Avanti Feeds Limited Reports Earnings Results for the Fourth Quarter and Full Year Ended March 31, 2023
May 24, 2023 at 03:19 am EDT
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Avanti Feeds Limited reported earnings results for the fourth quarter and full year ended March 31, 2023. For the fourth quarter, the company reported sales was INR 10,930.03 million compared to INR 13,322.36 million a year ago. Revenue was INR 11,170.49 million compared to INR 13,484.7 million a year ago. Net income was INR 933.42 million compared to INR 843.55 million a year ago. Basic earnings per share from continuing operations was INR 6.85 compared to INR 6.19 a year ago. Diluted earnings per share from continuing operations was INR 6.85 compared to INR 6.19 a year ago.
For the full year, sales was INR 50,869.86 million compared to INR 50,359.57 million a year ago. Revenue was INR 51,790.03 million compared to INR 51,176.29 million a year ago. Net income was INR 2,786.72 million compared to INR 2,215.74 million a year ago. Basic earnings per share from continuing operations was INR 20.45 compared to INR 16.26 a year ago. Diluted earnings per share from continuing operations was INR 20.45 compared to INR 16.26 a year ago.
Avanti Feeds Limited is an integrated seafood company. Its segments include Shrimp Feed, Processed Shrimp, Power, and Shrimp Hatchery. The shrimp feed is manufactured and marketed to farmers, which is used in aqua culture to grow shrimp. The shrimps are purchased from the farmers and are further processed and exported to various countries. It has installed over four mills of over 3.2 megawatts capacity at Chitradurga, Karnataka. The power generated from windmills is sold to Bangalore Electricity Supply Company Limited (BESCOM) under a power purchase agreement. It has five shrimp feed manufacturing units, two shrimp processing units, a hatchery to produce shrimp larvae and a shrimp culture farm. Its products include raw shrimp, cooked shrimp, and value-added shrimp. Its value-added shrimps include marinated products, breaded products, skewers, and shrimp rings. It provides its products to various markets, such as Europe, Japan, Korea, China, Russia, Canada, and the Middle East.