Indian poultry firm Venky's reported a more than 60% plunge in its first-quarter profit on Monday, hurt by lower sales realisations at its oilseed and poultry and poultry products businesses in a seasonally lean period, reported Reuters.

Shares of the poultry firm, which had risen 18.29% this year by last close after a more than 28% slump in 2022, fell as much as 13.28% as of 1:02 p.m. 

The Pune-headquartered company, one of India's largest poultry firms, said profit came in at 194.1 million rupees ($2.35 million) for the June quarter, compared with 492.8 million rupees in the year-earlier period.

Total revenue from operations dropped 18.39% to 9.76 billion rupees, dragged down by a 30% slump in biggest earner oilseed segment, while the poultry business, which accounts for 43% of total sales, saw a 6.4% decline.

Lower realisations, or earnings per sales volume unit, from de-oiled cake and oil negated the benefits from lower soyabean and maize costs amid higher supplies.

"Profit margins of the poultry and poultry products segment have been affected due to lower realisations from sale of day-old chicks and grown-up birds," the company said in a statement.

Its earnings before interest, taxes, depreciation and amortisation (EBITDA) margins contracted to 3.17% from 5.96%, according to Reuters calculations.

High production of eggs is a challenge for the sector, analysts said, adding that a fall in output will improve realisations and profitability.

($1 = 82.7110 Indian rupees)