Empyrean Cashews betting big on growth
Mumbai, May 25: Empyrean Cashews Limited, a leading firm engaged in processing raw cashew nuts into finished cashew kernels with different grades and flavours aim to create a strong brand presence and hence is planning to set up 4 COCO outlets in Goa in Q2 FY23. In a bid to capture higher retail customers, the company is planning to widen its digital footprint and will be starting its own e-commerce portal in FY23.
Empyrean Cashew Ltd went public in March 2022, and in its first earning post listing, the firm has created strong value for its investors, with its EPS jumping by 393%, touching 2.27 in FY22. The firm has posted strong growth in business, driven by robust demand and higher volumes. The firm’s revenue grew by 101%, touching Rs 12.41 cr for Q4FY22 and Rs 52.2cr for FY22 (82% growth Y-o-Y). On the back of better realisation the firm’s EBITDA margin expanded by 2.1%, touching 13.3% in FY22.
Cementing on its growth:
Aparna Bangar, Chairperson & Managing Director, Empyrean Cashews Limited, said, “The Company has shown very strong performance for March 2022. We are confident that brand ‘Krishival’ will keep growing its footprints across India and cement its position as a leader in the nuts and healthy food segment.“
The Company is progressing firmly on its growth path, and in order to bolster its growth, it aims to expand its footprint to over 100 tier II and tier III cities in FY23 from 42 cities currently. The company is also looking to enhance its production capacity, and one of its subsidiaries has recently been allotted a 5- acre plot in Halkarni, MIDC in Kolhapur district, which is adjacent to its existing processing units. This plot will be utilised for setting up an additional ultra-modern processing unit which will help the Company accelerate growth and significantly improve its capacity and capability for processing other dry fruits along with cashew nuts.