FMCG major Godrej Consumer Products (GCPL) on Thursday reported a marginal 0.63 per cent rise in consolidated net profit to Rs 407.6 crore in the first quarter ended June 30. The company had posted a net profit of Rs 405.04 crore in the corresponding period last fiscal.
Total income during the quarter under review stood at Rs 2,370.14 crore, down 5.49 per cent as against Rs 2,508.08 crore reported in the year-ago period, GCPL said in a BSE filing.
"Our India business delivered a steady volume growth of 5 per cent, amidst a general slowdown in staples consumption. We expect a gradual recovery in the coming quarters for the industry and also for our business."
"In our international businesses, Indonesia continues to have a strong outlook for the year, though this quarter was impacted by a soft demand environment. Africa had a subdued performance. The Southern Africa cluster is off to a strong start and recorded steady growth during the quarter. However, we witnessed a slowdown in some of the smaller markets in Africa," GCPL Executive Chairperson Nisaba Godrej said in a statement.
She said in fiscal 2020, "we expect better volume growth in India, supported by our continued focus on innovations and enhancements to our go-to-market model. We will continue driving profitable sales growth in Indonesia, while focusing on profitability in Africa, and ensuring a meaningful turnaround in our Latin American business".
The company said its board has declared an interim dividend for the year 2019-20 at the rate of Rs 2 per share.
Shares of GCPl were trading 2.58 percent higher at Rs 614.60 apiece on the BSE.