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CHUK’s Revenue in Q3 FY2023-24 at INR 1,535.10 lakhs as compared to INR 1,216.74 lakhs in Q2 FY2023-24 up by 20.7%. The profit before tax in Q3 is at INR 174.24 lakhs.
5th February 2024, New Delhi: Pakka Limited, formerly Yash Pakka Limited, a manufacturer of compostable packaging solutions, has announced its financial results for Q3 (October to December) of the current fiscal year 2023-24. The company recorded an INR 9,933.74 lakhs revenue from operations and INR 1,666.28 lakhs profit before tax (PBT) in the 3rd quarter of the current fiscal. Nine month revenue from operations for the current fiscal stood at INR 31,016.35 lakhs and PBT at INR 5,699.77 registering a growth against last year, same period.
Notably, CHUK, the flagship brand of Pakka, has achieved profitability within just six years of its inception. CHUK saw a profit before tax in Q3 of the current fiscal year at INR 174.24 Lakhs in comparison to a negative INR 76.09 Lakhs PBT in the previous quarter. Started in 2017, CHUK is known for its compostable tableware such as meal trays, plates, bowls, and delivery containers made from sugarcane residue known as bagasse. The compostable tableware is an alternative to styrofoam and single-use plastic, driving the brand’s overarching goal of achieving a cleaner and greener earth.
Growing steadily over the years, CHUK has forged significant partnerships and supplies its products to major restaurant chains, leading QSRs, and airports. Recently, the brand collaborated with the Ram Mandir Trust to distribute compostable tableware at the Ayodhya Mandir consecration event, further catapulting the brand’s leadership stance. Its incremental growth bears out in the 150% rally on Pakka Limited’s stock in January.
In the fiscal year 2022-2023, Pakka Ltd experienced a substantial surge in revenue, achieving an impressive 40% year-on-year increase to reach ₹408.31 crore. The brand also witnessed remarkable success in terms of net profits, showing a notable year-on-year jump of 35%, with profit before tax soaring to ₹72.31 crore.
Jagdeep Hira, Pakka India Business Head said, “We are elated by the exceptional Q3 results, witnessing substantial growth in revenue, income, and profitability. The stellar performance of our flagship brand, CHUK, demonstrates our commitment to sustainability and innovation. CHUK’s journey to profitability within six years of operations is a remarkable achievement, showcasing the acceptance and effectiveness of our eco-friendly solutions. As we navigate the future, our focus remains on fostering innovative solutions to financial growth and actively contributing towards a cleaner Earth.”
Satish Chamyvelumani, Compostables Business Head, added, “The positive Q3 results and CHUK’s profitability milestone across the nine month period represents an exhilarating and gratifying period in our growth trajectory. This achievement reflects our team’s hard work and dedication and reinforces our position as leaders in the compostable packaging industry. Pakka’s overarching goal is to play an impactful role in contributing to a cleaner Earth. We are really excited about the brand’s positive trajectory and look forward to accomplishing our goals.”
Founded in Ayodhya in 1981 as Yash Papers Limited, a leading manufacturer of low-grammage kraft paper, the company strategically forayed into sustainable packaging. It was rebranded as Yash Pakka in 2019 to align with the mission of creating and promoting compostable packaging solutions, rebranding once again in 2023 to emerge as Pakka Limited. The company has established a global footprint, with its products accessible in over 40 countries and offices present in India, North America and it plans to establish a facility in Guatemala.