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Motilal Oswal Report
Godrej Agrovet Ltd. reported a healthy operating performance (Ebitda up 17% YoY) in Q3 FY24, driven by improved profitability in crop protection (Ebit up 2.9 times YoY) and dairy (Ebit of ~Rs 102 million versus operating loss of ~Rs 136 million in Q3 FY23).
The animal feed/palm oil businesses posted a muted performance, with Ebit down ~10%/15% YoY. The poultry and processed food business witnessed an operating loss of ~Rs 73 million (versus Ebit of ~Rs 132 million in Q3 FY23).
We largely maintain our Ebitda estimates for FY24/FY25/FY26. We retain our 'Neutral' rating on the stock with our sum-of-the-parts-based target price of Rs 525.
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