Godrej Agrovet (GODREJAGRO) Q4 16/17 earnings summary

Executive summary

• FY2016-17 consolidated revenue was ₹492,640.18 lakh and profit after tax ₹27,291.76 lakh; prior-year comparison was affected by acquisitions and is not fully comparable.

• Standalone total income reached ₹367,024.03 lakh and PAT ₹20,796.95 lakh; PAT included a ₹2,000 lakh exceptional write-back of an ESOP Trust loan provision.

• Operating performance benefited from strong crop protection and oil palm results, while animal feed was broadly flat; lower reported debt improved leverage measures.

Financial highlights

• Standalone revenue from operations was ₹361,605.42 lakh versus ₹336,598.88 lakh; total income was ₹367,024.03 lakh versus ₹342,127.83 lakh.

• Standalone PBT before exceptional items was ₹26,066.93 lakh versus ₹21,189.93 lakh; reported PAT was ₹20,796.95 lakh versus ₹15,826.76 lakh.

• Consolidated revenue from operations was ₹492,640.18 lakh versus ₹375,495.50 lakh; PAT was ₹27,291.76 lakh versus ₹26,124.23 lakh. Acquisitions make the periods less comparable.

• Standalone operating cash flow rose to ₹80,122.95 lakh from ₹4,336.22 lakh; consolidated operating cash flow was ₹89,730.36 lakh versus ₹16,833.54 lakh.

Outlook and guidance

• A commissioned oil-palm biomass project is intended to develop value-added products and support future profitability.

• Multiple solutions were being developed to strengthen broiler feed performance in coming years; investment in Real Good Chicken and Yummiez brands remained a focus for the processed poultry venture.