DEAR SHAREHOLDERS,
Building on our decades old legacy in the food processing industry,
Tasty Bite today has established itself as a cornerstone of quality, convenient and value
for money for all. Our ability to adapt to changing customer preferences allows us to
consistently deliver all-natural products without preservatives, additives, flavours, or
other chemicals.
The evolving socio-economic landscape, growing middle-class, and
ever-increasing health-consciousness highlight a rising demand for quality food products
that are not only convenient but also deliver on nutrition and taste.
As competition intensifies with more entrepreneurs entering the market,
we must continue to evolve to seize these opportunities. This evolution will require Tasty
Bite to transform across all aspects of our business. As a result of our combined efforts,
we will not only build on our legacy but write a new chapter for enduring shared success.
Bringing us one step closer to fulfilling our commitment to our customers to serve them
with the best quality products possible, to create a better and healthier world.
PERFORMANCE OVERVIEW
The macroeconomic landscape in FY2024 was characterised by geopolitical
tensions and resultant economic slowdown across the world. The after-effects of the
subdued challenges did result in inflationary pressures and tightening of monetary policy
by central banks globally. Within this context we demonstrated strong financial
performance during the fiscal year under review, driven by the impressive performance of
the ready-to-heat affiliates and the premier foods business. In FY24, the Company
delivered a strong EBITDA of 921.08 Million (16.5% of revenue), with a topline of 5,581.96
Million, 14% YoY growth. During the year, PAT stood at 415.17 million compared to 302.10
Million for the previous year. These numbers reflect the strength of our business model
based around quality, innovation and scaled production.
BUILDING OUR CAPABILITIES
While continuing to build on our enduring strengths, we have also begun
developing new capabilities essential for transforming our business. Leveraging our
expertise in agile innovation, we have significantly diversified our product portfolio,
launching over 100 new products. Our renewed focus on developing quality food solutions
that meet diverse customer needs in India and abroad has yielded results. We have further
strengthened these efforts with the addition of a new facility to our TBRC , enhancing our
capacity for future product development.
Furthermore, our consistent efforts to evolve our quality and food
safety systems have garnered recognition through various audit certifications. In the
current fiscal year, in addition to our existing certifications, we have also achieved new
certifications such as Mars QMP for manufacturing and our business unit.
All through the year, we generated adequate cashflows with prudent
capital allocation strategies, all the while maintaining high standards of governance
which have contributed a great deal to our sustained financial performance.
Looking ahead, we envision opportunities to enhance our capabilities,
especially by strengthening our customer focus and expanding our distribution network.
These initiatives will not only improve our current business model but also equip us to
better tap into future opportunities.
STRATEGIC PRIORITIES
Amidst the turbulence in the global economy, the Indian economy did
exhibit remarkable resilience, driven by policy reforms, rapid urbanisation, rising per
capita income and a growing middle class. These favourable tailwinds contributed to a
demand surge for ready-to-eat and frozen food segments, which have witnessed substantial
growth, driven by the increasing demand for convenient and healthy food choices. According
to India Business and Trade, revenue in the ready-to-eat meals market is estimated at US$
72.21 billion in 2024. It is projected to grow annually at 9.23% CAGR during 2024-28. The
trend reflects a fundamental shift in consumer behaviour towards time-saving solutions
without compromising on taste or quality. As we delve deeper, it is evident that RTE foods
are not just a passing trend but a significant nutritional product in the culinary
ecosystem, both domestically and internationally.
Accordingly, for our India operations, we are evaluating strategic
expansions to enhance our market reach and develop a diverse portfolio optimised for scale
and profitability. Additionally, we will deploy an iterative test-and-learn approach in
product and business development which is pivotal in fostering sustainability and
innovation within our business.
SUSTAINABILITY AT CORE
We established the Tasty Bite Foundation with the objective of
promoting sustainable and inclusive rural development within the areas where we operate.
We recognise that farmer prosperity lies at the heart of nation-building. To facilitate
this objective, our initiatives focus on soil and water conservation, education, farm
management and digital literacy, to ensure the holistic development of communities.
As a responsible corporate entity, we are consistently reducing our
environmental footprint, nurturing the spirit of community, safeguarding the best
interests of our stakeholders and cultivating a culture of sound corporate governance. To
improve on our Environmental, Social and Governance performance, we ensure that our
business is conducted responsibly, a diverse and inclusive work environment is maintained,
holistic community development initiatives are undertaken for common good, biodiversity is
preserved and natural resources are conserved. By adhering to the highest standards of
corporate governance, we consistently uphold the values of transparency and accountability
to sustain the trust of our stakeholders. Sustainability is a conscious choice at Tasty
Bite, where we steadfastly prioritise environmental stewardship and fulfill our social
responsibility. I am pleased to report that renewable energy makes up a remarkable 78% of
our energy mix, substantially curbing our carbon footprint.
Through our targeted interventions, we have empowered local
communities. We continue to forge strategic partnerships with local organisations to
ensure food and support reach those who need it the most. Additionally, the Tasty Bite
Foundation has collaborated with the Agricultural Development Trust, Krishi Vigyan Kendra
Baramati and the American India Foundation Trust in New Delhi to initiate projects focused
on agricultural development and promoting better livelihoods in the communities residing
near our Pune factory.
LOOKING FORWARD WITH OPTIMISM
Amidst organizational transformations, our innovative spirit is our
guide, preparing us to embrace and shape the future. Our progress is not just a testament
to our strategy but also to the collective spirit of our people. Tasty Bite will continue
to deliver safe, nutritious and quality products by bringing together its state of art
manufacturing assets, quality processes and team commitment.
In closing, I extend my heartfelt gratitude to our dedicated employees,
loyal customers, supportive partners, and you, our esteemed shareholders. Your enduring
support and trust in Tasty Bite are invaluable. Together, we are committed to pursuing a
trajectory of sustainable growth with continuous innovation. Thank you for being an
integral part of our journey.
Regards,