GODREJ AGROVET Announces Quarterly Results (1QFY22); Net Profit Up 2.7%

Wed, 11 Aug

GODREJ AGROVET has announced its results for the quarter ended June 2021. Here is a detailed performance review of the same:

GODREJ AGROVET Quarterly Financials

No. of Mths Qtr. Ending		3 Jun-20*	3 Mar-21*	3 Jun-21*	QoQ Change	YoY Change
Net Sales	Rs m	15,542	14,625	19,928	36.3%	28.2%
Other income	Rs m	83	99	104	5.2%	26.3%
Turnover	Rs m	15,624	14,724	20,032	36.1%	28.2%
Expenses	Rs m	13,882	13,502	18,232	35.0%	31.3%
Gross profit	Rs m	1,659	1,122	1,695	51.1%	2.2%
Depreciation	Rs m	366	393	408	3.8%	11.3%
Interest	Rs m	128	178	130	-26.8%	1.9%
Profit before tax	Rs m	1,248	651	1,262	93.9%	1.1%
Tax	Rs m	338	152	327	115.5%	-3.1%
Profit after tax	Rs m	910	499	934	87.3%	2.7%
Gross profit margin	%	10.7	7.7	8.5
Effective tax rate	%	27.1	23.3	26.0
Net profit margin	%	5.8	3.4	4.7

Year-on-Year Performance:

• The company's operating income during the quarter grew 28.2% on a year-on-year (YoY) basis. The expenses were up by 31.3% YoY during the same period.
• The company's operating profit increased by 2.2% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 8.5% in 1QFY22 as against 10.7% in 1QFY21.
• Depreciation charges increased by 11.3% and finance costs increased by 1.9% YoY, respectively.
• Other income increased by 26.3% YoY during the quarter.
• Net profit for the quarter increased by 2.7% YoY. Net profit margins during the quarter declined from 5.8% in 1QFY21 to 4.7% in 1QFY22.

Quarter-on-Quarter Performance:

• The company's operating income during the quarter grew 36.3% on a quarter-on-quarter (QoQ) basis. The expenses were up by 35.0% QoQ during the same period.
• The company's operating profit increased by 51.1% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 8.5% in 1QFY22 as against 7.7% in 4QFY21.
• Net profit for the quarter increased by 87.3% QoQ, while net profit margins increased from 3.4% in 4QFY21 to 4.7% in 1QFY22.

To see how GODREJ AGROVET has performed over the last eight quarters,please visit here.

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GODREJ AGROVET Share Price Performance

Over the last one year, GODREJ AGROVET share price has moved up from Rs 468.4 to Rs 652.9, registering a Gain of Rs 184.5 or around 39.4%.

Meanwhile, the S&P BSE FMCG Index is trading at Rs 13,500.0 (down 0.6%). Over the last one year it has moved up from 11,801.0 to 13,500.0, a gain of 1,699 points (up 14.4%).

Overall, the S&P BSE SENSEX is up 42.6% over the year.

Current Valuations

At the current price of Rs 652.9, the price to earnings (P/E) ratio of GODREJ AGROVET stands at 41.8 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 6.1 times.