Avanti Feeds dips on poor quarterly performance
Avanti feeds reported weak performance for the quarter with marginal revenue growth and poor operational performance.
The total revenue for the quarter rose by 4.2 per cent yoy and 24.7 per cent qoq to Rs. 1,040 crore in Q1FY19 as against Rs. 834 crore in Q1FY18. This was largely due to tepid increase in its core business segment of shrimp feed, which saw a decline in revenue to Rs. 913.15 crore in Q1 FY19 as against Rs. 881.2 crore. in Q1FY18.
The EBITDA for the quarter came to Rs. 132 crore as compared to Rs. 224 crore in Q1FY8. Further, the margins for the quarter also contracted by 980 bps to 12.7 per cent in Q1FY19 as compared to 22.5 per cent in Q1FY18. The sharp contraction in margins was largely due to higher raw material costs by 16.5 per cent yoy and 22.5 per cent qoq to Rs. 827 crore in Q1FY18.
The bottom-line for the quarter declined by 40 per cent yoy to Rs. 90 crore in Q1FY19 as compared to Rs. 149 crore in Q1FY18.
The stock is trading down 7.64 per cent at Rs.499 mark during Tuesday's morning session.