Paper Boat curbs annual loss by 48%; revenue rises 16%

Paper Boat Foods has narrowed its FY24 loss by 48% to Rs 47.14 crore, from Rs 90.56 crore in FY23, driven by operating revenue and other income. 

Hector Beverages, the parent company of Paper Boat Foods, posted an operating revenue of Rs 584.85 crore in FY24, up 16% from Rs 503.96 crore it made a year ago. Its topline also witnessed an improvement. Other income more than doubled to Rs 10.33 crore, although it was from a much lower base of Rs 4.54 crore in the previous year.  

Revenue from traded goods, which refer to import and exports, increased 16.23% in FY24 to Rs 304.32 crore mainly driven by its fruit juices segment.

Expenses during the year ended March 31, 2024 were 7.2% higher at Rs 642.34 crore, mainly driven by purchase of stock-in-trade, employee benefit expenses, and depreciation expenses. However, finance costs, which include interest payments on existing debts, reduced 54% to Rs 2.75 crore.

Paper Boat manufactures and sells packaged fruit juices, along with nuts and trail mixes. The company was founded by Neeraj Kakkar, James Nuttall, Neeraj Biyani and Suhas Misra in 2009. It is backed by institutional investors including Peak XV Partners, A91 Partners, Sequoia Capital and Lathe Investment.

The company last raised $50 million in August 2022 in a round led by Lathe Investment, an investment holding company managed by Singapore's GIC Special Investments.