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Our Bureau

Hyderabad, Oct. 29 In tune with its strategy to exit from the commodities business and increase its exposure to branded foods, Agro Tech Foods Ltd (AFTL) has reported a lower turnover in the second quarter of fiscal 2007-08, while increasing profit after tax to Rs 3.7 crore (Rs 2.9 crore).

“We have begun a process to exit from the low-margin commodities business. The numbers for the quarter reflect the trend and we hope to complete the exit process by the end of December 2008,” Mr Utpal Sen Gupta, President of Agro Tech, said.

Agro Tech is an affiliate of the US-based ConAgra Foods. he contribution from branded foods business in the quarter increased to Rs 162 crore (on net sales of Rs 252.50 crore) from Rs 137.30 crore (net sales Rs 281.3 crore). The segment grew by 18 per cent. During the same time, commodities business fell to Rs 90.60 crore from Rs 144 crore.

For the first half, the turnover stood at Rs 506.40 crore against Rs 528 crore. The PAT stood at Rs 6.2 crore (Rs 5 crore). In 2006-07, the company registered a turnover of Rs 1,038 crore.

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