Godrej Agrovet Q3 Review - Crop Protection, Dairy Business Boost Operating Profitability: Motilal Oswal

Animal feed and palm oil businesses were key laggards.

<div class="paragraphs"><p>Godrej Agrovet Ltd.'s range of products. (Source: Company website)</p></div>
Godrej Agrovet Ltd.'s range of products. (Source: Company website)

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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.

Click on the attachment to read the full report:

Motilal Oswal - Godrej Agrovet Q3FY24 Results Review.pdf
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