For the third quarter ended December 31, 2020, company reported consolidated total income* and consolidated profit before tax* of Rs.1, 536crore and Rs.87crore, respectively.
Godrej Agrovet Limited has reported its financial performance for the third quarter and nine month ended December 31, 2020, of the financial year 2020-21.
For the third quarter ended December 31, 2020, company reported consolidated total income* and consolidated profit before tax* of Rs.1, 536crore and Rs.87 crore, respectively. Profit before tax represents year-on-year growth of 28.4% for the quarter, despite a 14.3% year-on-year decline in total income.
For the nine months ended December 31, 2020, company reported consolidated total income* and consolidated profit before tax* of Rs.4, 821crore and Rs.367crore, respectively. Consolidated Profit before tax represents a healthy year-on-year growth of 39.8%, despite a 10.2% year-on-year decline in total income.
Commenting on the performance, B. S. Yadav, Managing Director, Godrej Agrovet Limited, said, “I am pleased to share that Godrej Agrovet had another quarter of strong performance. Our consolidated profit before tax grew by 28.4% and 39.8%, respectively, in the third quarter and the first nine months of the financial year 2020-21. This is despite a decrease of 14.3% and 10.2%, respectively, in the total income during the third quarter and first nine months.”
Segment-wise, most of the segments have seen an increase in profitability in the first nine months compared to the previous year. Animal feed segment results grew by 11.2% year-on-year, despite 16.5% and 19.1% decline in volumes and sales. Consolidated revenues and segment results in crop protection segment grew by 3.3% and 6.5%, respectively, as Astec LifeSciences posted robust performance in the first half. Our poultry and processed foods focused subsidiary, Godrej Tyson has reported 15.5% revenue growth with EBITDA of Rs.41.1crore compared to a loss in the previous year. Low procurement prices benefit Creamline Dairy and EBITDA has grown by 16.8% in the nine month, despite a 17.5% revenue decline. However, vegetable oil segment was impacted by white-fly attack which lowered FFB arrival and oil content in the fruit. Therefore, segment result declined by 7.8% in the first nine months.
In the recent budget, measures announced for the agriculture sector continue to focus on increasing farmer’s income and on increasing their access to credit. Government also increased custom duty and cess on import of shrimp feed and crude palm oil which is expected to increase domestic production. We believe that these announcement along with earlier measures implemented by Government to boost agriculture sector will encourage more private sector participation in the sector and will help increase income for the farmer.
