The company had posted a consolidated net profit of Rs 132.71 crore in the corresponding quarter of previous fiscal.
Consolidated net sales during the period under review stood at Rs 1,886.26 crore as against Rs 1,722.30 crore in the year-ago period.
The board has declared an 100 per cent interim dividend of Re 1 on share of face value Re 1, the company said in a statement.
Commenting on the financial performance, Godrej Group Chairman Adi Godrej said: "Quarter one of fiscal year 2015 has been a particularly challenging one. We witnessed the fourth consecutive quarter of a significant slowdown in growth in the household and personal care sector."
The overall market slowdown and high inflation in costs have affected both the top line and bottom line growth in India, he added.
Godrej, however, said GCPL's international business performance was very strong, despite the macro economic challenges in our international geographies.
GCPL said its household insecticides grew at 9 per cent but the overall category was affected by the delayed monsoons. The company had added new innovations such as HIT Anti Roach Gel, Good knight Fast Card and the Good knight Xpress liquid vapouriser.
In the soaps category, GCPL said it continued decline in the quarter due to an overall drop in consumption in the category in the mass segment.
The company's hair colours had strong growth momentum with a sales growth of more than 14 per cent, despite a significantly higher base from last year, GCPL added.
On the international business, the company said its business in Indonesia registered net sales growth of 21 per cent, while the African business grew 12 per cent.
The company said its Latin American and European businesses recorded net sales growth of 26 per cent and 21 per cent respectively during the quarter.
Commenting on the outlook, Godrej said: "We feel optimistic that the worst is over. We are beginning to see improved consumer sentiment on the ground and are hopeful that this will start translating into better consumer demand in the quarters ahead."
Growth in the second half of this year should be better than the first half, he said, adding "Consequently, our intent is to deliver a stronger performance overall this year, compared to the previous year."
Shares of GCPL were trading at Rs 817.05 per scrip in the mid-day trade, down 4.44 per cent from the previous close on the BSE.