Godrej Agrovet revenue in Q3FY22 increases by 36% yoy to Rs2,088.9cr; Stock dips 2%

7 Feb 2022 , 02:42 PM

Godrej Agrovet Limited reported consolidated total income Rs2,088.9cr for the third quarter ended December 31, 2021, an increase of 36% yoy from Rs1,536.4cr in Q3FY21. EBITDA increases 25.4% yoy to Rs153.9cr from Rs122.7cr.

The consolidated profit before tax stood at Rs104.4cr in Q3FY22 against Rs87.3cr in Q3FY21. Profit After Tax (PAT) rose 20% yoy to Rs80.7cr from Rs67.3cr.

For the nine months ended December 31, 2021, company reported consolidated total income Rs6,251.8cr against Rs4,821.5cr in 9MFY21, up 29.7% yoy. EBITDA rose 11.9% yoy to Rs529.9cr from Rs473.6cr.

Consolidated profit before tax at Rs391.6cr in 9MFY22, up 6.7% yoy from Rs366.9cr in 9MFY21. Net Profit rose 6.5% yoy to Rs297.6cr from Rs279.7cr.

At around 2.45 pm, Godrej Agrovet Ltd was trading at Rs507.95 per share down by Rs12.25 or 2.35% from its previous closing of Rs520.20 per share on the BSE.

BS Yadav, Managing Director, Godrej Agrovet Limited, said: “I am pleased to share with you the financials of Godrej Agrovet Limited for the quarter and nine months ended December 31, 2021. For Q3FY21, consolidated total income was 2,088.9, registering a growth of 36.0% year-on-year and consolidated profit before tax (excluding and non-recurring and exceptional items) was Rs.104.4 crore, registering a modest growth of 19.6% year-on-year.

For 9MFY21, consolidated total income was Rs6,251.8cr, registering a growth of 29.7% year-on-year. Consolidated profit before tax (excluding non-recurring and exceptional items) was Rs391.6cr, registering a modest growth of 6.7% year-on-year.

Segment-wise business highlights
Animal Feed

• Growth momentum in volumes continued in Q3FY22 as well, with strong year-on-year volume and revenue growth of 22.7% and 41.7% respectively.
• Segment results registered a healthy growth of 35.1% year-on-year in Q3FY22 supported by sustained R&D benefits, new product launches and strategic stocking initiatives.

Vegetable Oil

• Another quarter of robust performance with segment revenues and segment results growing by 2.1x and 3.2x year-on-year respectively in Q3FY22.
• Strong performance was supported by robust volume growth, continued improvement of operational efficiencies and higher end-product prices
• Prices of crude palm oil and palm kernel oil increased by 34% and 62%, respectively, during the third quarter of current year compared to the same period previous year.

Crop Protection (Standalone)

• Segment reported de-growth in revenues during a very challenging quarter characterised by higher product returns and poor liquidation on account of erratic rainfall and extreme weather events throughout the quarter.
• This was further exacerbated by steep inflation in raw material prices which could not be fully absorbed resulting in EBITDA losses.

Astec

• One of the best quarterly performance for Astec LifeSciences on the back of higher realizations and favorable product mix. Segment revenues grew by 49.4% year-on-year with gross margin expanding to 46.5% in Q3FY22 from 35.3% in Q3FY21.
• Segment recorded growth across key markets with export revenues growing by 38.6% year-onyear and Domestic revenues growing by 73.4% year-on-year.

Dairy

• Strong volume growth in value-added products was one the key takeaways in an otherwise challenging quarter for the entire dairy industry. Segment revenues grew by 12.1% year-on-year in Q3FY22 led by 27.8% growth in Value-added products.
• Margins were under pressure due to elevated input costs coupled with no price hikes taken by competition. Profitability is expected to improve in Q4 as industry has started passing on input cost inflation through gradual price hikes from January 2022.
• Launched two new product variants in Value-added segment in Curd and Paneer

Godrej Tyson Foods Limited

• Segment revenues grew by 31.0% year-on-year in Q3FY22 supported by higher volumes across categories and improved realizations in Real Good chicken (RGC).
• However, sustained rise in input costs and lower prices in Live category were a drag on EBITDA margin offsetting better margins of Yummiez category

ACI Godrej Agrovet Private Limited, Bangladesh
ACI Godrej remains on track with its continued good performance and posted revenue growth of 18.4% year-on-year in Q3FY22. The growth is driven by higher realisations and a volume growth of 4.2% during the quarter.