Total expenses rose 10.35% YoY to Rs 469.65 crore in Q3 FY23. Cost of materials consumed stood at Rs 323.51 crore (up 8.19% YoY) while employee benefits expenses was Rs 26.35 crore (up 15.82% YoY).

Meanwhile, the company's board approved an additional investment in Hanuman Agrofood (HAPL) by way of acquisition of 10,000 equity shares of HAPL from its existing shareholders (representing 0.35% of the equity share capital of HAPL). Upon completion of the said acquisition, HAPL shall become a wholly owned subsidiary of the company.

The board has also approved the scheme of amalgamation of Hanuman Agrofood with Bikaji Foods International and their respective shareholders and creditors. The scheme is subject to completion of the acquisition of HAPL shares along with necessary statutory and regulatory approvals, as may be required, including the approval of the National Company Law Tribunal.

Bikaji Foods International is the third largest ethnic snacks company in India with an international footprint, selling Indian snacks and sweets, and is among the fastest growing companies in the Indian organised snacks market. The company is one of the pioneers in the Indian packaged snacks industry, which has given a twist to classic Indian snacks with a contemporary taste along with maintaining the regional flavours to address the evolving consumer preferences in India and internationally.

Shares of Bikaji Foods International debuted on the bourses on 16 November 2022. The scrip was listed at Rs 321.15, representing a premium of 7.05% to the initial public offer (IPO) price of Rs 300.

The scrip hit a lower circuit of 5% at Rs 420.85 on the BSE.