1. Opening Hook
The monsoon gods clearly didn’t get the memo from Dalal Street — “No excess rainfall, please!” 🌧️ While farmers cursed the skies, investors cursed their Bloomberg terminals as Godrej Agrovet’s profit stayed flatter than a drought-struck paddy field. But wait — amid all the crop chaos, there’s a shiny new CEO talking “Project PI,” “FY’30 vision,” and “portfolio rationalization.” Translation: new man, new buzzwords, same old weather drama. Stick around — it gets delightfully agro-economic (and mildly existential) later. 😏
2. At a Glance
- Revenue ₹2,567 Cr (↑5%)– CFO swears it’s organic growth, not fertilizer inflation.
- PBT ₹125 Cr (Flat YoY)– Profit took the day off.
- Animal Feed Volume ↑18%– The cows are eating well, even if investors aren’t.
- Vegetable Oil ↑41%– Palm oil outperformed your portfolio.
- Crop Protection ↓30%– Rain gods pulled the plug on pesticide plans.
- Astec Revenue ↓25%– The chemistry lab is still mixing its comeback formula.
- Net Profit (Flat)– “Non-recurring items” recurring again? Maybe.
3. Management’s Key Commentary
“Animal Feed showed strong double-digit growth, led by cattle feed up 18%.”(Translation: The real bulls this quarter were four-legged ones.🐄)
“Crop Protection saw a 30% revenue drop due to excessive rainfall.”(Translation: Rainfall – 1, Agrovet – 0.)
“Oil Palm delivered 41% growth with margins expanding to 22.4%.”(Translation: Oil’s slick performance is keeping the boardroom shiny.)
“Astec revenue fell 25% as CDMO demand got postponed.”(Translation: Clients ghosted us, but they swear it’s not breakup — just a ‘phasing issue’.)
“We’ve launched Project PI to drive cost efficiencies.”(Translation: Cut costs before cutting bonuses.)
“We’ll announce our FY30 plan soon.”(Translation: Please don’t sell yet, we’ll have prettier PowerPoints by March.😏)
“No reason to worry about debt;
we’re managing working capital tightly.”(Translation: Still paying bills, just more ‘strategically.’)
4. Numbers Decoded
| Segment | Revenue (₹ Cr) | YoY Growth | Margin (%) | Commentary |
|---|---|---|---|---|
| Animal Feed | ~1,300 | Flat (Vol ↑18%) | 7.0 | Strong volumes, softer realizations |
| Vegetable Oil | ~450 | +41% | 22.4 | Palm saves the day |
| Crop Protection | ~300 | -30% | 23.3 (↓ from 43) | Monsoon massacre |
| Astec LifeSciences | ~160 | -25% | 15 (CDMO ↓) | Phasing excuse, again |
| Dairy (Creamline) | ~200 | Flat | Resilient | Value-added up, marketing cost up |
| Foods (Godrej Foods Ltd.) | ~150 | -7% | 28 (EBITDA ↑28%) | Branded salience 86% |
Note:CFO insists margins will “normalize.” Investors heard “next monsoon.” 🌧️
5. Analyst Questions
ICICI Securities:“Crop Protection revival?”Mgmt:“Fingers crossed.” (Translation: Even meteorologists gave up.)
KIE:“What about guidance?”Mgmt:“16–18% might not happen.” (Translation: ‘Might’ = definitely not.)
Nippon MF:“Astec margins?”Mgmt:“CDMO constant, enterprise stable.” (Translation: One stuck, one static.)
Premier Capital:“FY30 vision?”Mgmt:“Strategy refresh in 90 days.” (Translation: Let’s finish this deck first.)
6. Guidance & Outlook
Management’s “FY26 optimism” got drenched in monsoon reality. Revised tone:
