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Operating performance in line with estimates

• Godrej Agrovet’s 1QFY25 consolidated revenue stood at INR21.3b, up 11% YoY (est.in line). EBITDA margin expanded 70bp to 10.3% (est. 10%), while gross margin expanded 80bp YoY to 27.6%. EBITDA grew 19.3% YoY to INR2.7b (est. in line). Adj. PAT grew 18% YoY to INR1.6b.

Segmental performance

• Animal feed (AF) business revenue remained flat at INR11.5b. EBIT margin contracted 120bp YoY to 5.6%. EBIT stood at INR645m, down 17% YoY.
• Palm oil business revenue grew ~92% YoY to INR5b. EBIT margin expanded 810bp YoY to 17.4%. EBIT stood at INR868m, up 3.6x YoY.
• Crop protection (CP) business revenue grew ~10% YoY to ~INR4b. EBIT margin expanded 510bp YoY to 28.9%. EBIT stood at INR1.1b, up 34% YoY.
• Dairy business revenue declined ~3% YoY to INR4.1b. EBIT margin contracted 330bp YoY to 1%. EBIT stood at INR43m, down 77% YoY.
• Poultry and processed food business revenue declined ~20.2% YoY to INR1.9b. EBIT contracted 580bp at 2.4%. EBIT stood at INR44m, down 77% YoY

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