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ICICI Securities Report
Godrej Agrovet Ltd.'s animal feed and vegetable oil segments reported strong results; dairy registered YoY growth of 20.2%. We note-
continued growth momentum in all feed categories led to 38.2% YoY revenue growth in animal feed segment, and
steep increase in palm oil prices resulted in 163.8% YoY higher revenues in vegetable oil segment.
Godrej Agrovet continued its efforts toward product portfolio expansion.
The company has also gained market shares across subsegments such as broiler feed, shrimp feed, cattle feed and dairy.
We model Godrej Agrovet to report revenue and profit after tax compound annual growth rate of 19.3% and 17.3%, respectively, over FY22- 24E, and remain confident of value creation (return on equity more than cost of equity).
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