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ICICI Securities Report
Godrej Agrovet Ltd.’s animal feed and vegetable oil segments reported strong results but dairy segment reported muted numbers.
We note-
favorable base, aggressive price hikes and revival in layer and broiler feed helped animal feed segment to report 33.9% revenue growth,
steep increase in palm oil prices and better extraction rate resulted in 83.5% higher revenues of vegetable oil segment and
with increase in milk procurement prices, dairy segment reported losses again.
We also note lower out-of-home consumption and closure of hotel-restaurant-cafe due to lockdown resulted in lower off-take for segments like dairy and poultry.
We expect most segments of Godrej Agrovet to show recovery in FY22-23 with favourable base of FY21.
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