The capital market was last updated at 11:31 IST on December 13, 2021
Venky's (India) shares rose 5.48% to 2735.30 rupees after the company said it was setting up a new veterinary drug product production project in its animal health products division.
To this end, the company acquired 15,030 square meters of land in Satara, Maharashtra. The project is expected to be completed in March 2022 and commercial production will begin in June 2022.
The company stated in an exchange document that the project will focus on the production of veterinary medicine powder (600 tons/year) and veterinary medicine liquid (300 kiloliters/year) to meet the growing demand of the poultry industry.
The total cost of the project is estimated to be 300 million rupees and will be funded by internal accruals.
The proposed plant will be the company's second plant, which will comply with the latest FDA regulations and is expected to meet export demand.
Venky's already has a plant in Pune (Maharashtra) with an annual production capacity of 600 tons, and the capacity utilization rate is 70-80%.
Venky's (India)'s net profit dropped by 15.6% to Rs 3,068 crore, and operating income in the second quarter of FY22 increased by 40.7% to Rs 987.76 crore compared to the second quarter of FY21.
Venky's (India) belongs to the VH Group, which is the largest and most comprehensive poultry company in India. The company's diversified product range includes SPF eggs, chicken and egg processing, broiler and layer breeding, genetic research and poultry disease diagnosis, poultry vaccines and feed additives, vaccine production, biosafety products, poultry feed and equipment, nutritional health products, Soy bean extract, etc.
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(This story has not been edited by Business Standard staff and was automatically generated from the joint feed.)
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