Avanti Feeds, a leading player in the seafood industry, has announced its financial results for the fourth quarter of the fiscal year 2022-2023. The company reported a consolidated net profit of Rs 93.34 crore, reflecting a growth of 10.65% compared to the net profit of Rs 84.35 crore recorded in the corresponding period of the previous year.
However, the revenue from operations stood at Rs 1,093 crore, representing a decline of 18% from Rs 1,332 crore in the fourth quarter of the previous fiscal year. This decrease in revenue can be attributed to various factors affecting the seafood industry during the period.
Despite the decline in revenue, Avanti Feeds managed to improve its net profit, indicating the company’s efficiency in managing costs and optimizing its operations. The company’s management deserves credit for achieving a growth in net profit amidst challenging market conditions.
Additionally, the company declared a dividend of Rs 6.25 per equity share of the face value of Re 1 each fully paid up. This dividend payout reflects the company’s commitment to providing returns to its shareholders and underlines its strong financial position.
In terms of leadership, Avanti Feeds announced the re-appointment of Sri Jasthi Venkata Ramudu as an Independent Director for a consecutive term of five years.
This decision was made based on the recommendation of the Nomination and Remuneration Committee and is subject to the approval of the members at the upcoming Annual General Meeting.
Sri Jasthi Venkata Ramudu’s expertise and contribution to the company’s growth have been recognized, and his continued presence on the board will bring stability and guidance.
Furthermore, Avanti Feeds made an acquisition earlier in the year by acquiring 100% of Srivathsa Power Projects. This acquisition involved a 17.2-megawatt natural gas-based power plant located in Andhra Pradesh. This strategic move aligns with Avanti Feeds’ vision of expanding its operations and diversifying its business portfolio.
On the stock market front, Avanti Feeds’ shares were trading approximately 1.5% higher at Rs 378.05 per share on the BSE at the time of writing this report. This positive market response suggests that investors have recognized the company’s strong financial performance and growth potential.
In conclusion, Avanti Feeds has delivered commendable results in the fourth quarter of the fiscal year 2022-2023. Despite a decline in revenue, the company managed to achieve a growth in net profit, demonstrating its ability to navigate challenges in the seafood industry.
The dividend declaration and the re-appointment of Sri Jasthi Venkata Ramudu further enhance investor confidence. With its recent acquisition and positive market sentiment, Avanti Feeds remains poised for continued success in the future.
