Godrej Agrovet Q4 Profit Soars 3-fold to Rs 65 cr

New Delhi, May 9 (PTI) Godrej Agrovet Ltd on Thursday posted close to a three-fold jump in consolidated net profit to Rs 65.48 crore in the March quarter on slightly higher sales and reduction in expenses.

The company's net profit stood at Rs 23.47 crore in the same quarter previous fiscal, the company said in a regulatory filing.

Total income on a consolidated basis rose to Rs 2,144.4 crore during the January-March quarter of the 2023-24 fiscal, from Rs 2,107.56 crore in the year-ago period.

Expenses remained lower at Rs 2,067.27 crore as against Rs 2,094.91 crore in the said period.

For the entire 2023-24 financial year, the company posted a 22 per cent increase in its consolidated net profit at Rs 359.45 crore compared with Rs 295.36 crore in the previous year.

Total income increased to Rs 9,601.87 crore during 2023-24 fiscal as against Rs 9,481.18 crore in the previous year.

Commenting on the performance, Godrej Agrovet Managing Director B S Yadav said there was a robust surge profits during 2023-24 from over the previous year.

"This growth in profitability was primarily driven by exceptional performance of domestic crop protection business, structural turnaround of dairy business, market share gains in animal feed and robust volume and margin growth in branded products in our poultry business," he said.

The company is into businesses of animal feed, dairy, and vegetable oils.