Venky's spurts on posting Q3 PAT of Rs 106 cr

Venky's (India) jumped 8.37% to Rs 1707 after the company reported a net profit of Rs 106.50 crore in Q3 FY21 compared with net loss of Rs 5.86 crore in Q3 FY20.

Revenue from operations during the quarter rose by 5.85% year-on-year (YoY) to Rs 931.68 crore. On the segmental front, revenue from Poultry and Poultry Products stood at Rs 477.42 crore (up 13.24% YoY), revenue from Animal Health Products stood at Rs 65.61 crore (up 8.59% YoY) and revenue from Oilseeds was at Rs 418.69 crore (down 3.03% YoY) in the third quarter.

Total expense during the December 2020 quarter declined by 11.10% to Rs 798.11 crore, following a significant decline in raw material costs (down 11.31% YoY) and other expenses (down 16.71% YoY).

The company reported a pre-tax profit of Rs 142.55 crore in Q3 December 2020 as against a pre-tax loss of Rs 8.42 crore in Q3 December 2019. Current tax outgo for Q3 FY21 stood at Rs 31.28 crore.

"During the quarter, the poultry and poultry products segment posted higher realizations from the sale of day old chicks and grown up broilers. Maize prices have been steady throughout the quarter and the outlook appears to be stable," the company said in its notes to accounts.

VH group of which Venky's India is subsidiary company is the largest integrated poultry player in India covering entire spectrum of poultry segment from pure line breeding to processed chicken. Over the years, the group has created a strong brand of 'Venky's' and has pan India presence in both the organized and unorganized poultry segments.

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