Shares of ethnic snack giant Bikaji Foods opened 4% higher on December 7 on the back of strong September quarter results. The company posted a 43.5% year-on-year rise in net profit to Rs 40.92 crore.

The net profit was Rs 28.5 crore in the same quarter last year. The stock was trading at Rs 411.50 at 9:30 am on the National Stock Exchange, up 3.9%. Up 28% since listing. The stock debuted on November 16 at Rs 321 per share.

Revenue for the quarter rose 32% year-on-year to Rs 577 crore. EBITDA margin was 11.4%, compared to 10.6% in the second quarter of fiscal 2022.

It trades at more than 100 times trailing 12 months (TTM) earnings at current market prices. It is more expensive than its larger peers, such as Nestle India and Britannia Industries.