Lower sales hit Venky’s latest quarterly results

Year-on-year, sales by Venky’s of day-old chicks and chickens were lower.

Broiler
ligora I iStock.com

For Venky’s India, results for the first quarter of the current fiscal year reveal falls in sales, revenue and profit.

For the three months ending June 30, 2023, overall sales totaled more than 9.764 billion rupees (INR; US$117.8 million), according to MarketScreener. This is a drop of more than 18% from the INR11.964 billion reported for the same period of last year.

Overall revenue for the group was down from INR12.046 billion a year ago to INR9.856 billion for the quarter just ended. Meanwhile, net income figures are reported as INR493 million and INR194 million, respectively.

Meanwhile, net income for the latest quarter was just over INR194 million. At the same point of last year, the same metric was reported at almost INR493 million.

Year-on-year, sales by Venky’s of day-old chicks and chickens were lower, reported Economic Times. The group’s oilseed business also recorded a contraction in sales for the quarter compared with the previous year.

However, a third business segment turned in improved performance. Revenue from the animal health products segment was up by over INR112 million at almost INR793 million.

The same source reported the group‚Äôs overall profit after tax of INR194 million. This equates to a 60% fall from the INR483 million reported by the company for the same period of last year. 

More on Venky’s

With annual slaughterings of 80 million birds, Venky‚Äôs is among the 40 largest chicken producers in Asia, according to WATTPoultry.com‚Äôs Top Poultry Companies survey. This source puts it as the second biggest company in this sector in India.

Part of the VH Group established in 1971, main business segment for Venky‚Äôs India Ltd.is poultry and poultry products. With its headquarters in Pune, this comprises the production and sale of day-old broiler and layer chicks, specific pathogen-free eggs, processed chicken products, and poultry feed. The same source reports it has production facilities in India, Bangladesh, Vietnam, and Switzerland, as well as offices throughout the world.

Also under the Venky's umbrella are the following operations: Venkateshwara Research and Breeding Farm, Venkateshwara Hatcheries, Venco Research and Breeding Farm, Eastern Hatcheries, Uttara Impex, Venkateshwara BVBiocorp Pvt. Ltd., and farm equipment division, Bala Industries and Entertainment Pvt. Ltd.  

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