Motilal Oswal's research report on Godrej Agrovet
GOAGRO reported a strong operating performance, with robust EBIT growth (up 6x and 55% YoY) in Palm Oil and Crop Protection segments respectively. EBIT margin saw an expansion across segments, except Animal Feed, which was affected by higher input costs.
Outlook
We largely maintain our FY23/FY24 earnings estimate. We value the stock on a SoTP basis to arrive at our TP of INR695. We maintain our Buy rating.
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