White Organic Agro Limited (BSE: 513713), is the only listed Company catering to entire organic agro product range with over 250 premium organic products in 12 major categories and 17 sub categories, has announced its audited financial results for the fourth quarter and full year ended March 31st, 2019.
The focus continues to remain on increasing the presence of brand "White Organics" across India and globally, also the self-leased land organic farming activity. The company witnessed superior acceptability and high demand for products and brand "White Organics" enabling us to report excellent growth in the fourth quarter and full year ended 31st March 2019.
Q4 FY19 vs. Q4 FY18 Consolidated Performance Highlights:
- Revenue was at Rs. 90.45 crore in Q4 FY19 as against Rs. 87.61 crore in the Q4 FY18 with a growth of 3%
- EBITDA was at Rs. (9.88) crore in Q4 FY19 as against Rs. 5.85 crore in Q4 FY18, as the Company sold off inventory, which it had built in FY17, at a significant discount before the product expired
- Profit After Minority Interest was at Rs. (10.47) crore in Q4 FY19 as against Rs. 2.92 crore in Q4 FY18
- EPS for Q4 FY 19 at Rs. (2.99)
FY19 Vs. FY18 Consolidated Performance Highlights:
- Revenue was at Rs. 338.02 crore in FY19 as against Rs. 187.92 crore in FY18 with a fantastic growth of 80%, this growth was mainly driven by rise in exports and boost in Rice, Aloe Vera, Moringa and other segments
- EBITDA was at Rs. 6.94 crore in FY19 as against Rs. 13.40 crore in FY18, decline of
51.86%, as the Company sold off inventory, which it had built in FY17, at a significant discount before the product expired, avoiding write-off.
- Profit After Minority Interest was at Rs. 4.97 crore.
- EPS for FY19 at Rs. 1.42
Commenting on the financial results, Mr. Darshak Rupani, Managing Director, White Organic Agro Ltd. said: "In the financial year end 2018-19, our Company registered a good revenue growth of over 80% as compared to same period last year. This was mainly on back of high demand & growing acceptability for organic food particularly in rice, Aloe Vera and Moringa segments. However on account of a onetime expense which we incurred due to selling off a large amount of inventory at a price that was much lower than cost of purchase. We had built this inventory in a particular segment, expecting a good growth opportunity, which unfortunately did not come through and so we sold it as a loss before the product expired, avoiding a write-off.
During the year we have significantly added new business horizon like basmati rice, organic vegetables and variety of other products in our products offerings. Our tie ups with Innovative Cuisine Pvt Ltd. and many other domestic buyers have strengthened as we have increased our supply of products from just single product to multiple products. Our focus remains on increasing our reach and making available products which are preferred by the customers.
We are confident that the efficient execution of our strategy will translate into sustainable and responsible growth. As more and more awareness is created, India will see a strong shift towards organic food with growth driven by acceleration in health consciousness, customer spending and huge opportunity lying within the unexploited organic sector. The Company constantly endeavours to increase leased land under cultivation and strengthen relationships with esteemed clients.
I thank the entire team of 'White Organic Agro' for their untiring efforts, hard work, sincerity and high dedication. Also, I would like to thank our valued Shareholders, whose support and faith in our Company along with their critical inputs has given us the determination and ambition to grow from strength to strength."
Shares of White Organic Agro Ltd was last trading in BSE at Rs.12.98 as compared to the previous close of Rs. 14.8. The total number of shares traded during the day was 378411 in over 1178 trades.
The stock hit an intraday high of Rs. 14.7 and intraday low of 12.3. The net turnover during the day was Rs. 4958244.