Avanti Feeds sinks after Q3 profit slumps 35% YoY

Shares of Avanti Feeds slumped 12.48% to Rs 585 after consolidated net profit tanked 34.9% to Rs 47.85 crore in Q3 December 2019 (Q3 FY20) as against Rs 73.55 crore reported in Q3 December 2018 (Q3 FY19).

Net sales rose 10.5% year-on-year (YoY) to Rs 922.69 crore in Q3 FY20. The result was announced after trading hours yesterday, 4 February 2020.

Profit before tax dropped 36% to Rs 73.05 crore in Q3 FY20 as compared to Rs 114.19 crore Q3 FY19. Current tax expenses fell 55% to Rs 15.70 crore in Q3 FY20 as against Rs 34.86 crore in Q3 FY19.

Segment-wise, revenues from shrimp feed business stood at Rs 657.49 crore, up 8.21% against Rs 607.63 crore in the previous year quarter. Processed shrimp revenue stood at Rs 265.02 crore, up 16% YoY while Power segment revenue rose 5.8% YoY at Rs 0.18 crore.

Avanti Feeds is a manufacturer of prawn and fish feeds, and shrimp processor and exporter. The company's principal products/services are shrimp feed and processed shrimp. Its segments are shrimp feed and wind mills. It manufactures shrimp feed and markets it to farmers, which is used in aqua culture to grow shrimp.

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