PNN
Ahmedabad (Gujarat) [India], February 11: Spright Agro Limited (BSE: 531205), a leading company in the agriculture sector specialising in contract farming and greenhouse technology, has announced excellent financial results for the third quarter of the financial year 2024-25, showcasing exceptional growth in revenue and profitability.
For the quarter ended December 2024, the company reported a revenue of Rs. 5,499.27 lakh, a substantial increase of 142.56% compared to Rs. 2,267.15 lakh in the corresponding quarter of the previous financial year. Net profit for the December 2024 quarter was Rs. 708.88 lakh, a 28.9% growth from Rs. 550.04 lakh in the same quarter last year.
For the nine-month period ending December 2024, Spright Agro's total revenue surged to Rs. 16,204.60 lakh, compared with Rs. 2,870.78 lakh in the same period of the previous financial year, reflecting an impressive growth of 464.4%. The nine-month revenue is more than twice the Rs. 7,258.90 lakh recorded for the entire financial year 2023-24.
Highlights:
* The revenue was up from Rs. 2,267.15 lakh to Rs. 5,499.27 lakh
* Net profit for the third quarter increased from Rs. 550.04 lakh to Rs. 708.88 lakh
* Company's revenue for the first nine months of the fiscal zoomed over 464% to Rs. 16,204.60 lakh
* Net profit for the nine-month period went up from Rs. 584.26 lakh to Rs. 2,029.74 lakh
* Net profit for the nine-month period touched Rs. 2,029.74 lakh, a 247% increase from Rs. 584.26 lakh in the corresponding period last year.
As part of its strategic financial initiatives, Spright Agro raised Rs. 44.87 crore through a Rights Issue in June-July 2024. The funds are being utilised to support the company's expansion plans, including meeting working capital requirements and other corporate objectives. Additionally, the company issued bonus shares in a 1:1 ratio in March 2024, followed by another 1:1 bonus issue in November 2024.
Spright Agro remains committed to expanding its global footprint by entering new international markets and establishing strategic partnerships. The company aims to create strong distribution networks, enabling it to deliver high-quality agricultural products to a broader customer base. Through these efforts, Spright Agro seeks to drive economic development, enhance food security, and promote sustainability worldwide.
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