India's Godrej Agrovet profit falls by 34%, hit by higher costs

Godrej Agrovet

04/11/2022 12:00

Nov 4 (Reuters) - Indian agri-business firm Godrej
Agrovet Ltd  GODE.NS  reported a 34.3% fall in second-quarter
profit on Friday, hurt by weak performance in its mainstay
animal feeds and vegetable oil businesses.
    The company's consolidated profit fell to 717.6 million
Indian rupees ($8.7 million) in the three months ended Sept. 30,
from 1.09 billion rupees a year earlier.
    Its profit before interest and tax in the animal feed
business fell 14.5%, while it dropped 16% in the vegetable oil
business, as higher raw materials costs and inflation pressured
margins.
        Total expenses rose by 17.1% to 23.67 billion rupees.
    Total revenue from operations grew 13.5% to 24.45 billion
rupees.
    Godrej Agrovet's stock closed down 0.4% on Friday, taking
their losses for the year so far to 3.4%
 
 ($1 = 82.2120 Indian rupees)
 (Reporting by Dimpal Gulwani; Editing by Savio D'Souza)
 ((Dimpal.Gulwani@thomsonreuters.com;))