Venky's India nosedives ~10% on muted Q1FY23 financial performance

5 Aug 2022 , 02:08 PM

Venky’s India Limited announced its results for the quarter ended June 30, 2022.

Company's counter took a plunge as it disclosed single-digit decline in Net profit on a y-o-y and sequential basis.

At around 2.02 PM, Venky's India was trading 10.17% lower at Rs2,154.55 per piece, as against previous close of Rs2,398.50 on the National Stock Exchange. So far, it dipped to a low of Rs2,139.95.

The well-diversified poultry player reported revenue of Rs1,196.44 crore in Q1FY23, up by 10.30% yoy against Rs1,084.68 crore in the previous corresponding quarter.

Venky’s reported a Profit before tax of Rs66.09 crore in Q1FY23, as against Rs74.79 crore in Q1FY22, down by 11.63% on a y-o-y basis.

Its Profit After Tax (PAT) registered a decline of 10.56% yoy at Rs49.28 crore in Q1FY23, as compared to Rs55.10 crore in the quarter ended June 30, 2021.

Company’s Revenue for the period ended March 2022 stood at Rs1,229.35 crore, reflecting a sequential decline of 2.68% QoQ.

Sequentially, PAT declined by 14.10% to Rs57.37 crore in the quarter ended March 2022.

The company stated that the poultry and poultry segment witnessed lower sale realizations from day-old chicks of layer and broiler and grown-up broilers. Further, soaring prices of feed ingredients (maize and soya), resulted in lower profitability.