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Operating performance in line

Adj. PAT misses our estimate due to lower other income

* Consol. revenue stood at INR25.7b, up 5% YoY (est. in line). EBITDA margins contracted 80bp to 8.3% (est. of 8.6%), while the gross margin expanded 100bp YoY to 26.6%. EBITDA declined 4.5% YoY to INR2.1b (est. in line).

* Adj. PAT declined 18% YoY to INR926m (est. of INR1.3b).

Segmental performance

* Animal feed (AF) business revenue grew 1% to INR12.2b. EBIT margin contracted 10bp YoY to 5.8%. EBIT stood at INR703m (largely flat YoY).

* Palm oil business revenue grew ~45% YoY to INR6.4b. EBIT margin expanded 490bp YoY to 21.6%. EBIT stood at INR1.4b, up 88% YoY.

* Crop protection (CP) business revenue dipped ~28% YoY to ~INR2b. EBIT margins contracted 11pp YoY to 7.7%. EBIT stood at INR163m, down 70% YoY.

* Dairy business revenue declined by ~2% YoY to INR3.9b. EBIT margins expanded by 20bp YoY to 2%. EBIT stood at INR91m, up 8% YoY.

* The poultry and processed food business declined 7% YoY to INR1.8b. EBIT margin expanded 100bp to 1.3%. EBIT stood at INR23m, up 4.6x YoY.

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