India's Godrej Agrovet posts drop in Q3 profit on lower demand

Godrej Agrovet

01/02/2024 12:25

BENGALURU, Feb 1 (Reuters) - India's Godrej Agrovet  GODE.NS  reported a
21% fall in third-quarter profit on Thursday, hurt by soft demand and inventory
destocking.
    Consolidated net profit fell to 918.4 million rupees ($11.1 million) for the
three months ended Dec. 31 from 1.16 billion rupees a year earlier, the company
said in an exchange filing.
    The company's overall inventory levels have fallen 15.5% due to the ongoing
destocking across the sector, according to analysts. This in turn affected the
bottom line of the company.
    Total expenses for the quarter rose 0.23%, while total revenue was flat at
23.45 billion rupees.  
    The animal feed segment, which constitutes more than half of the total
revenue, rose 1.5%. 
    Shares of the company rose 1.9% on Thursday ahead of results.  
    


($1 = 82.9800 Indian rupees)

 (Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Sohini Goswami)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))