Buy Godrej Agrovet; target of Rs 580: Motilal Oswal

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Motilal Oswal's research report on Godrej Agrovet

GOAGRO reported a subdued operating performance on the back of volatile commodity prices, higher input cost, and limited pass on of prices. EBIT in the Animal Feed (AF)/Palm Oil business declined by 15%/16% YoY, while the same in the Crop Protection (CP) business grew 13% YoY on the back of robust revenue growth (up 44% YoY).

Outlook

We largely maintain our FY23/FY24 earnings estimate and maintain our Buy rating, with a SoTP-based TP of INR580.

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Godrej Agrovet - 08-11-2022 - moti