Godrej Agrovet Ltd. reported better than expected results driven by higher than anticipated margins in animal feed (@7.1% versus our estimate of 4.9%) and crop protection (@20.3% versus our estimate of 18.6%) segment.
Godrej Agrovet Q4 Review
Animal feed volumes were impacted by bird flu in Q4, but margins expanded by more than 300 basis points due to commercialisation of research and development initiatives.
Increased sale of in-house products (up 34% YoY) drove crop protection segment performance.
We expect decent improvement in volumes and profitability for animal feed, palm oil and crop protection segment driven by-
1. cost reduction initiatives and
2. better pricing leading to up 30% growth in blended Ebitda for FY22, thereby limiting the Covid-19 impact on the company’s out of home consumption products.
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