Godrej Agrovet records 8 pct growth in consolidated profit after tax

Godrej Agrovet Monday reported 8 per cent growth in consolidated profit after tax for the quarter ending March 30, at Rs 34.7 crore compared to the same period of the previous financial year. The company's net stood at Rs 32 crore in the corresponding quarter of FY18, the company statement said.

Godrej Agrovet reported total income of Rs 1,356.9 crore during the last quarter of 2018-19. The revenue of the company was Rs 1,205.5 crore in the fourth quarter of 2017-18. For FY19, the company's profit after tax declined marginally by 1.2 per cent to Rs 240.3 crore compared to Rs 243.2 crore in the previous financial year.

The company's total income for 2018-19, stood at Rs 5,896.3 crore. Its total income in FY18 was Rs 5,237.7 crore. Total Income for the year ended March 2018, has been impacted by GST which came into effect from July 1, 2017.

Hence, total income for the current year is not comparable with the corresponding period in the previous year for Godrej Agrovet and its subsidiaries which is inclusive of excise duty. Meanwhile, the company also informed the exchanges of withdrawal of the proposed scheme of amalgamation of Astec LifeSciences with Godrej Agrovet.

The board of directors of the company at its meeting held Monday reviewed the proposal and decided not to pursue the scheme further at this time basis its interaction with multiple stakeholders across Astec and the company, the company informed BSE. The board have recommended a final dividend of Rs 4.5 per share on the face value of Rs 10 each.

Godrej Agrovet managing director B S Yadav said, "In the animal feed segment, volume growth was strong at 14.2 per cent for the full year ended March 31, 2019. However, full-year segment results were impacted by a sharp increase in prices of key raw materials. Crop protection segment performance continues to remain healthy with full-year revenue and profitability growth of 12 per cent and 11.6 per cent, respectively." In the vegetable oil segment, he said, revenue grew by 16 per cent year-on-year in FY19 supported by an increase in crude palm oil prices during the year. "In the dairy segment, profitability levels improved in the second half of the year as there was no butter provisioning or losses. During the fourth quarter, we have acquired the controlling stake in our joint venture Godrej Tyson Foods and Associate Godrej Maxximilk," he added.

(With inputs from agencies.)