Godrej Agrovet Announces Q4 Results; Here’s What B. S. Yadav, MD, Godrej Agrovet said about Performance

On May 08, 2024, Godrej Agrovet Limited (GAVL) announced its financial results for the fourth quarter and full year ended March 31, 2024. Godrej Agrovet Limited experienced robust profitability growth in FY2023-24 driven by strong performance in domestic crop protection, dairy, animal feed, and poultry businesses, despite challenges in the vegetable oils and Astec Lifesciences segments.

Highlights of Financial Performance (Q4 and FY24)

Q4 FY24 Financial Summary

• The company reported consolidated revenues from operations of Rs. 2,134 crore in Q4 FY24 as compared to Rs. 2,095 crore in Q4 FY23

• Company reported consolidated EBITDA, excluding non-recurring & exceptional items, of Rs. 164 crore in Q4 FY24 as compared to Rs. 76 crore in Q4 FY23

• Company reported Profit before tax, excluding non-recurring & exceptional items, of Rs. 83 crore in Q4 FY24 as compared to Rs. 2 crore in Q4 FY23

FY24 Financial Summary

• FY24 consolidated revenues from operations increased to Rs. 9,561 crore from Rs. 9,374 crore in FY23

• Company reported consolidated EBITDA, excluding non-recurring & exceptional items, of Rs. 757 crore in FY24 as compared to Rs. 564 crore in FY23

• Company reported Profit before tax, excluding non-recurring & exceptional items, of Rs. 434 crore in FY24 as compared to Rs. 280 crore in FY23

Commenting on the performance, Balram Singh Yadav, Managing Director, Godrej Agrovet Limited, said: “The financial year 2023-34 augured well for Godrej Agrovet in terms of robust surge in profitability over FY2022-23. This growth in profitability was primarily driven by exceptional performance of domestic crop protection business, structural turnaround of dairy business, market share gains in Animal Feed and robust volume & margin growth in branded products in our poultry business.”

“Domestic crop protection business delivered stellar performance primarily driven by higher volumes of in-house and in-licensed products. Animal Feed business recorded double-digit growth in volumes in cattle feed and fish feed categories and significant increase in segment margins led by softened commodity prices and higher realizations in the aforementioned categories. Our Dairy business achieved remarkable turnaround and returned to profitability. This was driven by focused efforts on improving operational efficiencies and improved milk spread. The Poultry business also recorded robust improvement in profitability on the back of higher live bird prices and increase in volumes of branded product portfolio.”

“In our Vegetable Oils business, lower end-product prices, which came off record highs of FY23 and normalized during FY24, resulted in lower segment margins as compared to FY23. For Astec Lifesciences, FY24 was a challenging year as it was severely impacted by acute demand-supply imbalance which resulted in unremunerative realizations in respect of its key enterprise products.”

“During the year, Godrej Agrovet also focused on achieving the long-term sustainability targets guided by the Godrej Group's Good & Green vision. We are one of the two agricultural companies in Indian agriculture sector to be included in ‘A’ list – leadership band of Climate Disclosure Project’s (CDP) climate disclosures. GAVL’s CDP scores are ahead of the global averages. We achieved good progress in achieving 2025 sustainability targets led by (a) 77% of energy consumption from clean renewable energy sources as against target of 90% and (b) being a water-positive company already conserving 20 times more water than the consumption.”