India’s Godrej Agrovet on Thursday reported a 21% decline in third-quarter profit, due to weak demand and destocking.
Consolidated net profit fell to Rs 91.84 crore ($11.1 million) for the three months ended December 31 from Rs 116 crore a year earlier, the company said in a stock exchange filing.
According to analysts, the company’s overall inventory levels have fallen by 15.5% due to continued destocking across the industry. This in turn affected the company’s bottom line.
Total expenses for the quarter rose 0.23%, while total revenues remained flat at 23.45 billion rupees.
The animal feed segment, which accounts for more than half of total turnover, increased by 1.5%.
The company’s shares rose 1.9% on Thursday ahead of the results.
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First print: February 1, 2024 | 7:04 PM IST