnan<\/strong><\/p>\n

FY27 I’m not. This is something that we have given as a guidance but as I told you it’s the only caveat to that is the raw material price. So FY25 we are reasonably confident.<\/p>\n

Narendra Khuthia<\/strong><\/p>\n

Okay sir, Understood, understood. And margins would be. So ours is a cost plus model. So I’m assuming the margins should, should be protected. Right.<\/p>\n

Anand Krishnan<\/strong><\/p>\n

We are obviously trying to improve the margin. So I mean at some point of time, at some point of time with the larger scale we hope to improve the margin.<\/p>\n

Milan Dalal<\/strong><\/p>\n

You can see that EBITDA improvement is always, if you see last few quarter there’s EBITDA improvement. So we are targeting that and we are quite positive that that will going to improve and that shows that our focus on margin improvement is on.<\/p>\n

Narendra Khuthia<\/strong><\/p>\n

Understood sir. So thank you so much and all the best.<\/p>\n

Anand Krishnan<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Amit Ghori who is an individual investor. Please go ahead.<\/p>\n

Amit Gori<\/strong><\/p>\n

Hi, thanks for the opportunity. And my question is related to the preferential allotment which was made sometime back and I had a couple of questions which are interlinked. What I want to know is if that particular amount was used to repay any debt or Although all that is being used for expansion only. And the other question is related to the finance cost. So as I see, do you see some light on finance cost? Whether we can expect it to go down?<\/p>\n

Anand Krishnan<\/strong><\/p>\n

So the first question was with respect to the preferential allotment usage of money. So it was all for the working capital that we have actually used and the capex that we have actually done. So I mean we have expanded capacities under the pli. That’s the public information which is actually available. And apart from the PLI also we have doubled our tomato capacity. So all the money has actually gone in for the capex as well as the incremental working capital which is actually required with respect to the increasing finance cost. Sorry. You had something to ask?<\/p>\n

Amit Gori<\/strong><\/p>\n

No. No.<\/p>\n

Anand Krishnan<\/strong><\/p>\n

Yeah. With respect to the increasing finance cost, two things need to be kept in mind. One, the greenfield capacity that we actually, I mean had to complete by 31st of March 2024 as per the PLI has already come in. And also the other non PLI capex that we actually did has also come in. So the interest cost which used to actually hit the balance sheet earlier because of non commencement has now started hitting the pnl. So that’s one part of it. So this depreciation and the finance cost has actually risen because of that. So around two and a half crores of extra capex related interest cost has actually started hitting the P L from. I mean the last couple of quarters.<\/p>\n

Amit Gori<\/strong><\/p>\n

Right. He also. So just some show some light on the current debt position. What is the current NET debt?<\/p>\n

Anand Krishnan<\/strong><\/p>\n

Around 350, 60 crores of working capital debt is what we have. And around 70 crores of long term debt.<\/p>\n

Amit Gori<\/strong><\/p>\n

Okay. Do you have. Are you confident and do you see that we are ready? We are going to reduce this debt in the near future. What is your plan of reducing the debt in the near future?<\/p>\n

Anand Krishnan<\/strong><\/p>\n

Our three or four the business and to increase our margin. That’s broad based plan. So the debt, I mean this is a working capital intensive business. So that needs to be kept into context. Once we grow scale, maybe our cash flow from operations might help us to reduce the debt. But having said that our first intention is to actually grow scale.<\/p>\n

Amit Gori<\/strong><\/p>\n

Okay, thank you. That’s it. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, you may press Star and one to ask a question. A reminder to all the participants that you may press Star and one to ask a question. Ladies and gentlemen, you may press Star and one to ask a question. As there are no further questions from the participants I would now like to hand the conference over to the management for closing comments.<\/p>\n

Anand Krishnan<\/strong><\/p>\n

Thank you. I want to express my gratitude to all our investors and shareholders for their continued support. Should you need any further clarifications or would you like to know more about the company, please feel free to write to us. Thank you so much and good day.<\/p>\n

Milan Dalal<\/strong><\/p>\n

Thank you. This is Milan Dalal signing off.<\/p>\n

Moloy Saha<\/strong><\/p>\n

Thank you. Moloy Saha signing off.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ms. Anushka, your line has been unmuted.<\/p>\n

Anushka Chitnis<\/strong><\/p>\n

Thank you. On behalf of Arihant Capital, I would like to thank the management of Foods and Inns for giving us the opportunity to host them. Thank you so much, sir.<\/p>\n

Anand Krishnan<\/strong><\/p>\n

Thank you so much. Good day. Bye.<\/p>\n

Operator<\/strong><\/p>\n

On behalf of Arihant Capital Markets Limited, that concludes this conference. Thank you for joining us. And you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Foods And Inns Ltd (NSE: FOODSIN) Q3 2025 Earnings Call dated Feb. 06, 2025 Corporate Participants: Anand Krishnan \u2014 Chief Financial Officer Moloy Saha \u2014 Chief Executive Officer Milan Dalal \u2014 Managing Director Analysts: Anushka Chitnis \u2014 Analyst Koustubh Shaha \u2014 Analyst Bhargav Buddhadev \u2014 Analyst Unidentified Participant Amish Kanani \u2014 Analyst Arnav Sakhuja \u2014 […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-176471","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":176471,"position":0},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":151709,"url":"https:\/\/alphastreet.com\/india\/foods-100-rise-in-profits\/","url_meta":{"origin":176471,"position":1},"title":"Foods & Inns Ltd Q1FY24; 100% rise in Profits","author":"Hardik Bhandare","date":"August 8, 2023","format":false,"excerpt":"Foods & Inns Ltd, incorporated in 1967, is engaged in the business of processing and marketing fruit pulps, concentrates, spray dried fruit & vegetable powders, Powder of various spices, frozen vegetables & snacks and medicated products. Financial Results: Foods & Inns Ltd reported Revenues for Q1FY24 of \u20b9288.00 Crores up\u2026","rel":"","context":"In "AlphaGraphs"","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-345.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-345.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-345.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-345.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-345.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/08\/image-345.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":130765,"url":"https:\/\/alphastreet.com\/india\/marksans-pharma-limited-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":176471,"position":2},"title":"Marksans Pharma Limited Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"June 23, 2022","format":false,"excerpt":"Key highlights from Marksans Pharma Limited (MARKSANS) Q4 FY22 Earnings Concall \u00a0 Q&A Highlights: Vijay Nahar - Individual Investor - Analyst Challenges affecting cost and what costs were passed on to the consumers? Mark Saldanha - Managing Director The challenge was China lockdown. Had cascading impact on all input cost\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":179860,"url":"https:\/\/alphastreet.com\/india\/godrej-agrovet-ltd-godrejagro-q3-2026-earnings-call-transcript\/","url_meta":{"origin":176471,"position":3},"title":"GODREJ AGROVET LTD (GODREJAGRO) Q3 2026 Earnings Call Transcript","author":"News desk","date":"February 6, 2026","format":false,"excerpt":"GODREJ AGROVET LTD (NSE: GODREJAGRO) Q3 2026 Earnings Call dated Feb. 04, 2026 Corporate Participants: Nadir Godrej \u2014 Chairman and Non-executive Director Analysts: Shivansh Singh \u2014 Analyst Presentation: operator Ladies and gentlemen, good day and welcome to Godrej Aggravate Limited Q3FY26 earnings conference call hosted by. Equerious securities Private Limited.\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":41715,"url":"https:\/\/alphastreet.com\/india\/wipro-limited-wit-q2-2020-earnings-snapshot\/","url_meta":{"origin":176471,"position":4},"title":"Wipro Limited (WIT): Q2 2020 Earnings Snapshot","author":"Toby","date":"October 15, 2019","format":false,"excerpt":"-- Wipro Limited (NYSE: WIT) reported second-quarter 2020 earnings of $0.06 per share, in line with Wall Street projection -- Revenues grew 4% to $2.14 billion, vs. $2.13 billion expected. -- In Q2, IT Services revenue grew 2.5% to $2.05 billion. -- Wipro expects IT Services revenue to be $2.065\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"Earnings Update by AlphaStreet","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2019\/04\/Earnings-Coverage-5.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2019\/04\/Earnings-Coverage-5.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2019\/04\/Earnings-Coverage-5.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2019\/04\/Earnings-Coverage-5.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2019\/04\/Earnings-Coverage-5.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":181549,"url":"https:\/\/alphastreet.com\/india\/jeena-sikho-lifecare-ltd-jsll-q3-2026-earnings-call-transcript\/","url_meta":{"origin":176471,"position":5},"title":"Jeena Sikho Lifecare Ltd (JSLL) Q3 2026 Earnings Call Transcript","author":"News desk","date":"April 8, 2026","format":false,"excerpt":"Jeena Sikho Lifecare Ltd (NSE: JSLL) Q3 2026 Earnings Call dated Feb. 09, 2026 Corporate Participants: Manish Groverji \u2014 Managing Director Nanak Chand \u2014 Chief Financial Officer Analysts: Ranvir Singh \u2014 Analyst Priyanshu Jain \u2014 Analyst Akshay Kaila \u2014 Analyst Abhishek Sengupta \u2014 Analyst Akhilesh Rawat \u2014 Analyst Unidentified Participant\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/176471","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2377"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=176471"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/176471\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/147581"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=176471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=176471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=176471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}