By K Ashwin Mobile: 09920183006 Email: firstname.lastname@example.org
Mishtann Foods Limited (MFL), one of the leading agro-product companies with primary focus on Basmati rice, has announced its unaudited financial results for the first quarter of FY2020 ended on June 30, 2019.
For Q1 FY2020, MFL reported total revenue of INR 125.93 crore, as against total revenue of INR 130.00 crore reported in Q1 of FY2019 and INR 123.66 crore reported in Q4 FY2019. The company’s net profit for Q1 FY2020 at INR 3.14 crore was up by 22.1% y-o-y.
Ahmedabad based, 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% to the total revenue, followed by wheat and pulses contributing 2.29% and 1.97% respectively. MFL’s Basmati rice sales volume stood at 14624 MT as against volume of 14704 MT achieved in Q1FY19. The sales realisation for basmati rice for Q1FY20 was INR 82.43 per kg as against INR 88 per kg in Q1FY2019. The sales realisation for wheat for Q1FY2020 was INR 20.27 per kg as against INR 21.24 per kg in Q1FY2019. The sales realisation for pulses for Q1FY2020 was INR 48.78 per kg as against INR 65.27 per kg in Q1FY2019. The overall sales realisation for Q1FY2020 was INR 76.05 per kg as against INR 87.73 per kg in Q1FY2019.
Commenting on the financial performance, Mr. 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.”