Ajooni Biotech announces Q1FY22 results; board approves Rights issue
Punjab-based Ajooni Biotech, which is into the production of animal feed, has announced results for the quarter ended June 30, 2021. The results show that the company’s total income increased from Rs 9.8 crore in the first quarter of FY21 to Rs 15.85 crore for the quarter ending June 2021, showing a growth of 61 per cent on a yearly basis. Profit after tax in the same period increased from Rs 0.3 crore in Q1FY21 to Rs 0.31 crore in Q1FY22. Although on yearly basis, the growth in the bottomline does not look impressive while on a sequential basis, it was a turnaround story. From a loss of Rs 0.4 crore, it posted a profit of Rs 0.31 crore.
In the board meeting held on August 2, 2021, the board considered & approved the offer and issue of fully paid-up equity shares of the company, on a rights issue to existing eligible equity shareholders of the company as on record date for an amount not exceeding Rs 30 crore. The board has constituted and authorised rights issue committee to decide terms, record date, entitlement ratio, and other related matters.
The above development comes after Ajooni Biotech Ltd had announced earlier that its agreement with IFFCO Kisan, an organisation committed to enriching farmer life and a sustainable eco system had started showing results with their combined efforts of marketing & supply of BIS mark cattle feed for the state of Punjab, Haryana, Rajasthan, Himachal Pradesh, Jammu & Kashmir, and western UP.
The company's objective is the optimisation of productivity, the satisfaction of all nutritional needs of animals, and achievement of the best balance in their diet. Ajooni's experts share their expertise and several years of experience, propose a programme of diet, and give the best recommendation for optimal growth as well as for the progress of the livestock.
Ajooni Biotech has a long-term business plan to expand its facilities to produce feeds for camel, poultry, aqua, horse, and sheep/goat.
The company’s priorities include quality, safety, innovations in the production process along with providing excellent services to customers.