Feb 3 (Reuters) - India's Godrej Agrovet reported a nearly 3% rise in quarterly profit on Tuesday, as sluggish growth in its mainstay animal feed business was offset by strong growth in its crop protection and palm oil businesses.
The food and agriculture unit of Godrej Industries reported consolidated net profit of 1.15 billion rupees ($12.75 million), higher than a profit of 1.11 billion rupees a year earlier.
Robust rainfall and increasing per capita usage of agri input products such as herbicides and pesticides helped the company's crop protection business, while its palm oil business benefited from reduced imports of the commodity from Malaysia and Indonesia into India.
The company's revenue from operations rose 11% to 27.18 billion rupees, from 24.5 billion rupees a year ago.
Revenue from its animal feed segment, which constitutes nearly half of the total, grew 1.9%.
Proceeds from the crop protection business, which includes fertilizer and pesticides, rose 34.4%, while its palm oil business grew by 28.53%. Revenue from the dairy business grew 2.7%.
The company's total expenses increased 10.6%, with raw material costs that form the bulk of its expenses, rising 6.3%.
($1 = 90.2180 Indian rupees)
(Reporting by Abhirami G in Bengaluru; Editing by Harikrishnan Nair and Mrigank Dhaniwala)
