India's Godrej Agrovet Ltd reported a 78.9% rise in quarterly profit on Wednesday, helped in part by strong demand across its mainstay animal food business.
The agribusiness company has been grabbing market share in the cattle feed business, which has boosted revenue for several quarters and helped to soften the blow from high costs at its vegetable oil unit.
The Mumbai-based company's consolidated net profit rose to 1.16 billion Indian rupees ($14.06 million) in the quarter ended Dec. 31 from 650.6 million rupees a year earlier.
The company's results during the third quarter a year earlier were hit by one-time expenses of 172.8 million rupees related to classification of flavored milk under India's Goods and Services Tax regime.
Godrej Agrovet said total revenue from operations rose 11.8% to 23.24 billion rupees in the reported quarter.
Sales at the company's vegetable oil business fell about 6%. Record high crude oil prices boosted the business last year, but prices have since eased.
Revenue from the animal feed segment rose 14.6% to 12.72 billion rupees, accounting for nearly 55% of the company's total revenue. Revenue from dairy products rose nearly 21% to 3.48 billion rupees.