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Gujarat Ambuja Exports gains on robust Q2 performance

Capital Market 

Gujarat Ambuja Exports rose 1.59% to Rs 124.25 after the company's consolidated net profit soared 400.34% to Rs 72.80 crore on 8.90% rise in revenue from operations to Rs 989.29 crore in Q2 September 2020 over Q2 September 2019.

Profit before tax (PBT) surged 436.98% to Rs 93.06 crore in Q2 September 2020 as against Rs 17.33 crore in Q2 September 2019. Total tax expense for the quarter surged 628.77% at Rs 20.26 crore as against Rs 2.78 crore in Q2 September 2019. The Q2 result was declared during market hours today, 20 October 2020.

Meanwhile, the board of directors have approved the scheme of amalgamation of Mohit Agro Commodities Processing, a wholly-owned subsidiary of the company, with Gujarat Ambuja Exports.

Further, Mehul Shah has been appointed as the chief financial officer (CFO) and key managerial personnel (KMP) of the company with effect from 20 October 2020. Shah will replace Dinesh Shah who is retiring from the same position of the company.

Gujarat Ambuja Exports is principally involved in the agro-processing business with dominance in maize products and edible oils. It competes in the domestic and global markets and caters to food, pharmaceutical and feed industry.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, October 20 2020. 15:50 IST