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Operating performance below estimates

* Godrej Agrovet’s 4QFY25 consolidated revenue stood at INR21.3b, flat YoY (est. INR22.2b). EBITDA margin remained flat at 6.9% (est. 9.2%), while gross margins expanded by 30bp YoY to 25.9%. EBITDA stood at INR1.4b, flat YoY (est. INR2b). Adj. PAT grew 24% YoY to INR708m.

Segmental performance

* Animal Feed (AF) business revenue declined ~4% YoY to INR11.5b, EBIT margin remained flat YoY at 5.7%, and EBIT stood at INR654m, down 4% YoY.

* Palm oil business revenue grew ~30% YoY to INR2.4b, EBIT margin expanded 260bp YoY to 7.5%, and EBIT stood at INR184b, up 2x YoY.

* Crop Protection (CP) business revenue grew ~6% YoY to ~INR2.7b, EBIT margin declined 150bp YoY to 16.9%, and EBIT stood at INR457m, down 2% YoY.

* Dairy business revenue marginally declined ~2% YoY to INR3.8b, EBIT margin contracted 350bp YoY to 1.7%, and EBIT stood at INR66m, down 67% YoY.

* Poultry and processed food business revenue fell ~17.4% YoY to INR1.7b, EBIT margin contracted 320bp YoY to 2.3%, and EBIT stood at INR41m, up 66% YoY.

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