Godrej Agrovet Q1 profit up 4.1% at Rs 104.75 crore

The company’s PAT stood at Rs 100.59 crore during the corresponding quarter of the previous fiscal, Godrej Agrovet said in a BSE filing.

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Godrej Agrovet on Tuesday reported a 4.1 percent growth in consolidated profit after tax (PAT) during the quarter ending June 30, at Rs 104.75 crore compared to the same period of the previous financial year.

The company’s PAT stood at Rs 100.59 crore during the corresponding quarter of the previous fiscal, Godrej Agrovet said in a BSE filing.

Revenue from operations of the company during the quarter under review grew by 28.23 percent to Rs 1,987.60 crore compared to Rs 1,550.01 crore during the same period of 2020-21.

“It was one of the best quarterly performances for the animal feed business with segment results growing by 32.5 percent, supported by volume growth and R&D benefits realisation. Vegetable oil benefited from higher oil prices and posted segment results of Rs 32.6 crore which was a 4X increase year-on-year,” Godrej Agrovet Managing Director B S Yadav said.

The standalone crop protection business also registered a modest growth of 5.9 percent in segment results, however, Astec LifeSciences EBITDA declined by 13.7 percent due to lower export sales and higher input cost inflation, he stated.

“In the food businesses, demand recovery seen in the previous quarter was impacted by micro-lockdowns in the current quarter. Profitability was further impacted by low end-product price. Our dairy subsidiary, Creamline dairy registered an EBITDA loss of Rs 3.1 crore due to increase in the procurement costs,” he said.

The company’s poultry and poultry products business faced a challenging quarter with low end-product prices on one hand and high input costs on the other hand resulting in a marginal loss at the EBITDA level of Godrej Tyson Foods, he added.

Yadav further stated that the second wave of Covid-19 has significantly impacted economic recovery seen in the preceding quarter, especially in rural India which had a much stricter lockdown.

“After a good start to the south-west monsoon, there was a long gap that resulted in lower Kharif sowing. However, recovery has gained pace from July onwards. We expect recovery to be faster in the second half of the year, as vaccination percentage increases leading to the normalisation of business activities,” he added.

Shares of the company on Tuesday closed at Rs 678.65, down 1.98 percent on BSE.