Q3 Results: Sakuma Exports reports 136% QoQ jump in net profit

Sakuma Exports Limited, a leading company in the agriculture sector, has announced its quarterly results for December 2023. T

In the third quarter of FY 2023-24, the company shows a strong growth pattern. Its consolidated revenue from operation in Q3FY24 was Rs 777.06 crore. This is over 115 per cent growth from Rs 360.50 crore in the second quarter of FY24. However, this is a considerable dip when the revenue from operations is compared on a YoY basis. The company had reported Rs 80.95 crore revenue from operation in Q3FY23.

The company's net profit increased to Rs 6.45 crore, indicating an increase in profit compared to previous quarters, a jump of 136% on a sequential basis. The net profit of the company in Q2FY24 was 2.73 crore.

However, the profit has dipped on a YoY basis as the company reported a net profit of Rs 7.08 crore in Q3FY23.

Earlier, the agro-commodities company said that it would commence direct procurement from farmers with a specific focus on seizing emerging market potential in Eastern India. 

"By venturing into maize procurement, the company aims to tap into various industries, including ethanol and ethanol-based products production, thereby contributing significantly to sustainable development and economic prosperity," the company said in a release. 

The announcement holds significance as it comes at a time when trade estimates suggest that maize prices increased by 20 per cent in the first two weeks of January when compared to the prices in October.