NE BUSINESS BUREAU
MUMBAI, MAY 9
Godrej Agrovet Limited (GAVL) on Thursday posted close to a three-fold jump in consolidated net profit to Rs 65.48 crore in the March quarter on slightly higher sales and reduction in expenses. The company’s net profit stood at Rs 23.47 crore in the same quarter previous fiscal, a company release said.
Total income on a consolidated basis rose to Rs 2,144.4 crore during the January-March quarter of the 2023-24 fiscal, from Rs 2,107.56 crore in the year-ago period.
- Total income on a consolidated basis rises to Rs 2,144.4 crore
- For the entire 2023-24 financial year, the company posts a 22 per cent increase in its consolidated net profit at Rs 359.45 crore
The company reported consolidated revenues from operations of Rs. 2,134 crore in Q4 FY24 as compared to Rs. 2,095 crore in Q4 FY23
Company reported consolidated EBITDA, excluding non-recurring & exceptional items, of Rs. 164 crore in Q4 FY24 as compared to Rs. 76 crore in Q4 FY23
Company reported Profit before tax, excluding non-recurring & exceptional items, of Rs. 83 crore in Q4 FY24 as compared to Rs. 2 crore in Q4 FY23
For the entire 2023-24 financial year, the company posted a 22 per cent increase in its consolidated net profit at Rs 359.45 crore compared with Rs 295.36 crore in the previous year.
Total income increased to Rs 9,601.87 crore during 2023-24 fiscal as against Rs 9,481.18 crore in the previous year.
Commenting on the performance, Godrej Agrovet Managing Director B S Yadav said there was a robust surge profits during 2023-24 from over the previous year.
B S Yadav said, ”The financial year 2023-34 augured well for Godrej Agrovet in terms of robust surge in profitability over FY2022-23. This growth in profitability was primarily driven by exceptional performance of domestic crop protection business, structural turnaround of dairy business, market share gains in Animal Feed and robust volume & margin growth in branded products in our poultry business.”
“Domestic crop protection business delivered stellar performance primarily driven by higher volumes of in-house and in-licensed products. Animal Feed business recorded double-digit growth in volumes in cattle feed and fish feed categories and significant increase in segment margins led by softened commodity prices and higher realizations in the aforementioned categories. Our Dairy business achieved remarkable turnaround and returned to profitability. This was driven by focused efforts on improving operational efficiencies and improved milk spread. The Poultry business also recorded robust improvement in profitability on the back of higher live bird prices and increase in volumes of branded product portfolio,” the statement said.
“In our Vegetable Oils business, lower end-product prices, which came off record highs of FY23 and normalized during FY24, resulted in lower segment margins as compared to FY23. For Astec Life sciences, FY24 was a challenging year as it was severely impacted by acute demand-supply imbalance which resulted in unremunerative realizations in respect of its key enterprise products.
During the year, Godrej Agrovet also focused on achieving the long-term sustainability targets guided by the Godrej Group’s Good & Green vision. We are one of the two agricultural companies in Indian agriculture sector to be included in “A” list – leadership band of Climate Disclosure Project’s (CDP) climate disclosures. GAVL’s CDP scores are ahead of the global averages. We achieved good progress in achieving 2025 sustainability targets led by (a) 77% of energy consumption from clean renewable energy sources as against target of 90% and (b) being a water positive company already conserving 20 times more water than the consumption,” he added.
