Godrej Agrovet (GODREJAGRO) Q4 21/22 earnings summary

Executive summary

• FY22 was a record top-line year: consolidated total income rose 33.0% YoY to ₹8,385.74 crore; profitability growth was led by Animal Feed, Oil Palm and Astec LifeSciences.

• Robust growth across most businesses was offset by weak domestic Crop Protection and margin pressure in food businesses from input inflation and limited price pass-through.

Financial highlights

• Consolidated EBITDA was ₹723.2 crore vs ₹598.1 crore; PBT before exceptional items and tax was ₹558.85 crore vs ₹453.1 crore.

• Consolidated PBT was ₹541.57 crore after a ₹17.28 crore exceptional GST expense; PAT was ₹419.15 crore vs ₹347.57 crore.

• Consolidated EPS was ₹20.96 basic and ₹20.95 diluted, vs ₹16.34 and ₹16.33, respectively.

Outlook and guidance

• Animal Feed priorities include deeper penetration in key geographies and categories, using R&D and digital initiatives to support volume growth, margin expansion and cost optimization.

• A fish-feed plant in Uttar Pradesh was expected to begin commercial trials in H1 FY23; Astec’s new R&D centre was planned for completion in FY23.

• Oil Palm growth plans target higher productivity and extraction through agronomic, digital and operating-efficiency measures; the national policy targets 10 lakh hectares by FY26.

• Food businesses planned to improve profitability through product and channel mix, wider distribution, stronger milk procurement and price actions.