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Motilal Oswal Report
Godrej Agrovet Ltd. reported a healthy operating performance (Ebitda up 34% YoY), driven by improved profitability across businesses.
Animal feed/crop protection business witnessed improved margins (Ebit up 16%/10% YoY), while poultry/dairy business turned profitable (Ebit of Rs 149 million/Rs 29 million versus operating loss of Rs 103 million/Rs 118 million in Q2 FY23).
Palm oil business (Ebit up 5% YoY) is still under pressure, with revenue growth offsetting the decline in margins.
We largely maintain our Ebitda estimates for FY24/FY25. We retain our 'Neutral' rating on Godrej Agrovet with an SoTP-based target price of Rs 480.
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