Avanti Feeds announced that the 28th Annual General Meeting (AGM) of the company will be held on 14 August 2021.

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Shares of Avanti Feeds declined 2.35% to Rs 529.50 after the company informed that certain consignments of shrimps shipped to USA were potentially contaminated for containing salmonella.

Avanti Frozen Foods (AFFPL) is a subsidiary of Avanti Feeds, engaged in processing and exports of shrimps to USA, Europe and other countries.

AFFPL was informed by CDC (Centre for Disease Control, US Government) and U.S. Food and Drug Administration (USFDA) that some of the cooked shrimp products supplied by AFFPL are identified as potential for contamination for containing salmonella in those products.

USFDA advised AFFPL to voluntarily recall the identified products processed by AFFPL between 23 October 2020 and 09 November 2020 (about 18 days) which correspond to range of products imported and distributed from late December 2020 to late February 2021. It does not mean that all recalled products are affected and recall is only as an abundant precaution, the company said in a statement.

As per the advice of the USFDA, AFFPL issued a press release in USA recalling the relevant products from the market giving details of the products in the press release. AFFPL has taken several preventive measures and initiatives to eliminate the potential recurrence.

AFFPL further said it is engaged the services of a senior and reputed law firm to advice and represent legal matters related to this subject, if any, in USA. The company said it has sufficient product liability insurance coverage in the event of any claim.

Since the extent of products under recall are insignificant, AFFPL envisages that considering the longstanding and reliable customers network in USA, the present issue may not have any stress on it, it added.

Avanti Feeds is a manufacturer of prawn and fish feeds, and shrimp processor and exporter. The company's principal products/services are shrimp feed and processed shrimp. On a consolidated basis, the company's net profit declined 19.9% to Rs 69.69 crore on a 6.1% rise in net sales to Rs 1,098.11 crore in Q4 FY21 over Q4 FY20.

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Avanti Feeds announced that the Board of Directors of the Company at its meeting held on 22 June 2021, has recommended a Final dividend of Rs.6.25 per share (i.e.625%), subject to the approval of the shareholders.

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Net profit of Avanti Feeds declined 19.88% to Rs 69.69 crore in the quarter ended March 2021 as against Rs 86.98 crore during the previous quarter ended March 2020. Sales rose 6.12% to Rs 1098.11 crore in the quarter ended March 2021 as against Rs 1034.81 crore during the previous quarter ended March 2020.

For the full year,net profit rose 3.92% to Rs 360.07 crore in the year ended March 2021 as against Rs 346.49 crore during the previous year ended March 2020. Sales declined 0.36% to Rs 4100.56 crore in the year ended March 2021 as against Rs 4115.29 crore during the previous year ended March 2020.

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