Avanti Feeds (512573) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 consolidated income rose to INR 1,405 crore, up 9.17% year-over-year, with PBT at INR 184 crore, up 59% year-over-year and 14% sequentially; PAT increased 69% to ₹1,408 million, reflecting strong operational performance.

• Nine-month FY25 consolidated income reached INR 4,343 crore, with PBT at INR 526 crore, driven by higher revenue, lower raw material costs, and improved overhead absorption.

• Shrimp feed segment drove growth with a 14% YoY volume increase in Q3FY25, while processed shrimp revenues remained flat due to offsetting higher prices and FX gains.

• Pet food business launched with cat food in five cities; dog food to follow, and a new plant is planned for Hyderabad by December 2026.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2024, were approved by the Board on February 10, 2025.

Financial highlights

• Q3FY25 consolidated revenue was ₹136,576.81 lakhs, up from ₹125,323.44 lakhs year-over-year, with EBITDA margin improving by 417 bps YoY to 14.6%.

• Q3FY25 PAT margin rose by 366 bps to 10.3%, and EPS jumped 87% YoY to ₹10 per share.

• Feed division Q3 FY25 gross income was INR 1,077 crore, up 12% year-over-year but down 3.7% sequentially; PBT rose 180% year-over-year to INR 166 crore.

• Shrimp processing Q3 FY25 gross income was INR 328 crore, flat year-over-year, but up 15% sequentially; PBT declined to INR 18 crore from INR 40 crore year-over-year due to higher costs.

• Standalone net profit for the quarter was ₹12,711.17 lakhs, compared to ₹5,684.80 lakhs in the same quarter last year.

Outlook and guidance

• Expecting stable to slightly higher shrimp production in 2025, with a projected 5% increase over last year.

• The fisheries sector received a 3.3% higher budget allocation for FY25-26, supporting sustainable growth and competitiveness.

• Pet food plant in Hyderabad targeted for completion and production by December 2026.

• Feed export volumes targeted to rise from 1-2% to 10% of total feed sales over five years.