Godrej Agrovet Q4 results: Consolidated profit at Rs 63.4 crore

MUMBAI: Godrej Agrovet on Friday reported a consolidated profit after tax of Rs 63.4 crore for the quarter ended March. The company's profit for the last quarter of 2019-20 stood at Rs 69.20 crore, Godrej Agrovet said in a BSE filing.

Total income of the company dipped to Rs 1,472.39 crore compared to Rs 1,643.62 crore in the corresponding quarter of the previous fiscal.

For the year 2020-21, the company's consolidated profit went up to Rs 347.57 crore from Rs 300.58 crore in the previous fiscal.

Total income for FY21 declined to Rs 6,306.27 crore from Rs 7,010.86 crore in FY20.

"It was an excellent year for the company as we increased profitability in most of our segments. Animal feed segment results grew by 24.1 per cent year-on-year, despite a 12.6 per cent and 16.8 per cent decline in volumes and sales.

"Consolidated segment revenues and segment results in crop protection grew by 4 per cent and 7.6 per cent, respectively, supported by Astec LifeSciences' robust performance," Godrej Agrovet Managing Director B S Yadav said in a statement.

Though volumes and sales in its dairy subsidiary Creamline Dairy were impacted by the lockdown, EBITDA grew by 20.3 per cent supported by low procurement prices, he said.

The second wave of COVID-19 in India is more severe and has caused a high degree of turmoil and uncertainty. Micro-lockdowns announced by various states have disrupted demand and supply and if prolonged, could derail the economic recovery expected in the financial year 2021-22, he said.

"At Godrej Agrovet, we have quickly adapted to the changing situation and all our manufacturing plants are operational along with ensuring utmost safety for our employees and business partners.

"We are also ensuring adequate raw material stocking to avert production disruptions, which can be caused by supply chain or logistics issues. Further, our balance sheet remains strong and our liquidity position is comfortable," he added.

Meanwhile, the company announced the appointment of Ashok Gulati as non-executive and independent director for a period of five years, subject to the approval of the shareholders.