Godrej Agrovet Ltd reports Rs. 107.04 crore consolidated PAT in Q2FY21

Godrej Agrovet Ltd has reported financial results for the period ended September 30, 2020.

Financial Results (Q2 FY20-21) - QoQ Comparison

The company has reported total income of Rs.1732.22 crores during the period ended September 30, 2020 as compared to Rs.1562.43 crores during the period ended June 30, 2020.

The company has posted net profit / (loss) of Rs.107.04 crores for the period ended September 30, 2020 as against net profit / (loss) of Rs.88.51 crores for the period ended June 30, 2020.

The company has reported EPS of Rs.5.57 for the period ended September 30, 2020 as compared to Rs.4.61 for the period ended June 30, 2020.

Financials	Q2 FY20-21	Q1 FY20-21	% Change
Total Income	₹ 1732.22 crs	₹ 1562.43 crs	10.87%
Net Profit	₹ 107.04 crs	₹ 88.51 crs	20.94%
EPS	₹ 5.57	₹ 4.61	20.82%

Financial Results (Q2 FY20-21) - YoY Comparison

The company has reported total income of Rs.1732.22 crores during the period ended September 30, 2020 as compared to Rs.1862.45 crores during the period ended September 30, 2019.

The company has posted net profit / (loss) of Rs.107.04 crores for the period ended September 30, 2020 as against net profit / (loss) of Rs.104 crores for the period ended September 30, 2019.

The company has reported EPS of Rs.5.57 for the period ended September 30, 2020 as compared to Rs.5.41 for the period ended September 30, 2019.

Financials	Q2 FY20-21	Q2 FY19-20	% Change
Total Income	₹ 1732.22 crs	₹ 1862.45 crs	-6.99%
Net Profit	₹ 107.04 crs	₹ 104 crs	2.92%
EPS	₹ 5.57	₹ 5.41	2.96%

Financial Results (6 months ended FY 20-21) - YoY Comparison

The company has reported total income of Rs.3294.65 crores during the 6 months period ended September 30, 2020 as compared to Rs.3575.25 crores during the 6 months period ended September 30, 2019.

The company has posted net profit / (loss) of Rs.195.55 crores for the 6 months period ended September 30, 2020 as against net profit / (loss) of Rs.180 crores for the 6 months period ended September 30, 2019.

The company has reported EPS of Rs.10.18 for the 6 months period ended September 30, 2020 as compared to Rs.9.37 for the 6 months period ended September 30, 2019.

Financials	Half-Year Ended FY20-21	Half-Year Ended FY19-20	% Change
Total Income	₹ 3294.65 crs	₹ 3575.25 crs	-7.85%
Net Profit	₹ 195.55 crs	₹ 180 crs	8.64%
EPS	₹ 10.18	₹9.37	8.64%

Commenting on the performance, Mr. B. S. Yadav, Managing Director, Godrej Agrovet Limited, said: I am pleased to share that Godrej Agrovet had an excellent half-yearly performance in the financial year 2020-21, with our consolidated profit before tax growing by 43.7% year-on-year. This is despite an 8.1% year-on-year decrease in total income in the first half.

Segment-wise, most of the segments have shown improvement in profitability over the previous year. Animal feed half-yearly segment results grew by 12.0% year-on-year, despite 16.6% and 17.2% decline in volumes and sales. Vegetable oil segment bounced back in the second quarter with better yields and higher end product prices. This resulted in 15.6% growth in segment results in the first half of the year. Consolidated segment revenues and segment results in crop protection segment grew by 4% and 10.0%, respectively, as Astec LifeSciences maintained its robust performance. Our frozen food products portfolio under the brand Yummiez witnessed strong demand in the first half. Also, live bird prices continued to trend upward and the raw material prices were favourable. This resulted in sharp recovery in Godrej Tyson Foods Ltd and company posted EBITDA of Rs.30.5 crore in first half compared to a loss in the previous year. In the dairy segment, volumes and sales have been adversely impacted, resulting in revenue and EBITDA decline of 20.7% and 6.4%, respectively in the first half of the year.

While the demand from institutional segments and out-of-consumption remains subdued, the economic activity has started picking up across sectors, with agricultural sector growing ahead of the other sectors. Macroeconomic indicators for the agriculture sector are positive with timely and above normal south-west monsoon, high water reservoir levels and favourable commodity prices. In addition, multiple measures announced in the Government's stimulus package and recent farm bills are big positive for the agriculture sector in long-run. This will encourage private sector participation in the sector and will help increase income for the farmer. We believe that in the near-to-medium term, agricultural value chain will offer immense business opportunities for growth and expansion. Godrej Agrovet, with its presence across multiple segments in agriculture and strong balance sheet, is well placed to capture these opportunities.

Shares of Godrej Agrovet Ltd was last trading in BSE at Rs.524.2 as compared to the previous close of Rs. 526.75. The total number of shares traded during the day was 5902 in over 779 trades.

The stock hit an intraday high of Rs. 534.45 and intraday low of 520.4. The net turnover during the day was Rs. 3116145.

Source : Equity Bulls

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