Godrej Agrovet Limited has today reported its financial performance for the second quarter and half year ended September 30, 2021 of the financial year 2021-22
HIGHLIGHTS OF CONSOLIDATED FINANCIAL PERFORMANCE (Q2 FY22 & H1 FY22) (Rs. in crore)
%increase/
(Decrease)
* Note: For the second quarter and half year ended September 2020,total income excludes income of Rs.9.6 crore earned from sale of real estate project. EBITDA and PBT excludes profit of Rs.4.8 crore and PAT excludes profit of Rs.3.8 crore (net of taxes) being profit in respect of real estate project.
Commenting on the performance, Mr. B. S. Yadav, Managing Director, Godrej Agrovet Limited, said:
I am pleased to share with you the financials of Godrej Agrovet Limited for the quarter and half-year ended September 30, 2021. Consolidated total income was Rs.4,163 crore, registering a growth of 26.7% year-on-year. Consolidated profit before tax was Rs.287 crore, registering a modest growth of 2.7% year-on-year.
For Animal Feed business, it was one of the best quarterly performances with segment results growing by 21%, supported by volume growth, introduction of new products and R&D benefits realization. Vegetable oil benefited from higher oil prices and increased efficiencies and posted excellent segment results of Rs.78 crore for the second quarter which was a 1.9x increase year-on-year. Profitability of Standalone crop protection business declined by 24% due to erratic and inconsistent rainfall which reduced application opportunities of agro chemicals. Segment results were also impacted by inflation in raw material prices which could not be absorbed resulting in lower margins. Astec Life Sciences EBITDA declined by 29.9% primarily due to closure of plant on account of floods for about 15 days.Global container shortage limited the ability to ship goods timely resulting in deferment of sales. In the food businesses, higher input & procurement costs impacted the performance in the current quarter. Our dairy subsidiary, Creamline Dairy registered a lower EBITDA profit of Rs.4.1 crore due to increase in the milk procurement costs. The performance of our poultry and poultry products business improved in the second quarter after a challenging first quarter as end-product prices improved. As a result, Godrej Tyson Foods Limited, registered an EBITDA of Rs.10.1 crore in Q2 FY22.
The second wave of COVID-19 in Q1 FY22 had significantly impacted economic recovery seen in the preceding quarters, especially in rural India which had much stricter lockdowns. Covid-19 cases are declining steadily in Q2 FY22. With the key economic indicators signaling recovery in Q2FY22, we expect the second half of the year to be better for our businesses.
At Godrej Agrovet we are ensuring business continuity along with employee safety. We are conducting a nation-wide vaccination drive for company employees & families, contractual workforce& trade partners. 100% of our eligible employees have received the first dose and 85% of the eligible employees have received both doses of the vaccine. We will cover the entire employee base with the second dose shortly. During these tough times we are also committed to serve the Society. Our CSR strategy has been pivoted to strengthen the public healthcare system in order to address the challenges faced by rural communities. We provided medical material and health equipment at various locations and helped the Government effort towards combating the pandemic.
Segment-wise business highlights
Animal Feed
Vegetable Oil
Crop Protection (Standalone)
Astec
Dairy
Godrej Tyson Foods Limited
ACI Godrej Agrovet Private Limited, Bangladesh
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