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Godrej Industries Q1 profit surges 31% to Rs 103 crore, revenue dips 3%

BusinessToday.In     August 13, 2019

Diversified firm Godrej Industries has clocked 31 per cent year-on-year (YoY) growth in consolidated net profit at Rs 103 crore for the first quarter ended June 30, 2019.

"The Mumbai-headquartered company had reported a net profit of Rs 79 crore in the June quarter of FY19 (Q1FY19)," Godrej Industries said in a filing to the Bombay Stock Exchange.

PBIT (Profit Before Income and Tax) rose 22 per cent to Rs 471 crore as compared to Rs 386 crore in June quarter of last fiscal.

Category wise, household insecticides sales declined 4 per cent to Rs 427 crore, dented by an extended summer and the impact of a high base. "Soaps delivered strong volume-led value growth of 3 per cent, while hair colours category was flat on the back of a high base and general slowdown," Godrej Industries said.

The Godrej group company's consolidated total income slipped by 3 per cent to Rs 2,941 crore as against Rs 3,029 crore in the same quarter last year.

"Consolidated constant currency sales increased by 4 per cent year-on-year," the company said in a regulatory filing.

Segment wise, revenue from chemicals business increased to Rs 399 crore in FY20 versus Rs 383 crore in the year-ago period.

Real estate segment's revenue fell to Rs 708 crore as against Rs 1,055 in Q1FY19. During the quarter under review the business successfully raised Rs 2,100 crore through qualified institutional placement (QIP).

Meanwhile, agri business' consolidated revenue for Q1FY20 stood at Rs 1,713, a YoY growth of 15 per cent.

Ahead of Q1 earnings, shares of Godrej Industries closed 2.72 per cent lower at Rs 457.05 apiece on the BSE on Tuesday.

Edited by Chitranjan Kumar

Also Read: Sun Pharma Q1 profit jumps 31% to Rs 1,387 crore, sales rises 16%

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