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Oceanic Foods Limited announces H1 FY20 results

Posted On: 2019-11-25 11:20:59

Oceanic Foods Limited (OFL) set up in 1972 at Jamnagar, is India's leading manufacturer& exporter of dehydrated vegetables & herbs. A pioneer in the Dehydration Industry in India, OFL currently has processing capacity of 20 MT Dehydrated Vegetables per day, client including the large MNC's.

Oceanic Foods Ltd has world class manufacturing facilities situated in Jamnagar, Gujarat. OFL has implemented HACCP System Standards, being the 1st Indian company to receive a HACCP Certificate in Dehydration Industry in India. The products are Halal and Kosher Certified. The manufacturing facilities have domestic and international approvals including US FDA, SEDEX (SMETA - Sedex Members Ethical Trade Audit) audit and successfully attained latest quality standard "BRC 8.0 - A Grade" certification.

Highlights of 1H FY20 Results - Strong Performance on all parameters

- Revenue up 21.84% YoY and EBITDA up 15.51% YoY
- EBITDA margin maintained at 8.23%
- PAT at Rs. 1.71 crores, up 22.14% YoY.

Revenue Growth: Total Revenue for the 6 months of H1 FY20 at Rs. 44.35 crores, up 21.84% YoY compared to Rs. 36.40 crores YoY. Domestic sales grew by 23.66 % YoY.

Oceanic Foods Is Now Member in 'Golden Circle' of Nestle India Ltd: It's a moment of Pride that our company Oceanic Foods Ltd, is now a member in 'GOLDEN CIRCLE' of Nestle India Ltd as a valued supply partner.

Successfully attained FSA (Farm Sustainable Assessment) certification - working with dedicated farmers for its sustainable sourcing of raw materials with 100% traceability.

EBIDTA & PAT: EBIDTA reported in H1 FY20 at Rs. 3.65 crores vs EBIDTA of Rs 3.16 crores in the previous corresponding half year, up 15.51 % YoY. PAT for H1 FY20 reported Rs. 1.71 crores, 22.14% up YoY vs Rs.1.40 crores in H1FY19.

Bonus Issue in June, 2019: A Bonus Issue was made in June, 2019 of 2:1, i.e.2 (Two) Bonus Equity Share of Rs. 10/- each fully paid up for every 1 (One) existing equity share of Rs. 10/- each fully paid-up held as on the record date of 28th June,2019. With this the equity share capital of the company increased to Rs.11.25 crore (consisting of 1.125 crore equity shares of Rs.10 each)

Commenting on the results, Mr. Tulan V. Patel, MD & CEO said "Over the last four decades, the company has established strong relationships, both in the domestic and export markets with clients including large Indian and MNCs companies. Catering to the food industry we have always believed in maintaining highest standards of quality and certification. The dehydrated food industry is at its nascent stages in India and offers potential for good growth. To capture the emerging opportunity, we intend to form a 100% wholly owned subsidiary for expansion and adding new business verticals.

We are confident of the way forward and our entire team is committed to consistent growth. We remain confident of the prospects for strong growth and improved profitability for the period ahead. I thank the entire team for their constant efforts, sincerity and enthusiasm. Also, I would like to thank our valued shareholders, who have reposed faith in our Company and supported us in our journey".

Shares of Oceanic Foods Ltd was last trading in BSE at Rs.54.3 as compared to the previous close of Rs. 54.75. The total number of shares traded during the day was 3000 in over 1 trades.

The stock hit an intraday high of Rs. 54.3 and intraday low of 54.3. The net turnover during the day was Rs. 162900.

Source: Equity Bulls

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