Representative image for a poultry firm.
Credit: Reuters Photo
Bengaluru: Venky's India reported a 32.8 per cent 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 per cent to 8.96 billion rupees, however, a near 16 per cent 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 per cent year-on-year.
Revenue from its poultry business rose nearly 5 per cent, while its mainstay oilseed business fell 30 per cent.
The oilseed business, accounting for about 43 per cent 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 per cent after the results. The stock dropped 21 per cent in the March quarter.
($1 = 83.4876 Indian rupees)