Godrej Agrovet third-quarter profit jumps on animal food demand

Godrej Agrovet

08/02/2023 13:30

BENGALURU, Feb 8 (Reuters) - India's Godrej Agrovet Ltd
 GODE.NS  reported a 78.9% rise in quarterly profit on
Wednesday, helped in part by strong demand across its mainstay
animal food business.
    The agribusiness company has been grabbing market share in
the cattle feed business, which has boosted revenue for several
quarters and helped to soften the blow from high costs at its
vegetable oil unit.
    The Mumbai-based company's consolidated net profit rose to
1.16 billion Indian rupees ($14.06 million) in the quarter ended
Dec. 31 from 650.6 million rupees a year earlier.
    The company's results during the third quarter a year
earlier were hit by one-time expenses of 172.8 million rupees
related to classification of flavored milk under India's Goods
and Services Tax regime.
    Godrej Agrovet said total revenue from operations rose 11.8%
to 23.24 billion rupees in the reported quarter.
    Sales at the company's vegetable oil business fell about 6%.
Record high crude oil prices boosted the business last year, but
prices have since eased.
    Revenue from the animal feed segment rose 14.6% to 12.72
billion rupees, accounting for nearly 55% of the company's total
revenue. Revenue from dairy products rose nearly 21% to 3.48
billion rupees. 
($1 = 82.5300 Indian rupees)
 (Reporting by Biplob Kumar Das in Bengaluru; Editing by Shilpi
Majumdar)
 ((Biplobkumar.das@thomsonreuters.com; 9101861583))