Agro Tech Foods Q2 FY24 results: profit falls by 37.87% YOY
Agro Tech Foods Q2 FY24 results: Revenue decreased by 14.96% YoY & profit decreased by 37.87% YoY
Agro Tech Foods, a leading food company, announced its financial results for the second quarter of fiscal year 2024 on 19 Oct, 2023. The company reported a decrease in revenue by 14.96% and a decrease in profit by 37.87% compared to the same quarter last year.
In comparison to the previous quarter, Agro Tech Foods witnessed a growth in revenue by 7.35%, but a significant decrease in profit by 58.81%.
One of the key factors contributing to the decrease in profit was the rise in Selling, General & Administrative expenses, which increased by 25.5% compared to the previous quarter and 18.46% compared to the same quarter last year.
Additionally, the operating income of Agro Tech Foods also saw a decline of 47.67% compared to the previous quarter and 34.08% compared to the same quarter last year.
The earnings per share (EPS) for the second quarter of fiscal year 2024 stood at ₹0.77, showing a decrease of 38.89% compared to the same quarter last year.
In terms of market performance, Agro Tech Foods delivered a return of 2.8% in the last 1 week, 1.2% in the last 6 months, and 0.87% year-to-date (YTD).
As of 22 Oct, 2023, the company has a market capitalization of ₹2050.27 Cr and its 52-week high and low are ₹969.8 and ₹734.8 respectively.
According to the ratings from analysts, out of 1 analyst covering the company, 1 analyst has given a Hold rating.
The consensus recommendation as of 22 Oct, 2023, was to Hold the stock.
Agro Tech Foods Financials
| Period | Q2 FY24 | Q1 FY24 | Q-o-Q Growth | Q2 FY23 | Y-o-Y Growth |
|---|---|---|---|---|---|
| Total Revenue | 201.11 | 187.34 | +7.35% | 236.5 | -14.96% |
| Selling/ General/ Admin Expenses Total | 26.82 | 21.37 | +25.5% | 22.64 | +18.46% |
| Depreciation/ Amortization | 5.34 | 5.23 | +2.1% | 5.56 | -3.96% |
| Total Operating Expense | 197.86 | 181.13 | +9.24% | 231.57 | -14.56% |
| Operating Income | 3.25 | 6.21 | -47.67% | 4.93 | -34.08% |
| Net Income Before Taxes | 2.52 | 6.18 | -59.22% | 4.08 | -38.24% |
| Net Income | 1.87 | 4.54 | -58.81% | 3.01 | -37.87% |
| Diluted Normalized EPS | 0.77 | 1.87 | -58.82% | 1.26 | -38.89% |
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First Published:22 Oct 2023, 02:53 AM IST
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