Net profit of Avanti Feeds rose 134.74% to Rs 56.62 crore in the quarter ended September 2022 as against Rs 24.12 crore during the previous quarter ended September 2021. Sales rose 7.84% to Rs 1322.10 crore in the quarter ended September 2022 as against Rs 1226.00 crore during the previous quarter ended September 2021.

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The animal feed producer stated that the USFDA has removed shrimps produced and exported by Avanti Frozen Foods to USA from detention without physical examination under import alert from 21 October 2022.

The United States Food and Drug Administration (USFDA) had imposed an alert on 4 March 2021, due to presence of Salmonella in the shrimp produced and exported by Avanti Frozen Foods to USA.

This will enable the company's unit, Avanti Frozen Foods, to accelerate the export of value added shrimp products to the U.S.

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.

The company's consolidated net profit declined 9.1% to Rs 66.26 crore despite of 11.4% rise in net sales to Rs 1,569.30 crore in Q1 FY23 over Q1 FY22.

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Avanti Feeds announced that the USFDA has removed shrimps produced and exported by Avanti Frozen Foods (AFFPL) (a subsidiary Company) to USA from detention without physical examination under Import Alert # 16-81, from 21 October 2022.

This import alert was imposed on 04 March 2021 due to presence of Salmonella in the Shrimp Produced and exported by AFFPL to USA.

This announcement will enable AFFPL to accelerate export of value added Shrimp Products to USA.

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Avanti Feeds will hold a meeting of the Board of Directors of the Company on 10 November 2022.

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