The Waterbase Limited has announced that its 2018 fiscal year profit is its highest ever due to an increased focus on shrimp feed production. The Indian aquaculture company, which also farms and processes shrimp, reported a 6.4 % increase over last fiscal year's profit.
"FY18 has been a landmark year for Waterbase," stated Mr. Ramakanth V. Akula, CEO. "A concerted focus on the shrimp feed business and leveraging our expanded distribution network has led to strong volume growth which, supported by benign raw material prices, has propelled the Company to deliver its highest ever annual profit."
The company is also making progress towards launching its first Vannamei hatchery, and recently concluded the amalgamation with Pinnae Feeds to streamline business operations.
"With an enhanced base for shrimp feed, wider distribution network and improved offerings comprising hatchery and ancillary products, we have created a strong platform to address the steadily growing opportunity in the aquaculture industry in India," added Mr. Akula. "Our Board has recommended a dividend of Rs. 1.50 per share to sustain the focus on value creation for our stakeholders."