iD Fresh turns profitable, clocks 16% rise in FY24 revenue
iD Fresh, known for its ready-to-cook batters, breads, and now spices, aims to expand its geographic presence and diversify its product range to double down on profitability.
Packaged foods seller iD Fresh turned profitable in FY24, earning a net profit of Rs 4.56 crore against a loss of Rs 32.8 crore incurred in the previous fiscal year.
The company, which also sells idli and dosa batter as well as frozen food like parathas and chutneys, posted a 16.3% year-on-year (YoY) increase in its operating revenue to Rs 557.84 crore in FY24, compared with Rs 479.29 crore earned in the previous year, filings with the Registrar of Companies showed.
Improvements in the topline were matched by a rise in total expenses, which rose 8% YoY to Rs 558.2 crore in FY24. This was primarily due to rise in the cost of materials, employee benefits expenses, and other expenses including advertising costs.
The brand's ready-to-cook batters, its largest segment, clocked a 24% YoY increase in sales to Rs 237 crore while the sales of its second-largest selling segment, parotta, increased by 10% YoY to Rs 183 crore.
Bengaluru-based iD Fresh recently announced the company’s foray into the spices market with the launch of three spice variants—red chilli powder, garam masala, and sambar powder.
It had earlier told YourStory about the company’s plans to expand its presence in north India where it does not have a strong hold yet, starting with Delhi and expanding to Chandigarh and Agra.
Edited by Kanishk Singh