Godrej Agrovet slips after Q2 PAT declines over 34% YoY;

7 Nov 2022 , 11:23 AM

The company had recorded a net profit of Rs 109.26 crore in the corresponding period last year. On consolidated basis Godrej Agrovets net profit declined by 34.3% to Rs 71.76 crore in Q2 FY23 as compared to Rs 109.26 crore in previous quarter. Revenue from sale of products increased by 13.5% to Rs 2,442.17 crore in Q2 FY23 from Rs 2,151.70 crore in Q2 FY22 in same period last year. The Animal Feed segment reported revenues of Rs 1,220.33 crore during the period under review, up 7.6% YoY. The segment recorded sustained year-on-year volume growth in Q2, mainly led by Cattle-feed category (up 15% in Q2) on account of market share gains. The Oil Palm Business segments revenues rose by 0.8% YoY to Rs 404.7 crore in Q2 FY23. The segments strong YoY volume growth was offset by lower crude palm oil prices resulting in flat top line in Q2 FY23. The Crop Protection Business recorded revenue of Rs 170.4 crore in Q2 FY23, up 10.7% YoY. The segments Q2 top line growth led by higher sales of in-house herbicide products. The sales growth was, however, constrained by reduced application opportunities of PGR and Insecticide products as Kharif sowing was impacted due to erratic monsoon post mid-July Astec Lifesciences revenue was Rs 199.7 crore in Q2 FY23, up by 94.7% from Rs 102.6 crore in Q2 FY22. The growth in top line driven mainly by higher sales price realisations in both domestic as well as export markets coupled with strong volume growth in export markets. The segments performance for Q2 FY22 was impacted by flooding at Mahad facility. Creamline Dairy reported 27% YoY growth in revenue to Rs 360.8 crore in Q2 FY23. Sustained volume growth in both value-added products (+27% year-on-year) and milk (+10% year-on-year) in Q2 FY23 drove the segments overall revenue growth. The revenue of Godrej Tyson Foods rose by 13.7% to Rs 228.4 crore in Q2 FY23 over Q2 FY22. The segments top line growth was driven by RGC and Yummiez categories as volumes grew by 69% and 65% year-on-year, respectively. Total Expenses rose by 17.1% YoY to Rs 2,366.86 crore in Q2 FY23, due to higher raw material costs (up 11.9% YoY), higher other expenses (up 14.9% YoY) and higher employee expenses (up 12.5% YoY). EBITDA declined by 18.8% to Rs 159.1 crore in Q2 FY23 as compared to Rs 196.1 crore in Q2 FY22. EBITDA margin stood at 6.5% in Q2 FY23 as compared to 9.1% in Q2 FY22. Profit before tax declined by 38.9% to Rs 91.51 crore in Q2 FY23 from Rs 149.75 crore in Q2FY22. B S Yadav, managing director, Godrej Agrovet, said: ?Q2 FY23 was a mixed bag for Godrej Agrovet as we achieved solid topline growth of 13.6% in Q2 FY23 and 19.4% in H1 FY23 over the corresponding previous periods. However, profitability was impacted due to commodity price volatilities, sustained cost inflation, limited transmission and unfavorable macro environment.? Godrej Agrovet, part of the Godrej Group, has presence across the animal feed, palm oil, crop protection, dairy and poultry and processed foods segments with about 30 plus facilities and a wide distribution network across the country. Powered by Capital Market – Live News