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ICICI Securities Report
Analysing the price curve of commodities that influence Godrej Agrovet Ltd.'s revenues, we note -
1. the 68% increase in prices of palm oil in past year is likely to drive revenues and profitability the vegetable oil segment;
2. the ~8% YoY increase in milk prices will boost revenues from cattle feed, but will impact the profitability of the dairy segment;
3. shrimp prices have increased from $11.35/kilogram in October 2020 to $11.93/kg in February 2021 and this is likely to boost revenues from shrimp feed; and
4. revival in prices of chicken and egg (after a decline due to bird flu) will increase revenues from poultry and poultry feed.
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