Godrej Agrovet Limited (GAVL), a diversified, R&D focused agribusiness company dedicated to improving the productivity of Indian farmers by innovating products and services that sustainably increase crop and livestock yields has reported Q3 FY22 PAT for the third quarter ended December 31, 2021 of Rs. 87 crore, up 20% with respect to Q3 FY21.   

Commenting on the results, B. S. Yadav, Managing Director, Godrej Agrovet Limited said, "For Q3 FY21, consolidated total income was 2,088.9, registering a growth of 36.0% year-on-year and consolidated profit before tax (excluding and non-recurring and exceptional items) was Rs. 104.4 crore, registering a modest growth of 19.6% year-on-year. For 9M FY21, consolidated total income was Rs. 6,251.8 crore, registering a growth of 29.7% year-on-year. Consolidated profit before tax (excluding and non-recurring and exceptional items) was Rs. 391.6 crore, registering a modest growth of 6.7% year-on-year.

Animal Feed business recorded another strong quarter growing on the back of robust volume growth, timely price hikes, new product launches and R&D benefits. Vegetable oil business continues to reap benefits from higher oil prices and record efficiency levels for the third consecutive quarter. Vegetable oil segment posted excellent results for the third quarter which was a 3.2x increase year-on-year. Standalone crop protection business was impacted due to higher returns and poor collections owing to extreme weather events in our key regions. Crop protection segment recorded a 56% decline in revenues and margins as unprecedented rise in raw material prices could not be absorbed.

For Astec LifeSciences, it was one of the best quarters supported by favorable product mix, strategic sourcing and good price realizations in both exports as well as domestic markets. Revenues grew by 49.4% while EBITDA margin expanded to 25.9%. In the food businesses, higher input costs continue to dampen solid volume growth and increase market share. Our dairy subsidiary, Creamline Dairy was impacted by challenges in passing on increase in milk procurement, logistics and packaging costs resulting in lower margins. The performance of our poultry and poultry products business was also impacted by sustained rise in raw material and lower end-product prices leading to EBITDA loss in Q3 FY22.