Godrej Agrovet Limited Q4 FY22 Profit Before Tax (PBT), excluding non-recurring & exceptional items, increased to Rs. 129.6 crore from Rs. 67.4 crore in Q4 FY21, a growth of 92.4% year-on-year (reported growth of 144.0% year-on-year).
The company's Q4 FY22 consolidated total income increased to Rs. 2,133.9 crore from Rs. 1,472.4 crore in Q4 FY21, a growth of 44.9% year-on-year. Q4 FY22 consolidated EBITDA, excluding non-recurring & exceptional items, increased to Rs. 193.3 crore from Rs. 124.5 crore in Q4 FY21, a growth of 55.3% year-on-year (reported growth of 82.0% year-on-year)
FY22 consolidated total income increased to Rs. 8,385.7 crore from Rs. 6,306.3 crore in FY21, a growth of 33.0% year-on-year. FY22 Profit before tax, excluding non-recurring & exceptional items, increased to Rs. 486.8 crore from Rs. 397.6 crore in FY21, a growth of 22.4% year-on-year (reported growth of 26.3% year- on-year)
Commenting on the performance, B. S. Yadav, Managing Director, Godrej Agrovet Limited said, "The financial year 2021-22 augured well for Godrej Agrovet in terms of top line growth with sustained rise in profitability. We achieved a strong performance clocking highest ever total income of Rs. 8,385.7 crore in FY 2021-22, growing at 33% year-on-year while consolidated profit before tax grew by 22.4% year-on-year. Most of our businesses registered a strong volume growth with the exception of our Standalone Crop Protection segment. Growth in profitability was largely driven by Animal Feeds, Vegetable Oil and Astec LifeSciences, while Crop Protection and Food businesses reported a decline in operating margin."
"Animal Feed business recorded double-digit growth in volumes in all the four quarters on the back of new product launches and increasing market penetration. Vegetable Oil business reaped benefits of higher oil prices and improved efficiency levels throughout the year as segment results grew by 2.9x year-on-year. For the Standalone Crop Protection business, it was a very challenging year on account of an erratic and uneven monsoon. This restricted product application opportunities in the peak season. This was further impacted by higher sales returns and increased provision for doubtful debts as we focused on channel hygiene.," commented Yadav.
"Astec LifeSciences reported another year of outstanding growth, with an increase in total revenues by 22.1% and PBT by 36.0%, year-on-year. Higher realizations in exports were supported by favorable product mix and operational efficiencies. In our Food businesses, strong volume growth was offset by margin pressures on account of unprecedented input costs inflation. Our Dairy subsidiary, Creamline Dairy achieved notable market share gains in key value-added products registering 13.8% topline growth. However, margins declined owing to challenges in passing on increase in milk procurement, logistics and packaging costs. Similarly, for Poultry and Processed Food business, favorable demand dynamics in Real Good Chicken (RGC) and Live Bird sub-segments were offset by volatile live bird prices and elevated commodity inflation throughout the year," said Yadav.
During the year, Godrej Agrovet also focused on achieving the long-term sustainability targets guided by Group's Good & Green vision. The company participated in Climate Disclosure Project’s (CDP) carbon and forests disclosure, becoming one of the first companies in the Indian agriculture sector to do so.
GAVL’s CDP scores related to climate & palm submission are ahead of the global averages. We also made a good progress in achieving 2025 sustainability targets such as 69% of energy consumption from clean renewable energy sources as against target of 90%; being a water positive company already conserving 6 times more water than the consumption; and 89% of the total CO2 emissions sequestered as against target of 100% to become a carbon neutral company.
