Gujarat Ambuja Exports up 7% on green nod for new corn wet milling plant in Gujarat

The proposed greenfield facility at Himmatnagar, Gujarat, is supposed to expand the aggregate maize processing capacity of the company through its five facilities to 6,000 tonnes per day

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Gujarat Ambuja Exports stock jumped 7 percent on August 24 after the processed agro-goods producer announced that it had received approval to set up a greenfield corn wet milling plant at Himmatnagar in Gujarat from the state’s pollution control board.

As per the filing at the exchanges, the company said that the proposed facility would have the capacity to process corn up to 900 tonnes per day (TPD). “This is supposed to expand the aggregate maize processing capacity of the company through its five facilities to 6,000 TPD,” the company said.

At 1.15 pm on the NSE, Gujarat Ambuja Exports stock was quoting at Rs 263.30, up Rs 17.65, or 7.36 percent.

In its results for Q1FY24, the company reported an 8.64 percent year-on-year (YoY) decline in its revenue from operations at Rs 1,163 crore. Profit after taxes declined 38.26 percent YoY to Rs 71 crore. The operating profit margins for the quarter contracted by 400 basis points to 9 percent.

Gujarat Ambuja Exports is involved in the processing and trading of agricultural commodities. It is the largest maize processing company in India and ranks second in terms of soybean crushing capacity. The company specializes in producing starch derivatives, cotton yarn and maize-based products.

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