We roll forward to FY23 estimates and upgrade GOAGRO to BUY (from Accumulate) with SoTP (Exhibit 1) based target price of Rs 639 (previous 587). The company reported better than expected results driven by higher than anticipated margins in Animal Feed (@7.1% v/s PLe of 4.9%) and Crop protection (@20.3% v/s PLe of 18.6%) segment. Animal feed volumes were impacted by bird flu in Q4, but margins expanded by >300 bps due to commercialisation of R&D; initiatives. Increased sale of in-house products (up...