Avanti Feeds plunges 15% as Q3 net profit declines 35% YoY to Rs 48 crore

Avanti Feeds plunged over 15 per cent on Wednesday after the company posted weak set of numbers for the quarter ended December 31, 2019. The company reported a 35 per cent decline in its consolidated net profit at Rs 47.85 crore against Rs 73.57 crore profit logged in the corresponding quarter of the previous fiscal. Profit before tax (PBT) declined 36 per cent to Rs 73 crore crore against Rs 114 crore profit in the year-ago period. 

At 09:29 am, the stock was quoting 11 per cent lower at Rs 596 apiece on the BSE against 73-point or 0.18 per cent rise in the S&P BSE Sensex.

Revenue from operations; however, stood at Rs 922.69 crore, up 10.45 per cent year-on-year (YoY). 

Earnings per share (EPS) of the company stood at Rs 3.51 against Rs 5.4 in the year-ago quarter. 

Segment-wise, revenues from shrimp Feed business stood at Rs 657 crore, up 8 per cent against Rs 608 crore in the previous year quarter. Processed Shrimp revenue stood at Rs 265 crore, up 16 per cent YoY while Power segment revenue rose 5.4 per cent YoY at Rs 1.849 million.

In the past one year, shares of the company have outperformed the market by surging 107 per cent against around 10 per cent rise in the Nifty50 index.