India`s Godrej Agrovet profit falls by 34%, hit by higher costs
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Indian agri-business firm Godrej Agrovet Ltd reported a 34.3% fall in second-quarter profit on Friday, hurt by weak performance in its mainstay animal feeds and vegetable oil businesses.
The company's consolidated profit fell to 717.6 million Indian rupees ($8.7 million) in the three months ended Sept. 30, from 1.09 billion rupees a year earlier.
Its profit before interest and tax in the animal feed business fell 14.5%, while it dropped 16% in the vegetable oil business, as higher raw materials costs and inflation pressured margins.
Total expenses rose by 17.1% to 23.67 billion rupees.
Total revenue from operations grew 13.5% to 24.45 billion rupees.
Godrej Agrovet's stock closed down 0.4% on Friday, taking their losses for the year so far to 3.4% ($1 = 82.2120 Indian rupees)
