Revenue from crop protection and poultry and processed food businesses declined 4.6 per cent and 24.5 per cent, respectively. | Photo: Company website
India’s Godrej Agrovet reported a 28.3 per cent rise in first-quarter profit on Thursday, helped by falling input costs. Consolidated net profit rose to Rs 135 crore ($16.1 million) for the three months ended June 30 from Rs 105 crore a year earlier.
During the quarter, which saw parts of the country experiencing heatwaves and floods, prices of food, which account for nearly half of India’s retail inflation, rose more than 8 per cent each month, adding pressure on the spending power of the rural consumers.
Godrej Agrovet’s total revenue from operations fell 6.4 per cent to Rs 2,351 crore while total expenses fell nearly 8 per cent, led by a fall in the cost of materials consumed.
The animal feed business, which includes cattle and fish feed and forms nearly half of the company’s revenue, fell 10 per cent.
Revenue from crop protection and poultry and processed food businesses declined 4.6 per cent and 24.5 per cent, respectively, while dairy and vegetable oil saw a slight uptick. As part of its expansion plans, Godrej Agrovet will set up a new feed plant in Maharashtra state with an initial investment of Rs 110 crore. Its shares ended 3.9 per cent lower.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Aug 01 2024 | 7:49 PM IST
