Godrej Industries arm Godrej Agrovet today reported a 44 per cent drop in consolidated net profit at Rs 32.01 crore for the fourth quarter of 2017-18 due to exceptional gains posted in the same quarter previous year.
Otherwise, the net profit during January-March quarter of the 2017-18 fiscal remained flat excluding non-recurring and exceptional items, the company said in a regulatory filing.
The company had clocked a net profit of Rs 57.14 crore during the fourth quarter of the 2016-17 financial year.
According to the filing, the revenue from operations stood at Rs 1,194.72 crore during January-March of 2017-18 as against Rs 1,033.98 crore in the year-ago period.
The company said the revenue from operations for the fourth quarter and full year ended March 31, 2018 was adversely affected due to GST which came into effect from July 1, 2017.
Hence, total revenue from operations is not comparable with corresponding previous period of Godrej Agrovet and its subsidiaries, it added.
"In the coming year, we will continue to focus on increasing our market share across business segments which will contribute to our profitability in the long-run," Godrej Agrovet Managing Director B S Yadav said.
The board has recommended a dividend of Rs 4.50 per share for the 2017-18 fiscal subject to approval by the shareholders.
Godrej Agrovet is engaged in the business of agri-inputs, animal feeds, palm oil manufacturing, dairy and poultry.
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