Venky's India Reports 79% Slump in Quarterly Profit as Poultry Business Shrinks
Venky's India 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...
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