Agro Tech Foods Ltd Quarterly net profit marginally up at Rs.2.5 Crores

Agro Tech Foods Ltd has announced the UnAudited Financial Results for the quarter ended June 30, 2007.

The Company has posted a profit after taxes of Rs.25 million for the quarter ended June 30, 2007 where as the same was at Rs.21 million for the quarter ended June 30, 2006. Total Income is Rs.2533 million for the quarter ended June 30, 2007 where as the same was at Rs.2454 million for the quarter ended June 30, 2006.

The company reported an Earnings Per Share (EPS) of Rs.1.03 for Quarter ended June 30, 2007 compared to Rs.0.88 reported during Quarter ended June 30, 2006.

As a result of continuation of the strategy to de-risk the business, turnover of the quarter of the Sourcing and Institutional business has declined by 15% while turnover of the Branded business has grown by 23%. As a result the composite impact is a growth in turnover of 3%.

During the current quarter, the Income Tax Appellate Tribunal ("ITAT"), Hyderabad has allowed the appeal flied by the Company against the demand of Rs 128.70 million raised by the Income tax authorities relating to Income tax on sale of Mantralyam Undertaking for the Assessment Year 1997-98, Pending the consequential orders by the assessing officer giving effect to the ITAT order, the above results do not consider the impact arising on account of interest on amounts paid in advance against the demand.

Source : Equity Bulls

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