BENGALURU (Reuters) – India’s Godrej Agrovet reported a 21% fall in third-quarter profit on Thursday, hurt by soft demand and inventory destocking.
Consolidated net profit fell to 918.4 million rupees ($11.1 million) for the three months ended Dec. 31 from 1.16 billion rupees a year earlier, the company said in an exchange filing.
The company’s overall inventory levels have fallen 15.5% due to the ongoing destocking across the sector, according to analysts. This in turn affected the bottom line of the company.
Total expenses for the quarter rose 0.23%, while total revenue was flat at 23.45 billion rupees.
The animal feed segment, which constitutes more than half of the total revenue, rose 1.5%.
Shares of the company rose 1.9% on Thursday ahead of results.
($1 = 82.9800 Indian rupees)
(Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Sohini Goswami)
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