Godrej Agrovet posted net profits for the Sep-20 quarter were up 12.53% at Rs102.65cr. Compared to the operating profit, the net profits growth was lower due to higher tax impact in the quarter. As a result, the net margins expanded by just 115 bps at 6.70% in Q2.
Godrej Agrovet Ltd ended at Rs511.75 down by Rs11.95 or 2.28% from its previous closing of Rs523.70 on the BSE.
Commenting on the performance, Mr. B. S. Yadav, Managing Director, Godrej Agrovet Limited, said: I am pleased to share that Godrej Agrovet had an excellent half-yearly performance in the financial year 2020-21, with our consolidated profit before tax growing by 43.7% year-on-year. This is despite an 8.1% year-on-year decrease in total income in the first half. Segment-wise, most of the segments have shown improvement in profitability over the previous year. Animal feed half-yearly segment results grew by 12.0% year-on-year, despite 16.6% and 17.2% decline in volumes and sales. Vegetable oil segment bounced back in the second quarter with better yields and higher end product prices. This resulted in 15.6% growth in segment results in the first half of the year. Consolidated segment revenues and segment results in crop protection segment grew by 4% and 10.0%, respectively, as Astec LifeSciences maintained its robust performance. Our frozen food products portfolio under the brand Yummiez witnessed strong demand in the first half. Also, live bird prices continued to trend upward and the raw material prices were favourable. This resulted in sharp recovery in Godrej Tyson Foods Ltd and company posted EBITDA of Rs.30.5 crore in first half compared to a loss in the previous year. In the dairy segment, volumes and sales have been adversely impacted, resulting in revenue and EBITDA decline of 20.7% and 6.4%, respectively in the first half of the year.”