Apex Frozen Foods rose 1% to Rs 290.7 after the company reported 1.93% increase in net profit to Rs 8.46 crore in Q1 June 2020 compared with Rs 8.3 crore in Q1 June 2019.
Net sales fell 1.6% to Rs 218.25 crore in Q1 June 2020 over Q1 June 2019. Profit before tax was almost flat at Rs 11.64 crore in quarter ending June 2020 compared with the same period last year. Total tax expense declined 4% to Rs 317.14 crore during the period under review. The result was announced during market hours today, 28 August 2020.Apex Frozen said the impact of COVID-19 pandemic was minimal on the revenue of the company during the quarter ended 30 June 2020. However, due to the higher cost of processing due to the scarcity of workers along with increased finance costs for the carrying of inventory had an impact on the profitability. Despite the sales to customers getting effected due to the logistical issues, the company continued to source the raw material from the farmers, which helped them with their harvests during their panic times in lockdown period. This resulted in higher inventory.
Apex Frozen Foods is one of the integrated producers and exporters of shelf stable quality aquaculture products.
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