India's Godrej Agrovet slumps on Q3 profit fall

Godrej Agrovet

02/02/2024 06:13

** Shares of agribusines firm Godrej Agrovet  GODE.NS  fall
3.3% to 547.8 rupees, log steepest drop since Oct.  
    ** Fall in shares after co's Q3 profit shrank 21%, hurt by
weak demand and inventory destocking; rev from ops rose
marginally by 0.8% 
    ** Co had reported 47% growth in Q2 profit on Nov 3, shares
gained ~17% since then until last close 
    ** Despite Friday's losses, shares up 2.4% this week after
three straight weeks of losses 
    ** Shares gained ~19% in 2023 
    ** Analysts' avg rating is equivalent of "hold", their
median PT is 480 rupees - at 15.3% discount on last close - LSEG
data


 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))