Moneycontrol PRO
HomeNewsBusinessEarningsPoultry firm Venky's India Q4 profit rises on steady demand, easing costs

Poultry firm Venky's India Q4 profit rises on steady demand, easing costs

The Pune-based poultry company's profit rose to 335.1 million rupees ($4 million) in the quarter ended March 31, from 252.3 million rupees a year ago, it said in an exchange filing

May 10, 2024 / 17:02 IST
Poultry firm Venky's India Q4 profit rises on steady demand, easing costs

Poultry firm Venky's India Q4 profit rises on steady demand, easing costs

Venky's India VENK.NS reported a 32.8% jump in its fourth-quarter profit on Friday, benefiting from strong demand in its poultry products business amid easing costs.

The Pune-based poultry company's profit rose to 335.1 million rupees ($4 million) in the quarter ended March 31, from 252.3 million rupees a year ago, it said in an exchange filing.

Venky's poultry and poultry-product business involves the production and sale of day-old chicks, and adult broiler birds reared for consumption.

Its revenue from operations fell 14.1% to 8.96 billion rupees, however, a near 16% drop in its total expenses helped in pushing up the margins.

Its input costs, consisting of poultry feed ingredients, broiler chicks and eggs, fell 22.2% year-on-year.

Revenue from its poultry business rose nearly 5%, while its mainstay oilseed business fell 30%.

The oilseed business, accounting for about 43% of Venky's total revenue, was impacted due to "unfavourable market conditions".

Venky's recommended a dividend of 7 rupees per share for fiscal year 2024, subject to shareholders' approval.

Shares in the poultry firm rose as much as 8% after the results. The stock dropped 21% in the March quarter.

Reuters
first published: May 10, 2024 05:02 pm

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Subscribe to Tech Newsletters

  • On Saturdays

    Find the best of Al News in one place, specially curated for you every weekend.

  • Daily-Weekdays

    Stay on top of the latest tech trends and biggest startup news.

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347