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Motilal Oswal Report
Godrej Agrovet Ltd.'s animal feed and standalone crop protection businesses are likely to sustain their healthy performances going ahead, along with sustained profitability in the dairy and poultry/processed food businesses. This growth trajectory is led by the company's enhanced focus on value added products and branded products.
Vegetable oil business is expected to witness improvement in profitability as it moves up the value chain (refining and solvent extraction). While the company is expected to witness near-term hurdles in its enterprise product segment of crop protection business (Astec).
Most of the segments are expected to witness improvement in profitability going ahead (which was missing over the last few years) on the back of multiple segment-specific measures.
We expect the improvement to be more sustainable in nature, which was somewhat visible in its Q1 FY25 earnings. We raise our FY25/FY26 Ebitda estimates for Godrej Agrovet by 9%/8%, backed by better profitability across segments.
We estimate a CAGR of 9%/25%/37% in revenue/Ebitda/adjusted profit after tax and upgrade our rating to Buy with a revised target price of Rs 970, based on FY26E SOTP.
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