VENKEYS

Aug 8 (Reuters) - Venky's India VENK.NS posted a nearly 79% drop in first-quarter profit on Friday, as its poultry business margins shrank, with over-supply and curtailed demand leading to lower pricing.

The poultry firm reported a net profit of 158.3 million rupees ($1.81 million) in the quarter ended June 30, compared to last year's 751.8 million rupees.

Venky's poultry and poultry products business has been impacted for months by lower market pricing of broiler birds.

Panic selling drove down prices during an April heatwave, over concerns about the birds' mortality rate in hotter conditions, Venky's said in a post-earnings call in May.

Firms such as Venky's are also impacted seasonally, usually during the second and third quarters, when multiple Hindu festivals limit meat and egg consumption, which can lead to a months-long overhang, the company has said.

Revenue in the poultry and polutry products segment fell 7.4%, resulting in a loss of 56.6 million rupees from the category, compared to a year-ago profit of 827.4 million rupees.

Revenue in Venky's second largest oilseed segment grew 33.6%, aided by firmer pricing of soya and decent demand, the company said.

Venky's processes soya to make edible oil, which it sells in bulk to traders, and de-oiled cake, which it sells as poultry feed to manufacturers.

Its overall revenue rose 7.1%, helped by the growth in the oilseeds segment. However, expenses rose more than 19%.

The company is also foraying into ready-mix spice powders, production for which began in the first quarter.

(Reporting by Ananta Agarwal in Bengaluru; Editing by Ronojoy Mazumdar)

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Feb 7 (Reuters) - Venky's India VENK.NS reported a drop in third-quarter revenue on Friday as weakness in its oilseeds segment more than offset upbeat sales in its mainstay poultry business, sending its shares down 5%.

Revenue from operations fell 7.5% to 8.82 billion rupees ($100.87 million) in the October-December quarter. It was hit by a decline in oilseeds revenue to 3.25 billion rupees, from 4.61 billion rupees a year earlier.

The oilseed business, which makes up about 36% of Venky's overall revenue, has been impacted by a fall in prices of edible oil and de-oiled cake, which is used as poultry feed.

After the results, shares of the Pune-based company were trading 4.1% lower at 1829.2 rupees, as of 01:09 p.m. IST, reversing early gains of nearly 4%.

Venky's, however, returned to profit in the third quarter, on lower raw material costs and improvement in sales and pricing in its poultry business.

The company reported third-quarter profit of 203.8 million rupees, compared with a year-ago loss of 79.4 million rupees.

Revenue from the poultry segment rose nearly 12% to 4.91 billion rupees.

Input costs, which include costs of poultry feed ingredients such as soy and maize, fell nearly 17% in the reported quarter.

($1 = 87.4400 Indian rupees)

(Reporting by Ananta Agarwal in Bengaluru; Editing by Rashmi Aich)

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** Shares of Venky's VENK.NS slip 7.8% to 1,742 rupees, their biggest intraday decline since August 2023

** Poultry co's Q2 profit and revenue sink 77% and 15%, respectively, hurt by a 38% decline in its oilseed segment revenue

** VENK sees busiest day in over 2 months, with over 156,000 shares traded

** Stock down 10% YTD vs ~41% slump in peer Ovobel Foods OFOD.BO

(Reporting by Aleef Jahan in Bengaluru)

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BENGALURU, Aug 7 (Reuters) - Venky's India VENK.NS posted a near fourfold jump in first-quarter profit on Wednesday, underpinned by easing input costs and steady sales in its poultry business.

Shares of the Pune-based company climbed 16% after the results were announced.

Profit rose to 751.8 million rupees (nearly $9 million) for the quarter ended June 30, from 194.1 million rupees a year earlier.

Realisations in the poultry segment were higher from sales of day-old chicks and adult broiler birds, which are reared for consumption, the company said in an exchange filing.

The company's input costs, which include costs of poultry feed ingredients such as soy and maize, slumped 33%, pushing overall expenses lower by 25%.

Revenue from operations in its poultry and poultry products business, which contributed about 64% to the total sales, rose nearly 18% year-on-year.

Overall revenue fell 17%, dragged down by a 51% drop in its oilseed segment, which contributed to 29% of the overall topline.

Venky's sells edible oil obtained from processing oilseed such as soy, while the by-product de-oiled cake is sold or used as poultry feed.

The oilseed segment's margins were hit by lower sales and subdued realizations from finished goods, including de-oiled cake and oil, the company said.

($1 = 83.9372 Indian rupees)

(Reporting by Dimpal Gulwani in Bengaluru; Editing by Sherry Jacob-Phillips)

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BENGALURU, May 10 (Reuters) - Venky's India VENK.NS reported a 32.8% 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% to 8.96 billion rupees, however, a near 16% 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% year-on-year.

Revenue from its poultry business rose nearly 5%, while its mainstay oilseed business fell 30%.

The oilseed business, accounting for about 43% 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% after the results. The stock dropped 21% in the March quarter.

($1 = 83.4876 Indian rupees)

(Reporting by Navamya Ganesh Acharya and Ashna Teresa Britto in Bengaluru; Editing by Rashmi Aich)

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** Shares of Venky's (India) VENK.NS up 3% to 1,629.50 rupees

** The poultry firm company said on Tuesday it has begun commercial production at its animal health product unit in the state of Maharashtra

** The unit is set to manufacture veterinary medicine powders at a capacity of 600 tonnes per year and veterinary medicine liquids at a capacity of 300 kilolitres per year, co added

** Stock on track to break three consecutive sessions of losses, if trends hold

** VENK down 16.3% so far this year, compared to a 2.1% gain in 2023

(Reporting by Navamya Ganesh Acharya in Bengaluru)

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** Shares of Venky's (India) VENK.NS fall as much as 7.1% to 1,841 rupees

** Poultry firm swung to loss during Dec-qtr

** VENK set for worst day in six months since Aug. 2023

** Stock on track to snap two-session winning streak

** Trading volume nearly 5x the 30-day moving avg

** Stock rose 2% in 2023 after a 28% slump in 2022

(Reporting by Kashish Tandon in Bengaluru)

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BENGALURU, Feb 1 (Reuters) - India's Godrej Agrovet GODE.NS reported a 21% fall in third-quarter profit on Thursday, hurt by soft demand and inventory destocking.

Consolidated net profit fell to 918.4 million rupees ($11.1 million) for the three months ended Dec. 31 from 1.16 billion rupees a year earlier, the company said in an exchange filing.

The company's overall inventory levels have fallen 15.5% due to the ongoing destocking across the sector, according to analysts. This in turn affected the bottom line of the company.

Total expenses for the quarter rose 0.23%, while total revenue was flat at 23.45 billion rupees.

The animal feed segment, which constitutes more than half of the total revenue, rose 1.5%.

Shares of the company rose 1.9% on Thursday ahead of results.

($1 = 82.9800 Indian rupees)

(Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Sohini Goswami)

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Nov 7 (Reuters) - Venky's (India) Ltd VENK.NS:

• VENKY'S (INDIA) SEPT-QUARTER PROFIT 340.9 MILLION RUPEES VERSUS LOSS 205.6 MILLION RUPEES

• VENKY'S (INDIA) SEPT-QUARTER REVENUE FROM OPERATIONS 9.13 BILLION RUPEES VERSUS 9.59 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: VENK.NS

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By Bharath Rajeswaran

Aug 7 (Reuters) - Venky's (India) VENK.NS reported a more than 60% plunge in its first-quarter profit on Monday, hurt by lower sales realisations at its oilseed and poultry and poultry products businesses in a seasonally lean period.

Shares of the poultry firm, which had risen 18.29% this year by last close after a more than 28% slump in 2022, fell as much as 13.28% as of 1:02 p.m. IST.

The Pune-headquartered company, one of India's largest poultry firms, said profit came in at 194.1 million rupees ($2.35 million) for the June quarter, compared with 492.8 million rupees in the year-earlier period.

Total revenue from operations dropped 18.39% to 9.76 billion rupees, dragged down by a 30% slump in biggest earner oilseed segment, while the poultry business, which accounts for 43% of total sales, saw a 6.4% decline.

Lower realisations, or earnings per sales volume unit, from de-oiled cake and oil negated the benefits from lower soyabean and maize costs amid higher supplies.

"Profit margins of the poultry and poultry products segment have been affected due to lower realisations from sale of day-old chicks and grown-up birds," the company said in a statement.

Its earnings before interest, taxes, depreciation and amortisation (EBITDA) margins contracted to 3.17% from 5.96%, according to Reuters calculations.

High production of eggs is a challenge for the sector, analysts said, adding that a fall in output will improve realisations and profitability.

($1 = 82.7110 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Subhranshu Sahu)

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By Biplob Kumar Das

BENGALURU, Aug 1 (Reuters) - India's Godrej Agrovet Ltd GODE.NS reported a 27.3% rise in first-quarter profit on Tuesday, aided by lower costs and growth in its animal feed and crop protection businesses.

The company's consolidated net profit rose to 1.05 billion rupees ($12.8 million) in April-June, from 827.1 million rupees a year ago.

The easing in retail food inflation in the quarter and demand recovery in the agriculture sector aided profitability as raw material costs cooled off.

Godrej Agrovet's input costs fell 5% year-on-year, while total expenses reduced by 0.6%. This helped offset total revenue staying flat at 25.10 billion rupees.

Profit before interest and tax at the company's animal feed business more than doubled in the quarter, while profit at its crop protection business grew 78.5%.

While the animal feed business accounts for about half of total revenue, the crop protection business is a bigger profit contributor, at roughly 41%.

Its smallest business by either measure is vegetable oils, where profit slumped 67% in the quarter as a correction in selling prices more than offset higher sales volumes, the Godrej Group-owned firm said in a statement.

Shares of the company, which competes with Venky's (India) VENK.NS and Kaveri Seed KVRI.NS among others, rose 0.4% on Tuesday.

They rose nearly 10% from April to June, sandwiched between Venky's 18% increase and Kaveri Seed's 6.7% gain.

($1 = 82.2230 Indian rupees)

(Reporting by Biplob Kumar Das in Bengaluru; Editing by Savio D'Souza)

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May 10 (Reuters) - Venky's (India) Ltd VENK.NS:

• VENKY'S (INDIA) MARCH-QUARTER PROFIT 252.3 MILLION RUPEES VERSUS PROFIT 573.7 MILLION RUPEES YEAR AGO

• VENKY'S (INDIA) MARCH-QUARTER REVENUE FROM OPERATIONS 10.42 BILLION RUPEES VERSUS 12.29 BILLION RUPEES YEAR AGO

• VENKY'S (INDIA) - DIVIDEND 6 RUPEES PER SHARE

Further company coverage: VENK.NS

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BENGALURU, May 9 (Reuters) - India's Godrej Agrovet Ltd GODE.NS reported a 74.6% fall in quarterly profit on Tuesday, hurt by higher costs and weakness in its vegetable oil and crop protection business.

Consolidated net profit at the company, which competes with Venky's (India) VENK.NS and Kaveri Seed KVRI.NS among others, fell to 310.2 million rupees ($3.79 million) in the seasonally weak fourth quarter ended March 31, from 1.22 billion rupees a year ago.

Companies like Godrej Agrovet, which sell animal-feed to poultry farmers and produce crude palm oil, have seen their profit squeezed due to higher inventory costs. Some analysts have also warned that rising concerns tied to the El-Niño weather pattern could hurt them.

Finance costs at the Godrej Group-owned company rose about 50%, while total revenue from operations rose at a meager 0.7%. It saw a 22.8% sales drop in its vegetable oil arm and 31.4% decline in its crop protection business. Sales at its mainstay animal-feed arm rose 10.2%.

Shares of the Temasek-backed firm have fallen ~6% this year as of today's close.

($1 = 81.7800 Indian rupees)

(Reporting by Biplob Kumar Das in Bengaluru)

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