Godrej Agrovet -
Q3 FY 24 concall and results highlights -
Revenues - 2345 vs 2324 cr, up 1 pc
EBITDA - 171 vs 160 cr, up 7 pc ( margins @ 7.3 vs 6.9 pc )
PAT - 85 vs 67 cr, up 27 pc
Segment wise revenues -
Animal Feed - 1291 vs 1272cr, up 1.5 pc
Vegetable Oils - 355 vs 362 cr, down 2 pc
Crop protection- standalone - 172 vs 100 cr, up 72 pc
Astec Lifeciences - 51 vs 117 cr, down 56 pc
Creamline Dairy - 366 vs 348 cr, up 5 pc ( sale of Value added products grew by 20 pc )
Godrej-Tyson foods - 223 vs 280 cr ( due sharp fall in live bird prices )
ACI-Godrej JV - 610 vs 600 cr, up 1.7 pc
Percentage of sale of value added products in the Dairy business increased to 36 pc vs 32 pc YoY
Investing aggressively behind Astec’s CDMO business. Should yield good results in medium term
Expecting better margins in Animal feed business in Q4 on the back of better realisations. Realisations for 9M FY 24 @ Rs 1435 / Ton vs Rs 1200 / Ton for 9M FY 23. Expecting these realisations to improve further
Witnessed healthy growth in cattle feed and aqua feed business. Was partially offset by de-growth in poultry feed business
Astec’s CDMO revenues got deferred from Q3 into Q4. Expect a better outcome in Q4
Seeing recovery in live bird prices in Q4. This should aid growth in Godrej Tyson business. Should also help in the recovery in layer feed and poultry feed business
Astec’s R&D engine should start firing as we go fwd. Should help in both CDMO and enterprise business. Expecting to grow CDMO business @ 30-40 CAGR for next few yrs
Astec’s enterprise business continues to be under pressure. The overstocking of agrochemicals in global mkts was to the tune of 12-18 months of consumption. Complete inventory correction may take some more time
CDMO business steady state margins are 5-7 pc higher than enterprise business
Disc : hold a small tracking position, biased, not SEBI registered
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