Stock Report

White Organic Agro Limited announces Q2FY22 results

Posted On : 2021-11-15 09:21:11( TIMEZONE : IST )

White Organic Agro Limited (BSE: 513713) has announced its unaudited financial results for the second quarter and half year ended September 30th, 2021.

The focus continues to remain on organic farming distribution and Retail of variety of products across different parts of Maharashtra and Gujarat. We witnessed superior acceptability and high demand for products and brand 'White Organics' enabling us to report excellent growth in the First quarter ended 30th June, 2021.

Revenue was at Rs. 36.68 crore in Q2FY21 as against Rs. 19.02 crore in the Q2FY20 with a growth of 92.84%

Profit Before Tax was at Rs. 4.18 crore in Q2FY21 as against Rs. 0.54 crore in Q2FY20 with a growth of 675 % in the Profits.

EPS for Q2FY21 at Rs. 1.09 (Annualized EPS : Rs. 4.36) in Q2FY21 as against Rs. 0.12 in Q2FY20with a growth of 800%.

Revenue was at Rs. 55.94 crore in H1FY21 as against Rs. 35.12 crore in the H1FY20 with a growth of 59.28%

Profit Before Tax was at Rs. 6.62 crore in H1FY21 as against Rs. 2.02 crore in H1FY20 with a growth of 227 % in the Profits.

Commenting on the financial results, Mr. Darshak Rupani, Managing Director, White Organic Agro Ltd. said: "In the quarter ended 30th September, 2021, our company registered a good revenue growth of over 93 % as compared to same period last year.

In the half year ended 30th September, 2021, our company registered a exponential growth of 59% as compared to the same period last year.

During the quarter ended September 30th 2021, the company has received from "Suumaya Retail Limited" by disinvesting a controlling stake of 55.01% in White Organic Retail Limited (subsidiary) for a sale consideration of Rs. 18.90 crores. This involved sale of 60,00,000 shares of the said subsidiary at a per share price of Rs. 31.50. The share consideration has been allocated on a provisional basis as permitted under IND AS 103. The presented adjustments are subject to revision until the provisional accounting has been finalised.

This business growth in the said quarter was mainly on back of high demand & growing acceptability for organic food particularly in rice, Pulses and Retail / distribution / trading of all other products mainly in the states of Gujarat and maharashtra, India.

I once again thank the entire team of 'White Organics' 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. 8.09 as compared to the previous close of Rs. 8.03. The total number of shares traded during the day was 46204 in over 159 trades.

The stock hit an intraday high of Rs. 8.29 and intraday low of 7.92. The net turnover during the day was Rs. 374914.00.