New Delhi, May 8 (PTI) FMCG company ADF Foods Ltd on Monday reported a 72 per cent rise in its standalone profit after tax to Rs 20.30 crore for the March 2023 quarter on account of higher revenues.

It had reported a PAT of Rs 11.80 crore for the year-ago quarter, the company said in a statement.

Also Read | Google I/O 2023: Google Search Engine To Become More Appealing, Engaging and Human-Like With AI Integration; Here's All We Know Before the Expected AI Related Official Announcements.

The company's revenue from operations surged 19 per cent to Rs 98.2 crore from Rs 82.4 crore in January-March FY22.

The board has recommended a dividend of Rs 5 per share for the financial year ended March 31, 2023.

Also Read | TS Inter Results 2023 Date: Telangana Board To Declare 1st and 2nd Year Results on May 9 at tsbie.egg.gov.in, Check Steps To View Scorecard.

On a business update, ADF Foods said its greenfield expansion plan for frozen food capacity is expected to kick off in the second quarter of FY24 and be complete in 12-18 months.

ADF Foods Chairman & Managing Director Bimal Thakkar said, "Our flagship brand Ashoka remains a top Indian food brand in stores across the US, UK and Asia Pacific, thanks to our dedication towards traditional recipes and high-quality ingredients. Our planned expansion in Surat will unlock further frozen food production capacity".

The company will continue to expand its sales and distribution in India and abroad, he added.

Mumbai-based ADF Foods offers frozen foods, ready-to-eat and ready-to-cook (RTC) items, including sauces, pickles, edible pastes and dips in over 50 markets.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)