The Waterbase Ltd. (TWL),pioneer in the Indian Aquaculture Industry with a focus on driving improvement in shrimp feed manufacturing, farm practices and shrimp processing has announced its financial results for the quarter and half year ended September30, 2017.
Commenting on the results, Mr. Ramakanth V. Akula, CEO said, “We are pleased to report that the initiatives undertaken in earlier years to strengthen the brand, enter new markets and introduce product innovations have yielded favourable results as the Company is on course to deliver in FY 18 its highest ever PAT. This performance is driven by strong volume growth in the core business of shrimp feeds where we have benefited from the improved distribution network. The R&D and innovation led enhancements to our product portfolio and the introduction of ancillary products have helped us maintain market share across existing markets while making inroads into newer markets.
In addition to robust growth in topline, profitability has been supported by favourable prices of key raw materials as well as enhanced operational efficiencies and cost optimization initiatives, resulting in significant margin accretion. This has been accompanied by an exceptionally strong response to our range of farm care products under the brand ‘Baylife’, which were introduced in the current year.
The outlook for growth remains exciting given the strong momentum in the core business of shrimp feed, the plan to widen offerings in farmcare products and the impending scale up of verticals such as hatchery and shrimp exports. The combination of these initiatives will enable us to deliver a stable and consistent performance going forward.
We are pleased to announce that the National Company Law Tribunal (NCLT), Hyderabad, has sanctioned the Scheme of Amalgamation of Pinnae Feeds Limited with the Company By its order pronounced today.