Venky's (India) rose 5.48% to Rs 2735.30 after the company said it is setting up a new project for manufacturing veterinary medicine products under its animal health product segment.
The company has acquired land admeasuring 15030 square metres at Satara in Maharashtra for this purpose. The project is expected to be completed by March 2022 and the commercial production will commence from June 2022.
In an exchange filing, the company said that this project will focus on manufacturing veterinary medicines powders (600 tonnes/annum) and veterinary medicines liquids (300 kilolitres/annum) to cater the growing demand from poultry industry.
Total cost of the project is estimated at Rs 30 crore, which will be funded from internal accruals.
The proposed plant will be the second one from the company and will be in compliance with the latest FDA regulation and it is also expected to cater export needs.
Venky's already has a plant in Pune (Maharashtra) with a capacity of 600 tonnes/annum and the said capacity is utilized to the extent of 70-80%.
Venky's (India)'s net profit declined 15.6% to Rs 30.68 crore on 40.7% rise in revenue from operations to Rs 987.76 crore in Q2 FY22 over Q2 FY21.
Venky's (India) is a part of the VH group which is the largest and most integrated poultry player in India. The company's diversified product range includes SPF eggs, chicken and eggs processing, broiler and layer breeding, genetic research and poultry diseases diagnostic, poultry vaccines and feed supplements, vaccine production, bio-security products, poultry feed & equipments, nutritional health products, soya bean extract, etc.
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