New Delhi, Nov 15 (PTI) Dairy firm Kwality today posted a 50 per cent drop in its standalone net profit at Rs 21 crore for the quarter ending September compared to Rs 42.07 crore in the same period of last year.
Total income increased to Rs 1,673.30 crore in July- September period of 2017-18 fiscal from Rs 1,546.49 crore in the year-ago.
However, expenses remained higher at Rs 1,639.07 crore in the second of this fiscal as against Rs 1,478.58 crore in the same period last year.
Commenting on the performance, Kwality Ltd President and Head of Business Transformation Nawal Sharma said the company has received good response to a recently launched value-added product range.
The company is excited about the opportunities in this space and will in due course further expand the range, he said, adding that the Kwality’s business is in a transformational stage from a B2B to a B2C company.
Kwality has six plants with milk processing capacity of 3.4 million litres per day. The company sells milk and other dairy products under ‘Dairy Best’ brand.
Shares of the company fell by 0.05 per cent to settle at Rs 101.50 apiece on the BSE today.
This is published unedited from the PTI feed.