BENGALURU, Aug 1 (Reuters) – India’s Godrej Agrovet Ltd (GODE.NS)reported a 27.3% rise in first-quarter revenue on Tuesday, aided by decrease prices and development in its animal feed and crop safety companies.

The firm’s consolidated web revenue rose to 1.05 billion rupees ($12.8 million) in April-June, from 827.1 million rupees a 12 months in the past.

The easing in retail meals inflation within the quarter and demand restoration within the agriculture sector aided profitability as uncooked materials prices cooled off.

Godrej Agrovet’s enter prices fell 5% year-on-year, whereas complete bills diminished by 0.6%. This helped offset complete income staying flat at 25.10 billion rupees.

Profit earlier than curiosity and tax on the firm’s animal feed enterprise greater than doubled within the quarter, whereas revenue at its crop safety enterprise grew 78.5%.

While the animal feed enterprise accounts for about half of complete income, the crop safety enterprise is an even bigger revenue contributor, at roughly 41%.

Its smallest enterprise by both measure is vegetable oils, the place revenue slumped 67% within the quarter as a correction in promoting costs greater than offset increased gross sales volumes, the Godrej Group-owned agency said in a press release.

Shares of the corporate, which competes with Venky’s (India) (VENK.NS) and Kaveri Seed (KVRI.NS) amongst others, rose 0.4% on Tuesday.

They rose practically 10% from April to June, sandwiched between Venky’s 18% improve and Kaveri Seed’s 6.7% achieve.
($1 = 82.2230 Indian rupees)

Reporting by Biplob Kumar Das in Bengaluru; Editing by Savio D’Souza

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