Godrej Agrovet gains on tie-up with Malaysian firm for palm oil seeds

Godrej Agrovet has said Sime Darby Plantation Berhad will supply oil palm seeds and also set up a state-of-the-art seed production unit in India

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Godrej Agrovet was trading higher on September 29 morning, a day after the company entered into a strategic partnership with a Malaysian firm for the supply of oil palm seeds.

In a regulatory filing, Godrej Agrovet said the company has entered into a strategic partnership agreement with Sime Darby Plantation Berhad (SDP), the largest producer of Certified Sustainable Palm Oil (CSPO) in the world. SDP would supply high-quality oil palm seeds to Godrej Agrovet’s oil palm business units and would also set up a state-of-the-art seed production unit in India at a later date.

Also read: Godrej Agrovet Consolidated June 2023 Net Sales at Rs 2,510.19 crore, up 0.01% Y-o-Y

In the June quarter, Godrej Agrovet reported consolidated revenue of Rs 2,510.2 crore, unchanged from Q1 FY23. Earnings before interest, taxes, depreciation and amortisation stood at Rs 206.8, up 22 percent from Q1FY23. Net profit also grew 21 percent year-on-year to Rs 124.5 crore.

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Godrej Agrovet Limited (GAVL) is a diversified, Research &  Development focused agri-business company. Its scope includes animal feed, crop protection, oil palm, dairy and poultry as well as processed foods.

At 9.43 am, the stock was trading at  Rs 475.40 on the National Stock Exchange, up 0.21 percent from the previous close.

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