Godrej Agrovet -
Q4 and FY 24 concall and results highlights -
Q4 outcomes -
Revenues - 2134 vs 2095 cr, up 2 pc
EBITDA - 158 vs 87 cr, up 81 pc, margins @ 7.4 vs 4.2 pc
PAT - 66 vs 23 cr, up 180 pc
FY 24 outcomes -
Revenues - 9561 vs 9374 cr, up 2 pc
EBITDA - 743 vs 630 cr, up 18 pc, margins @ 7.8 vs 6.7 pc
PAT - 359 vs 295 cr, up 21 pc
Segment wise sales, EBITDA -
Animal feed - 5008 vs 4957 cr, EBITDA @ 231 vs 176 cr. Good growth seen in cattle feed and fish feed segments partly offset by poultry feed segment
Vegetable Oils - 1221 vs 1298 cr, EBITDA @ 173 vs 248 cr. This segment saw margin compression due lower output prices
Crop Protection - 815 vs 596 cr, EBITDA @ 254 vs 74 cr. Good performance driven by higher sales of In-House and In-Licensed products
Astec Life - 458 vs 628 cr, EBITDA @ NIL vs 89 cr
Business is showing signs of recovery in Q4 ( in CDMO segment ). First three Qtrs were very tough for the generic business
Creamline Dairy - 1573 vs 1501 cr , EBITDA @ 67 cr vs (-) 11 cr. Dairy segment witnessing a structural turnaround led by cost efficiencies and increase in share of value added products to 36 pc of total sales ( LY it was 32 pc )
Godrej Tyson Foods - 986 vs 1003 cr , EBITDA @ 71 vs 34 cr. Branded business grew by 15 pc in FY 24. Aim to take the branded business to 80 pc of the total before FY 28
Company seeing moderation in fish feed prices in Q1
Seeing some stabilisation in Palm oil prices. Don’t see them falling any further this season
Some new CDMO products are likely to be commercialised wef Jul/Aug at Astec Lifesciences. CDMO business should continue to do well in FY 25 as well. Yet to see a recovery in the generic business. CDMO business is likely to cross > 50 pc of total Astec’s business in FY 25
Creamline Dairy’s business hit an EBITDA margin of 8 pc in Q4. Aim to take the percentage sales of value added products from 36 to 40 pc in FY 25. Company’s focus continues to be on value added products
Expect good growth to continue in cattle and fish feed segment. Growth in poultry segment is a lot more challenging as the industry is much more organised. Animal feed business’s margins were highest in Q4. Company expects the same to continue in FY 25 as well. EBITDA / Ton for animal feed was 1525. FY 25’s EBITDA / Ton is expected to be much better
Yummeiz brand and Real good chicken operate at EBITDA margins of 35 and 15 pc respectively. The EBITDA margins of non-branded live bird business varies between (-) 25 to (+) 25 pc
Earlier the company was into plantation and extraction of crude palm and palm kernel oil. Now they also have solvent extraction and refining plants. They aim to keep adding value to this segment to de-commoditise the business
Consol Capex guidance for FY 25 @ 250 - 300 cr
Disc: hold a small tracking position, biased, not SEBI registered
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