Godrej Agrovet Q3 FY22 profit up by 20% to Rs 80.7cr

Godrej Agrovet Limited has registered a 20% increase in its net profit after tax (PAT) for the third quarter of the fiscal year 2022 (Q3 FY22) to INR 80.7 crores, compared to INR 67.3 crores in the same quarter of the previous fiscal year.

The Indian animal feed and agribusiness company, which is part of the Godrej Group, earned a total income of INR 2,088.9 crores in the reported quarter ended 31 December 2021, which is a 36% increase compared to INR 1,536.4 crores in Q3 FY21.

For the nine months ended 31 December 2021, Godrej Agrovet had a net profit after tax of INR 297.6 crores, which is an increase of 6.5% compared to INR 279.7 crores in 9M FY21.

On the other hand, the 9M FY22 total income of the food and agri conglomerate was INR 6,251.8 crores, which is an increase of 29.7% compared to INR 4,821.5 crores in the same period of the previous fiscal year.

B. S. Yadav — Managing Director of Godrej Agrovet said: “Animal Feed business recorded another strong quarter growing on the back of robust volume growth, timely price hikes, new product launches and R&D benefits. Vegetable oil business continues to reap benefits from higher oil prices and record efficiency levels for third consecutive quarter.

“Vegetable oil segment posted excellent results for the third quarter which was a 3.2x increase year-on-year. Standalone crop protection business was impacted due to higher returns and poor collections owing to extreme weather events in our key regions.

“Crop protection segment recorded 56% decline in revenues and margins as unprecedented rise in raw material prices could not be absorbed.

“For Astec LifeSciences, it was one of the best quarters supported by favorable product mix, strategic sourcing and good price realizations in both exports as well as domestic markets.”