June 1, 2011

Venky's post profits increase


Blackburn Rovers' owners have declared a significant increase in the financial growth of Venky's India as its sales surged by 21% to INR8.62 billion (US$191.7 million) this year.
The profits also rose to over GBP10 million (US$16.5 million).
The firm is expected to grow by 10% next year, joint managing director Venkatesh Rao said.
Venky which specialises in poultry and pharmaceuticals announced its latest results for the end of the financial year.
Rao, whose family bought Rovers in November, said the company was facing increasing costs but was thriving.
He said, "There is steady growth this year, though things were not so good and the raw material was expensive.
"Within our business, if you see poultry products, animal health products and oilseeds, everything has stabilised and they are doing well.

"Though there is growth, there is a shortage of corn and main raw material. But I think a 10% growth in the poultry industry should occur and the bottomline should be growing at 8%."

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