Godrej Agrovet Ltd

About

Godrej Agrovet Limited is a diversified, Research & Development focused agri-business company, dedicated to improving the productivity of Indian farmers by innovating products and services that sustainably increase crop and livestock yields. It holds leading market positions in the different businesses in which it operates - Animal Feed, Crop Protection, Oil Palm, Dairy and Poultry and Processed Foods. [1]

Key Points

Animal Feed Business (46% of revenues) [1]
It is the main business of the company and it enjoys a dominant position in the domestic organised animal feed industry. It is present across various sub-categories like cattle, broiler, layer and aqua feed. [2] It owns 32 state-of-the-art manufacturing plants, equipped with quality assurance labs, help farmers improve their farm productivity and profitability. [3]
It also has a presence in the animal feed industry in Bangladesh through its joint venture ACI Godrej Agrovet Pvt Ltd [4]

See full details
  • Market Cap 12,407 Cr.
  • Current Price 646
  • High / Low 747 / 470
  • Stock P/E 37.5
  • Book Value 107
  • Dividend Yield 1.24 %
  • ROCE 18.0 %
  • ROE 16.1 %
  • Face Value 10.0

Pros

  • Company has been maintaining a healthy dividend payout of 36.58%
  • Promoter holding has increased by 0.95% over last quarter.

Cons

  • The company has delivered a poor sales growth of 10.81% over past five years.
  • Company might be capitalizing the interest cost
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
1,588 1,454 1,391 1,703 1,851 1,783 1,628 1,554 1,724 1,526 1,462 1,993
1,448 1,353 1,317 1,561 1,731 1,682 1,501 1,388 1,551 1,414 1,350 1,823
Operating Profit 141 101 74 142 120 101 126 166 173 112 112 170
OPM % 9% 7% 5% 8% 6% 6% 8% 11% 10% 7% 8% 9%
Other Income 36 8 99 17 12 15 6 18 26 23 23 22
Interest 8 10 7 10 13 11 8 13 10 6 18 13
Depreciation 24 26 26 35 37 37 38 37 39 39 39 41
Profit before tax 144 73 140 113 81 68 86 134 150 90 79 137
Tax % 31% 33% 14% 31% -26% 25% 20% 25% 23% 24% 19% 24%
Net Profit 94 41 114 76 104 52 75 89 107 62 57 106
EPS in Rs 4.90 2.13 5.92 3.96 5.42 2.69 3.88 4.61 5.57 3.21 2.95 5.52

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
2,761 3,102 3,312 3,750 4,911 5,186 5,918 6,964 6,267 6,705
2,567 2,863 3,043 3,579 4,471 4,741 5,462 6,475 5,703 6,138
Operating Profit 194 240 269 171 440 445 456 489 564 567
OPM % 7% 8% 8% 5% 9% 9% 8% 7% 9% 8%
Other Income 11 36 104 315 95 58 154 49 90 94
Interest 49 40 65 98 86 45 34 42 46 47
Depreciation 19 28 37 52 75 86 98 148 154 158
Profit before tax 137 207 271 336 375 372 477 349 453 456
Tax % 29% 24% 22% 22% 27% 32% 27% 14% 23%
Net Profit 97 157 210 261 249 229 329 306 314 331
EPS in Rs 73.04 118.36 22.69 28.19 13.44 11.94 17.13 15.94 16.33 17.25
Dividend Payout % 26% 23% 114% 16% 33% 38% 26% 34% 49%
Compounded Sales Growth
10 Years:%
5 Years:11%
3 Years:7%
TTM:-2%
Compounded Profit Growth
10 Years:%
5 Years:14%
3 Years:12%
TTM:4%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:8%
1 Year:30%
Return on Equity
10 Years:%
5 Years:18%
3 Years:17%
Last Year:16%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
13 13 93 93 185 192 192 192 192
Reserves 400 505 548 690 824 1,219 1,457 1,646 1,859
Borrowings 479 620 685 1,372 664 410 398 651 1,007
320 435 417 957 1,535 1,714 2,183 2,183 1,721
Total Liabilities 1,212 1,573 1,742 3,111 3,208 3,535 4,230 4,672 4,779
430 594 693 1,507 1,473 1,492 2,051 2,156 2,281
CWIP 125 149 138 64 50 190 94 153 141
Investments 0 0 37 59 175 195 117 129 124
657 830 873 1,481 1,509 1,657 1,969 2,233 2,234
Total Assets 1,212 1,573 1,742 3,111 3,208 3,535 4,230 4,672 4,779

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
45 210 109 168 897 354 448 240 -2
-167 -190 -131 -428 -63 -253 -233 -255 -187
125 73 -79 278 -812 -125 -217 36 189
Net Cash Flow 2 93 -101 18 22 -24 -2 21 -0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 24 27 30 44 39 44 45 45 48
Inventory Days 45 47 54 83 71 70 72 60 78
Days Payable 30 33 29 38 30 35 29 28 37
Cash Conversion Cycle 40 40 55 89 80 79 88 77 89
Working Capital Days 35 33 49 81 22 20 18 24 56
ROCE % 24% 24% 18% 22% 23% 21% 18% 18%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
68.79 68.79 68.95 68.95 69.00 69.08 70.08 70.07 70.07 70.26 70.70 71.65
2.57 2.99 3.13 3.25 3.43 3.39 3.46 3.51 15.35 3.14 2.83 2.82
3.38 2.88 2.82 2.73 2.17 3.67 2.17 2.32 1.95 2.24 1.67 1.32
25.26 25.34 25.11 25.07 25.40 23.86 24.29 24.10 12.63 24.37 24.80 24.21

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