Corporate Feature     

Published: Feb 28, 2023
Updated: Feb 28, 2023

Integra Essentia

Growing from strength to strength

Integra Essentia announced excellent results for the Q3 and nine months ended December 2022. The company has reported total income of Rs 62.03 crore during the period ended December 31, 2022, as compared to Rs 18.11 crore during the period ended December 31, 2021 – a gain of 242%. Net profit for the quarter ended December 2022 was reported at Rs 2.24 crore as against net profit of Rs 0.54 crore for the period ended December 31, 2021 – a gain of 319%. The company has also decided to form a specialised team to expand its export business, beginning with the Middle Eastern market, which serves as a global distribution hub for rice to more than 20 countries.

On the bourses BSE: 532022
NSE: ESSENTIA
CMP: Rs 7.45

YoY COMPARISON

The company has reported total income of Rs 177.40 crore during the 9 months ended December 31, 2022, as compared to Rs 18.42 crore during the 9 months ended December 31, 2021 – a rise of 863%. The company has posted net profit of Rs 4.98 crore for the 9 months ended December 31, 2022 as against net profit of Rs 0.54 crore for the 9 months ended December 31, 2021 – a growth of 814%.

RECENT BUY

Recently the company acquired a processing facility at Bareilly under a JV in August 2022. The unit has processed 2,200 mt of rice for the Food Corporation of India (FCI), supplying the product across various allocated FCI locations. Integra Essentia currently holds a 66% stake in the JV.

The company has entered into an MoU to acquire a substantial stake in On Door Concepts Private Ltd, a company engaged in the business of multi-brand retail stores. On Door is like Mini D’Mart of small towns and has already gone deep into tier 3, 4 and 5 towns to be the first mover with modern trade benefits, with over 100+ stores in 45 cities/towns.

The company has also inducted fresh working capital to the tune of Rs 1.25 crore, following the acquisition of a stake in the Bareilly unit to enhance the rice processing business, which has resulted in an addition of Rs 4.6 crore to the manufacturing topline over the last four months. The company will continue to invest in the rice processing business in a phased manner as the facility’s business grows.

ROURKELA HUB

Integra Essentia recently announced that it received orders for over Rs 110 million for supplying premium dry fruits. “Supply for these orders shall be completed in the next couple of fortnights, which will help the company in exceeding the targeted sales for Q2 of the current financial year,” a company statement said.

Recently, the company also received orders amounting to Rs 120 million for supplying steel ingots to prestigious infrastructural (TOR and TMT) steel manufacturers located in North India. Integra has been tirelessly working on strengthening its supply chain and lined up the requisite sourcing and servicing of these orders from Rourkela, the Steel City of Orissa, the elite hub of feedstock material for the steel industry, and will start supplies to the buyers instantly, which will be completed within the current quarter of FY22-23 itself.

Integra acquires winery assets

Integra Essentia Limited has purchased assets of CHATEAU INDAGE Winery for Rs. 400 millions, as a part of its pre-defined longterm business growth strategy and to strengthen its presence in entire supply chain spectrum of consumable goods.

With the rise in disposable incomes, rapid urbanization, access to reasonably priced domestic wines, the perceived health benefits of consuming low alcohol beverages, and changing consumer attitudes have led to a significant increase in wine consumption. National wine consumption is over 30 million liters per year. Wine production in India is concentrated in the states of Maharashtra (90 percent) and Karnataka (7 percent), while the states of Goa and Himachal Pradesh represent less than 3 percent of output combined.

These purchased assets situated in Narayangaon, Maharashtra, a strategic location having optimum.