On July 5, members of Godrej Agrovet’s (GAVL’s) promoter group announced their intention to acquire a 2.16 percent stake in the company through a block deal, according to a stock exchange filing.
Promoters Jamshyd Naoroji Godrej, Navroze Jamshyd Godrej, Smita Godrej Crishna, Nyrika Holkar, and Freyan Crishna Bieri submitted their proposal to buy 2.16 percent of the paid-up equity share capital of GAVL in aggregate from RKN Enterprises, a partnership firm, via a block deal.
The promoters plan to acquire 4,146,156 equity shares, with the transaction expected to be completed within the next four days.
As of 13:12 pm on July 5, the company’s shares were trading down 1.18 percent at Rs 788.4 on the NSE. However, the stock has surged over 46 percent since June 5, reaching a 52-week high of Rs 841.94 on July 2.
The agribusiness firm reported a nearly three-fold increase in consolidated net profit to Rs 65.48 crore in the March quarter, driven by slightly higher sales and reduced expenses. This compares to a net profit of Rs 23.47 crore in the same quarter of the previous fiscal year.
The company’s total income on a consolidated basis rose to Rs 2,144.4 crore during the January-March quarter of the 2023-24 fiscal year, up from Rs 2,107.56 crore in the year-ago period.
For the full financial year 2023-24, Godrej Agrovet posted a 22 percent increase in consolidated net profit to Rs 359.45 crore, compared with Rs 295.36 crore in the previous year. Total income increased to Rs 9,601.87 crore during the 2023-24 fiscal year, up from Rs 9,481.18 crore in the prior year.
