Godrej Agrovet shares plunge 5% on weak Q4 earnings

Shares of Godrej Agrovet plunged 5% in intraday trade on Wednesday after the company reported a 74% drop in its January-March quarter consolidated net profit.

The Mumbai-headquartered diversified agribusiness company reported a profit after tax (PAT) of Rs 31 crore for the quarter ended March 31, 2023, which was lower than Rs 122 crore it reported in Q4FY23.

The consolidated total revenue from operations for the said quarter stood at Rs 2,095 crore versus Rs 2,081 crore a year ago, up 0.67%, according to a PTI report.

Godrej Agrovet also announced a final dividend of Rs 9.50 per share.

Godrej Agrovet stock was trading at Rs 421.70 on the NSE at 11:40 am and was down by Rs 16.95 or 3.86% from Tuesday's closing price.

Today’s declines mark three consecutive sessions of correction in the stock.

The stock has underperformed Nifty50 and given negative returns of 20% as against 12% upside seen by the 50-stock index over the last one year, according to Trendlyne data.

Godrej Agrovet shares hit their 52-week low of Rs 390.85 on March 28, 2023. The 52-week high is Rs 564 which it touched on May 10, 2022.

The stock has been relatively less volatile though, and has traded with a 1-year beta of 0.47 over a 12-month period.

Meanwhile, benchmark indices also traded lackluster and were flat around 12:15 pm. While the S&P BSE Sensex was trading at 61,796.70, down 35.37 points or 0.06%, the broader Nifty50 was down by 7 points or 0.04% at 18,273.50.

The market breadth was evenly split with 26 shares advancing while 24 declining in the Nifty50 index around this time. The top gainers were Divi’s Laboratories and IndusInd Bank while the top losers were UPL and ITC.

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