Godrej Agrovet Q3 Results Review - Mixed Bag Numbers; Crop Protection Business Disappoints: Motilal Oswal

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Motilal Oswal Report.Godrej Agrovet Ltd.'s consolidated revenue grew 12% YoY to Rs 23.2 billion (our estimate: Rs 22.9 billion) on the back of strong growth across businesses, except palm oil business (down 6% YoY) and crop protection (down 1% YoY). Ebitda margin contracted 70 bps YoY to 5.9% (estimate: 5.8%). Ebitda stood at Rs 1.4 billion, flat YoY (our estimate: Rs 1.3 billion). Adjusted profit after tax grew 50% YoY to Rs 1.2 billion (our estimate: Rs 686 million, however, it includes Rs 708 million related to a land sale during the quarter.) Animal feed business: Revenue grew 15% YoY to Rs 12.7 billion, primarily led by cattle feed category (up 15% YoY). Total sales volume grew 7% YoY to 383.7 thousand metric tonne. Ebit/kg stood at Rs 1.51 (up 5% YoY/9% QoQ). Palm oil business: Revenue declined 6% YoY to Rs 3.6 billion and Ebit margin contracted 330 bps YoY to 21.9%. Ebit stood at Rs 794 million (down 18% YoY). Strong volume growth was offset by lower crude oil prices (crude palm oil/palm kernel oil prices declined 24%/26% YoY). Crop protection business: Consolidated revenue/Ebit declined 1%/45% YoY to Rs 2.2 billion/Rs 86 million, respectively, led by a decline in Astec (down 32%/80% YoY to Rs 1.2 billion/Rs 71 million). Consolidated Ebit margin contracted 310 bp YoY to 4% due to lower realisations for key products, elevated input costs, and unfavorable product mix. Poultry business revenue grew 38% YoY to Rs 2.8 billion with Ebit of Rs 132 million versus loss of Rs 77 in Q3 FY22. While the dairy business revenue grew 21% YoY to Rs 3.5 billion, it registered an operating loss of Rs 136 million..Click on the attachment to read the full report:.Coromandel International Q3 Results Review- Higher Volume, Margins In Fertiliser Drive Earnings: Motilal Oswal.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Godrej Agrovet Q3 Results Review - Mixed Bag Numbers; Crop Protection Business Disappoints: Motilal Oswal

Consolidated revenue/Ebit declined 1%/45% YoY to Rs 2.2 billion/Rs 86 million, respectively.

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