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Mishtann Foods Reports 110% Increase in FY2019 PAT at INR 11.8 Crore

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(Eds: Disclaimer: The following press release comes to you under an arrangement with PR Newswire. PTI takes no editorial responsibility for the same.) AHMEDABAD, India, May 8, 2019/PRNewswire/ -- Total revenue for FY2019 at INR 481.8 crore, up by 24% Mishtann Foods Limited (MFL), one of the leading agro-product companies with primary focus on Basmati rice, has announced its audited financial results for the fourth quarter and twelve months ended on March 31, 2019. The Board of Directors recommended final dividend of Rs. 0.002/- per equity share of face value of INR 1 each, which is subject to approval by shareholders of the Company. For Q4 FY2019, MFL reported total revenue of INR 123.66 crore, as against total revenue of INR 134.2 crore reported in Q4 of FY2018 and INR 119.6 crore reported in Q3 FY2019. The company's net profit for Q4 FY2019 at INR 3.4 crore was up by 192% y-o-y and was up 16% q-o-q. For FY 2019, MFL's total revenue at INR 481.8 crore was up by 24% over FY 2018 revenue. Net profit for FY 2019 at INR 11.8 crore was up by 110% over the net profit of INR 5.61 crore reported during FY 2018. Ahmedabad based, MFL is one of the fastest growing branded Basmati rice companies with strong established relationship with farmers, suppliers and customers. During FY 2019, Basmati rice contributed 95% to the total revenue, followed by wheat and pulses contributing 1% and 4% respectively. MFL's Basmati rice sales volume for the year was 55,596 MT as against volume of 38,742 MT achieved in FY 2018. The sales realisation for basmati rice for FY 2019 was INR 82.65 per kg as against INR 85.76 per kg in FY 2018. The sales realisation for wheat for FY 2019 was INR 21.12 per kg as against INR 22.33 per kg in FY 2018. The sales realisation for pulses for FY 2019 was INR 75.07 per kg as against INR 69.85 per kg in FY 2018. The overall sales realisation for FY2019 was INR 80 per kg as against INR 67.45 per kg in FY2018. Commenting on the financial performance, Mr. Hitesh Patel, Managing Director, Mishtann Foods Limited, said, "We are happy to report robust revenue and profitability growth for FY 2019. This shows increasing acceptability and the popularity of Mishtann brand of Basmati rice. Our wider offering within Basmati segment has found great resonance with the end-users as well through our penetration in modern retail. We are working towards further increasing our market penetration by intensifying our marketing efforts." About Mishtann Foods Limited: Mishtann Foods (BSE: 539594) is India's leading agro-product company with primary focus on Mishtann brand of Basmati rice. The company also has presence in Wheat and Dal segment. MFL's 100,000 metric tonne per annum rice processing facility is strategically located at Himatnagar in Gujarat, in a close proximity to port giving the company cost advantage for the export market. Mishtann's wider portfolio of Basmati rice include Raw, Sella and Steam that cater to wider customer segment in wholesale as well as retail. For more information, please visit DISCLAIMER: The data mentioned in the press release are provided for general information purpose only. The information contained in the press release is accurate only as of the date it was originally issued. The figures mentioned in the data are rounded off. Mishtann Food Limited strictly denies the responsibilities of any obligation to update the information contained in such press releases after the date of their issuance. Source: Mishtann Foods Limited PWR PWR

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