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Motilal Oswal Report
Godrej Agrovet Ltd. reported strong operating performance (Ebit up ~3.4 times YoY) in Q4 FY24, driven by improved profitability in crop protection (Ebit up 3.5 times YoY) and a turnaround in dairy business (Ebit of Rs 203 million versus operating loss of ~Rs 83 million).
The animal feed business also contributed significantly, with Ebit rising 53% YoY. However, the palm oil business recorded a weaker performance, with Ebit declining ~50% YoY.
Factoring Q4 FY24 performance, we raise our Ebitda estimates for FY25/FY26 by 7%/10% to account for improved profitability of the dairy business and strong performance of crop protection business. We retain our Neutral rating on the stock.
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