Agro Tech Foods Q4 net up 6% to Rs 13.88 crore

The company had posted a net profit of Rs 13.06 crore in the same quarter last year

Agro Tech Foods today reported a little over six% jump in its standalone net profit to Rs 13.88 crore during the quarter ended March 31, 2013.

The Secunderabad-based company had posted a net profit of Rs 13.06 crore in the same quarter last year, it said in a filing to the BSE.

The company's net income, however, declined to Rs 205.15 crore during the fourth quarter of fiscal 2012-13, as compared to Rs 220.46 crore in the year-ago period.

The company said its Board had approved the buy back of 10 lakh fully paid equity shares from shareholders through a tender offer on a proportionate basis on April 24.

Shareholders will be paid in cash Rs 520 for each share worth Rs 10 apiece.

Upto Rs 52 crore will be spent for this purpose, which is less than 25% of the aggregate of total paid capital and free reserves of the company audited till March 31, this year, the company said.

It said the buy back will be implemented with the approval of shareholders by way of special resolution through postal ballot.

The company has a dominant market share in the premium refined oil segment. It shares were trading down by 1.63% at Rs 517.55 at 1330 hours on the BSE.