Godrej Agrovet Q4 Review - Robust Performance; Sustenance Will Be Key: Motilal Oswal

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Motilal Oswal Report

Godrej Agrovet Ltd.’s strong Q4 FY21 performance was aided by all segments and low base of Q4 FY20.

Ebitda margin expanded 440 basis point YoY due to lower raw material costs (down 340 basis point YoY), which led to an Ebitda growth of 133%.

All segments reported a margin expansion, led by animal feed and standalone crop protection.

We have maintained the same for FY22E/FY23E as its Q4 FY21 performance was in line with our estimates.

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