H1 FY23 numbers reflect a growth of 19.4 per cent YoY
Godrej Agrovet Limited has announced its financial results for the second quarter and half-year that ended September 30, 2022. Q2 FY23 consolidated total income increased to Rs. 2,454.2 crore from Rs 2,159.7 crore in Q2 FY23, a growth of 13.6 per cent year-on-year. Company reported consolidated EBITDA of Rs 159.1 crore in Q2 FY23 as compared to Rs 196.1 crore in Q2 FY22· Company reported Profit before tax* of Rs 87.3 crore in Q2 FY23 as compared to Rs 138.1 crore in Q2 FY22.
H1 FY23 Financial Summary
H1 FY23 consolidated total income increased to Rs. 4,972.8 crore from Rs. 4,162.9 crore in H1 FY22, a growth of 19.4 per cent year-on-year. Company reported consolidated EBITDA of Rs 328.4 crore in H1 FY23 as compared to Rs 376.0 crore in H1 FY22. Company reported Profit before tax* of Rs. 190.1 crore in H1 FY23 as compared to Rs 264.2 crore in H1 FY22
Commenting on the performance, B. S. Yadav, Managing Director, Godrej Agrovet Limited, said, “Q2 FY23 was a mixed bag for Godrej Agrovet as we achieved solid top line growth of 13.6 per cent in Q2 FY23 and 19.4 per cent in H1 FY23 over the corresponding previous periods. However, profitability was impacted due to commodity price volatilities, sustained cost inflation, limited transmission, and an unfavourable macro environment.
Uneven monthly as well as the geographic spread of the southwest monsoon led to lower sowing of Kharif crops, mainly paddy and foodgrains. Prices of rice bran jumped sharply in Q2 due to strong demand while Maize prices continued to trend higher. Crude palm oil prices, after reaching record levels in May’22, corrected sharply owing to high inventories in two key exporting countries – Indonesia and Malaysia coupled with the resumption of supplies post-lifting of the exports ban. In the Dairy sector, milk procurement prices continued to increase further with the limited transmission. For the Poultry sector, Q2 is a seasonally weak quarter due to the festive season resulting in a sharp decline in live bird prices.”