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Motilal Oswal Report
Godrej Agrovet Ltd. reported strong operating performance (Ebit up ~22% YoY) in Q1 FY25, driven by improved profitability in the animal feed business (Ebit up ~45% YoY) and a turnaround in the dairy business (Ebit of Rs 185 million versus operating loss of ~Rs 25 million).
The crop protection business also contributed positively, with Ebit growing 9% YoY, driven by standalone crop protection business. However, the palm oil /poultry and processed food (Tyson) business recorded a weaker performance, with Ebit declining ~14%/28% YoY.
Factoring in strong operating performance, we raise our Ebitda estimates for FY25/FY26 by 8% each to account for improved profitability of the animal feed, dairy and standalone crop protection businesses. We retain our Neutral rating on the stock.
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