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HomePosts Tagged "Godrej Agrovet Limited"
Agribusiness, Agro chems – Pesticides, Company News, Finance, India, Live Stock, Oilseeds, Poultry

In FY24 consolidated revenues from operations increased to Rs 9,561 crores from Rs 9,374 crores in FY23.

Godrej Agrovet Limited has announced its financial results for the fourth quarter and full year ended March 31, 2024. The company reported consolidated revenues from operations of Rs 2,134 crores in Q4 FY24 as compared to Rs 2,095 crores in Q4 FY23. Company reported consolidated EBITDA, excluding non-recurring & exceptional items, of Rs. 164 crores in Q4 FY24 as compared to Rs 76 crores in Q4 FY23. Company reported Profit before tax*, excluding non-recurring & exceptional items, of Rs. 83 crores in Q4 FY24 as compared to Rs. 2 crores in Q4 FY23.

In FY24 consolidated revenues from operations increased to Rs 9,561 crores from Rs 9,374 crores in FY23. Company reported consolidated EBITDA, excluding non-recurring & exceptional items, of Rs 757 crores in FY24 as compared to Rs. 564 crores in FY23.Company reported Profit before tax*, excluding non-recurring & exceptional items, of Rs 434 crores in FY24 as compared to Rs 280 crores in FY23.

Commenting on the performance, Balram Singh Yadav, Managing Director, Godrej Agrovet Limited, 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.

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. Company’s 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”.

In FY24 consolidated revenues from operations increased

Agro chems – Chemicals, Agro chems – Fertilizers, Agro chems – Pesticides, Company News, Finance, India, Poultry

Segment results of Crop Protection business improved significantly by 224 per cent in Q1 FY24 as compared to the same period last year.

Godrej Agrovet Limited (GAVL) has today announced its financial results for the first quarter ended June 30, 2023. The Company reported consolidated revenues from operations of Rs 2,510.2 crore in Q1 FY24, unchanged from the same period last year. FY24 consolidated EBITDA* increased to Rs 206.8 crore from Rs. 169.3 crore in Q1 FY23, a growth of 22 per cent year-on-year. Q1 FY24 Profit before tax* increased to Rs 124.5 crore from Rs 102.8 crore in Q1 FY23, a growth of 21 per cent year-on-year.

Commenting on the performance, B. S. Yadav, Managing Director, Godrej Agrovet Limited, said, Godrej Agrovet started FY24 with a strong growth in profitability and margin expansion in the first quarter ended June 30, 2023. While our topline growth was flat, we achieved 21 per cent  year-on-year growth to clock Profit before tax of Rs. 124.5 Crore in Q1 FY24. The growth in profitability was driven by the strong performance of domestic Crop Protection, Animal Feed and Poultry businesses.

With robust volume growth and improved realizations in HITWEED (in-house herbicide), domestic Crop Protection business achieved a record quarterly topline and profitability in Q1 FY24. Segment results of Crop Protection business improved significantly by 224 per cent in Q1 FY24 as compared to the same period last year. In Feed business, sustained volume growth in cattle-feed and aqua feed was accompanied by notable recovery in margin profile across categories. Our food businesses-maintained volume growth momentum in branded products and delivered margin expansion. In Poultry, revenues from branded products increased by 15% year-on-year led by higher volumes. Lower live bird costs on account of better operational efficiencies boosted profitability as segment EBITDA grew by 50% year-on-year. Dairy business turned EBITDA positive in Q1 FY24. The higher salience of value-added products coupled with reduction in procurement costs contributed to recovery in margin profile.

Astec LifeSciences and Vegetable Oil businesses were adversely impacted by challenging market conditions. The continued demand-supply imbalance and the resultant decline in volumes as well as realizations of key enterprise products led to a sharp drop in Astec’s profitability. Astec’s contract manufacturing business, however, remained on track and its performance was in line with our expectations. Vegetable Oil business suffered from correction in end-product prices more than offsetting higher volumes.

During the quarter, GAVL commissioned its first downstream project in Vegetable oil business of an edible oil refinery in Andhra Pradesh. The refinery has a capacity of 400 MT per day.

Segment results of Crop Protection business improved

Acquaculture, Agro Universities, Agrotech, India, R&D

This is the first fish feed technology for freshwater fish transferred by an ICAR institute to the industry

ICAR – Central Institute of Fisheries Education, Mumbai has transferred the technology of CIFE- Argunil (Ivermectin based medicated feed mix for treatment of fish parasites and growth restoration in fish, granted patent No. IN330484, on 28th January 2022) to Godrej Agrovet Limited, Vikhroli, Mumbai today. Godrej Agrovet Limited will develop commercial-scale feed premix/ feed for freshwater fish. The technology was transferred on a non-exclusive mode. This is the first fish feed technology for freshwater fish transferred by an ICAR institute to the industry. Inventors of the technology are Dr. Md. Aklakur (Scientist, OIC-Motipur Centre), Dr. A.K. Pal (Retired Joint Director, ICAR – CIFE) and Dr. N.P. Sahu (Joint Director, ICAR – CIFE).

Dr C.N. Ravishankar, Director, ICAR-CIFE and Dhrubajyoti Banerjee (CEO – Aqua Feed) & Dr. Kamlesh Pai Fondekar (Head Research and Development), signed the MoA on behalf of respective organizations. Dr. N P Sahu, Joint Director, Inventors, co-inventors, Chairperson, ITMU and other officials of ICAR-CIFE and GAVL, Mumbai were present during the occasion.

This is the first fish feed technology

Company News, Finance, India, Poultry

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.”

H1 FY23 numbers reflect a growth of

AgroPolicy, Dairy, Live Stock

The 48-member Committee will meet once every quarter in a financial year to discuss, recommend, prescribe and advise policies regarding the sectors.

The Ministry of Fisheries, Animal Husbandry and Dairying (FAHD), Government of India, has announced the formation of a National Advisory Committee for Animal Husbandry and Dairying sector encompassing several industry experts and business leaders.

Balram Singh Yadav, Managing Director, Godrej Agrovet Limited, has been appointed as an industry representative in the committee. The newly formed Committee will be chaired by Hon’ble Union Minister (FAHD), Parshottam Rupala, and co-chaired by MoSs (FAHD), Dr Sanjeev Kumar Balyan. The 48-member Committee will meet once every quarter in a financial year to discuss, recommend, prescribe and advise policies regarding the sectors.

On the appointment, Balram Singh Yadav, Managing Director, Godrej Agrovet Limited, said, “I am thankful to the Ministry for giving me with this opportunity. It is an honour to work with some of the industry’s brightest and most committed minds and contribute towards the future growth of the country. The Fisheries, Animal Husbandry, and Dairy sectors have a lot of scope for furthering its contribution to the Indian economy at large. I am confident that right policies and ecosystems crated through the concerted efforts of the government and the industry will lead to high employment generation and help elevate farmers’ income.  

Dr O.P. Chaudhary, Joint Secretary, Department of Animal Husbandry and Dairy (DAHD), Government of India (GoI) will act as Member Secretary of the Committee and plan coordination unit of DAHD; GoI will provide all secretarial assistance to the Committee. This Committee comprises various government officials, union leaders, experts in the fields, farmers, and industry representatives to recommend, prescribe and advise policies relating to cattle & dairy development, feed and fodder, poultry, piggery, sheep, goal, animal health, other livestock, etc.

The 48-member Committee will meet once every