Agricultural Products company Godrej Agrovet announced Q2FY24 & H1FY24 results:
- The Company reported consolidated revenues from operations of Rs 2,570.9 crore in Q2FY24 as compared to Rs 2,445.3 crore in Q2FY23, a growth of 5% YoY
- Q2FY24 consolidated EBITDA increased to Rs 214.6 crore from Rs 159.1 crore in Q2FY23, a growth of 35% YoY
- Q2FY24 Profit before tax increased to Rs 133.8 crore from Rs 87.3 crore in Q2FY23, a growth of 53% YoY
- The Company reported consolidated revenues from operations of Rs 5,081.1 crore in H1FY24 as compared to Rs 4,955.2 crore in H1FY23, a growth of 3% YoY
- H1FY24 consolidated EBITDA increased to Rs 421.4 crore from Rs 328.4 crore in H1FY23, a growth of 28% YoY
- H1FY24 Profit before tax increased to Rs 258.3 crore from Rs 190.1 crore in H1FY23, a growth of 36% YoY
Commenting on the performance, B. S. Yadav, Managing Director, Godrej Agrovet, said, Godrej Agrovet continued to deliver robust improvement in profitability with a solid 53% year-on-year growth in profit before tax in Q2FY24. While revenues grew by 5% YoY, EBITDA margin improved by ~180 bps in Q2FY24 as compared to the same period last year. All the segments, with the exception of Astec LifeSciences, achieved growth in profitability.
Buoyed by upbeat volume growth as well as realizations in the in-licensed portfolio, domestic Crop Protection business successfully maintained consistent performance in the second quarter. Despite erratic rainfall in India, domestic Crop Protection business achieved an excellent growth of 53% in topline and 149% in segment results. Our food businesses continued to deliver healthy volume growth in branded products along with sustainable margin expansion. Poultry business recorded exceptional profitability in Q2FY24 in an otherwise seasonally weak quarter. Better operational efficiencies in live bird operations coupled with 14% YoY volume growth in branded business boosted profitability. Dairy business performance continued to improve sequentially and achieved EBIT breakeven in Q2FY24. This was primarily driven by lower procurement costs, operational efficiencies and a rising share of value-added products."