Astec Lifesciences, a subsidiary of Godrej Agrovet, revealed its financial results for the fourth quarter of the fiscal year 2023-24 on Thursday, showcasing a significant improvement as its net loss narrowed to Rs 0.97 crore compared to a loss of Rs 5 crore in the corresponding period last year.
The company, established in 1994, primarily focuses on the manufacturing of agrochemical active ingredients, formulations, and intermediate products. Despite challenges, Astec Lifesciences demonstrated resilience as its sales surged by 21.09% to Rs 153.75 crore in the quarter under review, up from Rs 126.97 crore in the same period last year.
The financial announcement came amidst news of a Rs 545-crore open offer made by the Adi and Nadir Godrej family on Wednesday. This offer, part of a family settlement pact reached between the Godrej family members, aims to acquire a 26% stake in Astec Lifesciences.
The open offer was triggered as part of the broader family settlement pact, which involves the acquisition of a 20.84% stake in Godrej Industries (GIL) from their cousins by the Adi and Nadir Godrej family. GIL serves as the holding company for Godrej Agrovet, Godrej Consumer Products, and Godrej Properties, all listed entities set to be controlled by the Adi and Nadir Godrej family.
Under the new leadership structure, the Godrej Industries Group (GIG) will be chaired by Nadir Godrej, with Pirojsha Godrej set to succeed him as the chairperson in August 2026. This restructuring initiative aims to streamline operations and consolidate control within the family.
Despite the positive financial outlook, Astec Lifesciences witnessed a decline in its share price following the open offer announcement. The company’s shares closed 4.09% lower on Thursday at Rs 1,235 apiece on the BSE.
In addition to the financial update, Astec Lifesciences disclosed the resignation of its Chief Financial Officer, K Suryanarayan, effective end of business hours on Friday. Furthermore, independent director Vijay Khot also tendered his resignation from the board, effective Thursday.
The open offer, led by Nadir Godrej, Tanya Dubash, Nisaba Godrej, and Pirojsha Godrej, along with other family members and trusts, underscores the strategic realignment within the Godrej family and its subsidiaries.
