Godrej Agrovet Limited has posted an 18.5% decline in its net profit before tax for the first quarter of the fiscal year 2023 (Q1 FY23) to INR 102.8 crores, compared to INR 126.2 crores in the same quarter of the previous fiscal year.

The Indian animal feed and agribusiness company, which is owned by the Godrej Group, earned a total income of INR 2,517.5 crores in the reported quarter ended 30 June 2022, which is 25.7% increase compared to INR 2,003.2 crores in Q1 FY22.

Godrej Agrovet’s EBITDA in Q1 FY23 was INR 169.3 crores, compared to INR 180 crores in Q1 FY22.

The animal feed and agribusiness company said that all its businesses, barring crop protection, posted a solid volume growth.

According to Godrej Agrovet Managing Director B. S. Yadav, it was a difficult quarter on the basis of profitability as most of its businesses saw margin contraction because of a mix of factors like high-cost inventory, deferment of sales, input cost inflation, and limited transmission among others.

The decrease in margin was experienced in animal feeds, dairy and crop protection businesses, while poultry segments and vegetable oils had a growth in operating margin.

  B. S. Yadav, Godrej Agrovet, Godrej Group, India