Godrej Agrovet Ltd has reported total income of Rs.1539.23 crores during the period ended December 31, 2020 as compared to Rs.1732.22 crores during the period ended September 30, 2020. The company reported total income of Rs.1791.99 crores during the period ended December 31, 2019.

The company has posted net profit of Rs.61.60 crores for the period ended December 31, 2020 as against net profit of Rs.107.04 crores for the period ended September 30, 2020. The company posted net profit of Rs.51.60 crores for the period ended December 31, 2019.

For the 9 months period ended December 31, 2020, Godrej Agrovet has reported total income of Rs.4833.88 crores as compared to Rs.5367.24 crores during the 9 months period ended December 31, 2019.

The company has posted net profit of Rs.257.15 crores for the 9 months period ended December 31, 2020 as against net profit of Rs.231.60 crores for the 9 months period ended December 31, 2019.

The company has reported EPS of Rs.13.39 for the 9 months period ended December 31, 2020 as compared to Rs.12.06 for the 9 months period ended December 31, 2019.

Commenting on the performance, B. S. Yadav, Managing Director, Godrej Agrovet Limited, said: I am pleased to share that Godrej Agrovet had another quarter of strong performance. Our consolidated profit before tax grew by 28.4% and 39.8%, respectively, in the third quarter and the firstnine months of the financial year 2020-21. This is despite a decrease of 14.3% and 10.2%, respectively, in the total income during the third quarter and first nine months.

“Segment-wise, most of the segments have seen an increase in profitability in the first nine months compared to the previous year. Animal feed segment results grew by 11.2% year-on-year, despite 16.5% and 19.1% decline in volumes and sales. Consolidated revenues and segment results in crop protection segment grew by 3.3% and 6.5%, respectively, as Astec LifeSciences posted robust performance in the first half. Our poultry and processed foods focused subsidiary, Godrej Tyson has reported 15.5% revenue growth with EBITDA of Rs.41.1crore compared to a loss in the previous year. Low procurement prices benefit Creamline Dairy and EBITDA has grown by 16.8% in the nine month, despite a 17.5% revenue decline. However, vegetable oil segment was impacted by white-fly attack which lowered FFB arrival and oil content in the fruit. Therefore, segment result declined by 7.8% in the first nine months.

“With sharp decline in COVID-19 cases in the last few months in India, economy is recovering at a fasterthan-expected pace. Agriculture sector has grown ahead of the economy and the near-term prospects are also promising with higher Kharif production, higher Rabi sowing and favourable commodity prices. While couple of sectors are seeing economic activity back at the pre-covid levels, rate of recovery is slower in few other sectors. Demand from the HoReCa segment is still subdued and out-of-home consumption is much lower, however, we expect demand to improve in the near-term.

“In the recent budget, measures announced for the agriculture sector continue to focus on increasing farmer's income and on increasing their access to credit. Government also increased custom duty and cess on import of shrimp feed and crude palm oil which is expected to increase domestic production.

“We believe that these announcements along with earlier measures implemented by Government to boost agriculture sector will encourage more private sector participation in the sector and will help increase income for the farmer. Agricultural value chain will offer immense business opportunities for growth and expansion in the medium-term. Godrej Agrovet, with its presence across multiple segments in agriculture and strong balance sheet, is well placed to capture these opportunities.”