Shares of Godrej Consumer Products soared 23 per cent to hit a fresh 52-week high of Rs 894.00 on BSE after the company reported strong earnings in Q4FY21 and appointment of new MD.
Godrej Consumer Products share is trading higher than 5 day, 10 day, 20 day, 50 day, 100 day, and 200 day moving averages.
The share of FMCG major has gained 71 per cent in one year and risen 20 per cent since the beginning of this year. Market cap of the firm rose to Rs 90,530.93 crore on BSE.
In its quarterly earnings update, the company said it has appointed Sudhir Sitapati as GCPL's managing director and chief executive officer for five years effective October 18. Sitapati has a rich experience of more than two decades (a 22-year stint) at larger peer Hindustan Unilever Ltd (HUL).
Currently, Sitapati serves as the executive director and vice president for the foods and refreshment business at HUL.
The company reported consolidated net profit of Rs 365.84 crore for the quarter ended March 31. Profit in the year-ago period stood at Rs 229.90 crore.
Revenue from operations increased 27 per cent to Rs 2,730.74 crore in Q4 compared to Rs 2,153.80 in the year-ago period.
"Household Insecticides grew by 34 per cent. We delivered broad-based growth across premium formats (aerosols, electrics and non-mosquito portfolio) and burning formats," the company said.
"Soaps delivered a third consecutive quarter of double-digit sales growth of 41 per cent, and we continued to gain market share. We continue to focus on micro-marketing initiatives to fuel growth," it added.
The company further stated that hair colours recorded a steady sales growth of 25 per cent, driven by an uptick in overall category growth.
"We delivered a third consecutive quarter of double-digit sales growth. Consolidated sales grew by 27% and EBITDA grew by 21%," said Nisaba Godrej, Chairperson and
Managing Director, GCPL.
"We remain confident of leveraging growth opportunities to drive sustainable, profitable sales growth across our portfolio in FY 2022. We will continue to carefully navigate the challenges of the second wave of COVID-19 in India by ensuring seamless supply chain deliveries, and closely tracking shifts in consumer behaviour to respond to," Godrej added.