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ICICI Securities Report
Higher palm oil prices (up 60% YoY) have increased realisations as well as profitability of Godrej Agrovet Ltd.'s vegetable oil segment.
Lower supplies from South-East Asia are leading to higher palm oil prices in India. With gradual reopening of the economy, demand from hotel restaurant cafe segment is likely to improve, which may further increase palm oil prices.
For every 5% increase in palm oil prices, Godrej Agrovet's earnings can increase by approximately 2%. Customs duty on palm oil imports has been cut from 37.5% to 27.5%.
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