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Ahmedabad’s Mishtann Foods’ PAT for Q1FY’20 up 22.1% to Rs 3.14 crore
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Saturday, 17 August, 2019, 12 : 00 PM [IST]
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Our Bureau, Mumbai
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Mishtann Foods Limited (MFL), the Ahmedabad-based agro-product company with primary focus on basmati rice, has announced its unaudited financial results for the first quarter of FY2020 ended on June 30, 2019. Its net profit for Q1 FY2020 at Rs 3.14 crore was up by 22.1 per cent y-o-y (year-on-year). For Q1 FY2020, the company reported total revenue of Rs 125.93 crore, as against total revenue of Rs 130 crore reported in Q1 of FY2019 and Rs 123.66 crore reported in Q4 FY2019.
MFL is one of the fastest-growing branded basmati rice companies with strong established relationships with farmers, suppliers and customers. During Q1FY20, Basmati rice contributed 95.74 per cent to the total revenue, followed by wheat and pulses contributing 2.29 per cent and 1.97 per cent, respectively.
Basmati rice sales volume stood at 14,624 MT as against volume of 14,704 MT achieved in Q1FY19. The sales realisation for basmati rice for Q1FY20 was Rs 82.43 per kg, as against Rs 88 per kg in Q1FY2019.
The sales realisation for wheat for Q1FY2020 was Rs 20.27 per kg, as against Rs 21.24 per kg in Q1FY2019. The sales realisation for pulses for Q1FY2020 was Rs 48.78 per kg as against Rs 65.27 per kg in Q1FY2019. The overall sales realisation for Q1FY2020 was Rs 76.05 per kg as against Rs 87.73 per kg in Q1FY2019.
Commenting on the financial performance, Hitesh Patel, managing director, Mishtann Foods Limited, said, “We are happy to report robust profitability growth for Q1FY20.”
“We continue to focus on transforming our business, emerging as a growing global branded rice company. We are now pursuing strategies that involve greater differentiation and allow us to create sustainable value for all our stakeholders,” he added.
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