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Waterbase posts loss in Q4

Waterbase, a leading manufacturer of high quality shrimp feed in India, has posted a net loss of Rs 1.34 crore for the quarter ended March 31, 2016 as against Rs 3.94 crore in the corresponding quarter of the previous year.

The company’s revenue has grown by 32.8 per cent at Rs 64.3 crore in Q4FY16. Its EBITDA has also posted loss of Rs 1.26 crore as compared to operating profit of Rs 4.5 crore in the corresponding quarter of the previous year.

For the entire period of FY16, it has reported 96.5 per cent de-growth in net profit of Rs 0.68 crore as against of Rs 19.51 crore in FY15. Its revenue has  grown by 14.8 per cent at Rs 318.63 crore. Its consolidated operating profit (EBITDA) has de-grown by 27.5 per cent at Rs 23.84 crore along with operating profit margin contracting by 437 bps at 7.48 per cent.

The company argued against poor results in FY16 in its press release that the results were attributed to one-time expenses incurred due to flooding of factory premises and settlement of Canara bank's dues.

The unprecedented flooding in November/December 2015 resulted in waterlogging in the factory premises which caused extensive damage to stock and assets. A claim of Rs 19.08 crore was lodged with the insurance company which includes a claim of Rs 17.46 crore towards stock damaged and is shown under “Extraordinary items”.

When asked about future plans, Mr Ramakanth Akula, CEO said, “the expansion of our distribution network has progressed well during the year. Our entry into new markets like Gujarat and West Bengal has met with favourable response”.

Currently, stock is trading lower by Rs 1.95 or 2.58 per cent at Rs 73.60 per share.

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