Venky's net profit drops 81 percent in third quarter

Venky's India's third-quarter net profit dropped 81 percent year-on-year, to Rs 2.93 crore (US$593,768), due to over-production and rising input costs, according to the company. In the poultry and poultry products business, profit before interest and tax halved to Rs 8.76 crore (US$1.78 million), while over-production led to 10–15 percent lower realizations for the segment and raw material costs increased by 25 percent. The company's interest costs also more than tripled, to Rs 3.37 crore (US$682,935), as interest rates rose steadily over the year. According to the company, it has seen some pickup in the current January-through-March quarter.