Godrej Agrovet reported 16.46% rise in consolidated net profit to Rs 88.51 crore on 8.56% fall in total income to Rs 1,572.02 crore in Q1 June 2020 over Q1 June 2019.
Consolidated EBITDA rose 14.5% to Rs 174.20 crore in Q1 June 2020 over Q1 June 2019.
The announcement was made after market hours on Friday, 31 July 2020. Shares of Godrej Agrovet rose 0.84% to settle at Rs 458.70 on Friday.
Commenting on the performance, B. S. Yadav, Managing Director, Godrej Agrovet, said extended lockdown had impacted demand and production across segments, especially for out-of-home consumption, however, business activity has started resuming gradually. The macroeconomic indicators for the agriculture sector are positive with timely and above normal south-west monsoon, high water reservoir levels and favourable commodity prices. In addition, multiple measures announced in the Government's stimulus package will encourage private sector participation in the agriculture sector and will help increase income for the farmer.
In the near-to-medium term, agricultural value chain will offer immense business opportunities for growth and expansion. Godrej Agrovet, with its presence across multiple segments in agriculture and strong balance sheet, is well placed to capture these opportunities.
Godrej Agrovet is a diversified, Research & Development focused agri- business company. It holds leading market positions in the different businesses in which it operates - Animal Feed, Crop Protection, Oil Palm, Dairy and Poultry and Processed Foods.
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