India's Godrej Agrovet Q1 profit rises

Godrej Agrovet

01/08/2024 14:01

BENGALURU, August 1 (Reuters) - India's Godrej Agrovet
 GODE.NS  reported a 28.3% rise in first-quarter profit on
Thursday, helped by falling input costs.
    Consolidated net profit rose to 1.35 billion rupees ($16.1
million) for the three months ended June 30 from 1.05 billion
rupees a year earlier.
    During the quarter, which saw parts of the country
experiencing heatwaves and floods, prices of food, which account
for nearly half of India's retail inflation, rose more than 8%
each month, adding pressure on the spending power of the rural
consumers. 
    Godrej Agrovet's total revenue from operations fell 6.4% to
23.51 billion rupees while total expenses fell nearly 8%, led by
a fall in the cost of materials consumed. 
    The animal feed business, which includes cattle and fish
feed and forms nearly half of the company's revenue, fell 10%. 
    Revenue from crop protection and poultry and processed food
businesses declined 4.6% and 24.5%, respectively, while dairy
and vegetable oil saw a slight uptick.    
    As part of its expansion plans, Godrej Agrovet will set up a
new feed plant in Maharashtra state with an initial investment
of 1.10 billion rupees.
    Its shares ended 3.9% lower. 
    
    
($1 = 83.7070 Indian rupees)

 (Reporting by Ashish Chandra in Bengaluru; Editing by Mrigank
Dhaniwala)
 ((ashish.chandra@thomsonreuters.com; +91 7982114624;))