A director at Godrej Agrovet Limited bought 100,000 shares at 759.300INR and the significance rating of the trade was 72/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ye...
. GODREJ AGROVET: Lower margin in AF and CP business hurts earnings (GOAGRO IN, Mkt Cap USD1.2b, CMP INR509, TP INR670, 32% Upside, Bu Earnings lower than expected GOAGRO reported a subdued operating performance, with EBIT declining 62%/46% YoY in the Animal Feed (AF)/Crop Protection (CP) business. EBIT margin saw an expansion in Palm oil and GTFL. Revenue growth of 26% YoY was seen across businesses, except the standalone CP business (down 18% YoY), which was impacted due to deferred ...
GODREJ AGROVET: Higher commodity prices underplay robust revenue growth; In line PAT, EBITDA below our estimate (GOAGRO IN, Mkt Cap USD1.7b, CMP INR648, TP INR760, 17% Upside, Buy) GOAGRO registered robust revenue growth due to a recovery in demand across segments. The Animal Feed and Palm Oil business drove performance on the back of a demand uptick and price hike. EBITDA margin contracted by 220bp YoY due to a surge in commodity prices, thereby affecting gross margin. We largely mainta...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
(GOAGRO IN, Mkt Cap USD1.7b, CMP INR655, TP INR758, 16% Upside, Buy) In this note, we have analyzed the recent trends in palm oil prices, the parameters driving these prices, and the corresponding impact on the Palm Oil business of GOAGRO – the revenue/EBITDA contribution for which stood at 12%/17% (as of FY21). Here are the key highlights: Higher demand from Bio-Diesel segment fuels palm oil prices Global palm oil prices have seen a sharp rally, primarily due to higher demand from the ...
GODREJ AGROVET: Animal feed/palm oil biz drive overall revenue growth (GOAGRO IN, Mkt Cap USD1.5b, CMP INR560, TP INR649, 16% Upside, Buy) Miss on EBITDA and PAT GOAGRO’s 3QFY20 revenues were up 23% YoY (+12% ex-Godrej Tyson Foods as it was absent in the base quarter) while EBITDA stood flat due to margin contraction in crop protection (CP), dairy and Godrej Tyson Foods. However, PAT grew 26% YoY due to the lower tax rate. Revenue was in line; however, miss of 26%/9% at EBITDA/PAT level...
GODREJ AGROVET: Palm oil biz on strong footing for FY21 aided by higher volume and realization (GOAGRO IN, Mkt Cap USD1.3b, CMP INR486, TP INR584, 20% Upside, Buy) Indonesia and Malaysia - that account for ~86% of the world's palm oil production - are planning to increase the usage of palm oil for the production of biodiesel. This should eventually lead to palm oil prices increasing as palm oil supply for food and other usages would decrease. In this note, we highlight the event and its imp...
GODREJ AGROVET: Big miss; Crop Protection drags 2Q; But animal feed segment – the star performer (GOAGRO IN, Mkt Cap USD1.4b, CMP INR501, TP INR584, 17% Upside, Buy) Miss on EBITDA while PAT above est.: revenue grew 17% YoY to INR18.5b (v/s est. INR18.9b), mainly led by the animal feed segment (+32% YoY to INR9.4b). EBITDA margin contracted 240bp YoY to 6.5% (v/s est. 8.3%), mainly due to lower margin in crop protection and palm oil. EBITDA declined 15% YoY to INR1,197m (v/s est. INR1,561m). ...
GODREJ AGROVET: Animal feed nourishes revenue; Depressed oil prices dent palm oil biz. margins (GOAGRO IN, Mkt Cap USD1.2b, CMP INR428, TP INR522, 22% Upside, Buy) Revenue in-line; EBITDA/adj. PAT below estimates: revenue grew 15% YoY to INR17b (our estimate: INR16.6b), mainly led by the animal feed segment (+20% YoY to INR8.9b). EBITDA margin contracted by 105bp YoY to 8.3% (our estimate: 9.5%), mainly on account of higher other expenses. EBITDA grew 2% YoY to INR1,419m (our estimate: I...
Godrej Agrovet: Price hikes to support margin expansion in animal feed (GOAGRO IN, Mkt Cap USD1.4b, CMP INR518, TP INR609, 18% Upside, Buy) In-line revenue; miss on EBITDA/adj. PAT: Revenue grew 12.5% YoY to INR13.4b (our estimate: INR13.3b) in 4QFY19, mainly led by the animal feed segment (+22% YoY to INR8.3b). EBITDA margin shrank 60bp YoY to 5.6% (our estimate: 6.4%), primarily on account of higher RM cost, partly offset by lower employee cost and other expenses. EBITDA was flat YoY at ...
Godrej Agrovet (initiating coverage): Agri behemoth in the making; Riding on the back of crop protection and the palm oil business (GOAGRO IN, Mkt Cap USD1.4b, CMP INR509, TP INR610, 20% Upside, Buy) Godrej Agrovet (GOAGRO) is a diversified agri company with pan-India presence and operations spread across five business verticals. It comprises (i) the crop protection business, where it is a dominant player in plant growth regulators and triazole chemistry (via its subsidiary Astec Life Scien...
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