Godrej Agrovet Q1 Review - Palm Oil Segment Doing Well; Dairy Disappoints: ICICI Securities
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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.
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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