Venky's (India) spurts after Q1 results

Venky's (India) surged 12.85% to Rs 1343.95 at 13:41 IST on the BSE after net profit declined 13.76% to Rs 61.77 crore on 19.81% rise in net sales to Rs 905.3 crore in Q1 June 2019 over Q1 June 2018.

The result was announced during market hours today, 5 August 2019.

Meanwhile, the S&P BSE Sensex was down by 491.46 points or 1.32% at 36,626.76.

On the BSE, 43000 shares were traded in the counter so far compared with average daily volumes of 37000 shares in the past two weeks. The stock had hit a high of Rs 1355 so far during the day. The stock hit a low of Rs 1100 in intraday today, which is also a 52-week low for the counter. The stock hit a 52-week high of Rs 3440 on 6 August 2018.

Profitability during the quarter was lower due to higher input costs, mainly poultry feed ingredients, as compared with Q1 June 2018.

Construction work at solvent extraction plant and vegetable oil refinery in Srirampur, Maharashtra is progressing and the project is on schedule. The project of expansion of specific pathogen free eggs capacity by setting up new production unit at Patan, Maharashtra is in final stage of completion and the first batch of birds are expected to be housed by October 2019, the company said.

Venky's (India) has diversified its activities in poultry sector that includes production of SPF eggs, chicken and eggs processing, broiler and layer breeding, animal health products, poultry feed & equipment, soya bean extract and many more.

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