Godrej Agrovet slumps on poor Q4 show dragged by crop protection biz

High level of channel inventories, adverse climatic conditions and price corrections weighed heavily on the profitability of crop protection business, said the company

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The shares of Godrej Agrovet fell over 4 percent on May 10, following the announcement of the company’s disappointing March quarter results. The food and agri company’s net profit declined by 83.21 percent to Rs 23.47 crore.

Revenue from operations of the company during the quarter under review was almost flat at Rs 2,088.80 crore as against Rs 2,075.62 crore in the year-ago period. On the operating front, EBITDA (earnings before interest, taxes, depreciation and amortization) declined by 60 percent to Rs 87 crore.

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Coming to segmental performance, animal feed, dairy and poultry & processed food businesses saw revenue growth which was offset by decline in crop protection and palm oil businesses.

Consolidated profitability was adversely impacted mainly due to a drop in operating margins of crop protection, said the company.

“High level of channel inventories, adverse climatic conditions and price corrections weighed heavily on the profitability of Crop Protection business, primarily in Astec Lifesciences,”  B. S. Yadav, managing director, Godrej Agrovet said.

In feed businesses, government price controls and volatile commodity prices with limited transmission impacted bottom-line. Creamline Dairy witnessed sustained rise in milk procurement costs which could not be fully passed on, Yadav added.

At 9:35 am, the stock was quoting at Rs 417.70 on the NSE, lower by 4.7 percent from the previous close. Trading volume are 3.5 times the 20-day average trading volume. The stock is down over 17 percent over the past one year.