Avanti Feeds Limited Reports Earnings Results for the First Quarter Ended June 30, 2022
August 10, 2022 at 04:18 am EDT
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Avanti Feeds Limited reported earnings results for the first quarter ended June 30, 2022. For the first quarter, the company reported sales was INR 15,693.05 million compared to INR 14,088.05 million a year ago. Net income was INR 662.65 million compared to INR 729.08 million a year ago. Basic earnings per share from continuing operations was INR 4.86 compared to INR 5.35 a year ago. Diluted earnings per share from continuing operations was INR 4.86 compared to INR 5.35 a year ago.
Avanti Feeds Limited is engaged in manufacturing of shrimp feed. The Company operates through three segments: Shrimp Feed, Windmills, and 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 six shrimp feed manufacturing units and one hatchery. The Companyâs products include raw shrimp, cooked shrimp, and value-added shrimp. Its value-added shrimps include marinated products, breaded products, skewers, and shrimp rings. The Company provides its products to various markets, such as Europe, Japan, Korea, China, Russia, Canada, and the Middle East.