Godrej Industries Q2 net profit dips by 17.56 pc
The company had clocked a net profit of Rs 92.82 crore in the same period corresponding year, it said in a BSE filing.
Godrej Industries, however, said that the figures are "not strictly comparable with those of the previous period," in view of change in the company's shareholdings in the some of subsidiaries, JVs and associates.
The net profit for the second quarter took a beating mainly because tax expenses rose to Rs 36.71 crore from Rs 26.62 crore in the year-ago period. Besides, income from exceptional items remained slighly lower at Rs 35.04 crore as against Rs 45.99 crore in the review period.
"During the quarter, the Group has sold entire holding in M'Modal Inc, and also in its joint venture company Godrej Hersheys ltd. The profit and loss of these investments is included in exceptional items," the company said.
However, net sales increased to Rs 1,946.12 crore during the second quarter of the current fiscal from Rs 1,391.34 crore in the same period last year.
"We have performed well in most of our core businesses despite a challenging macro-economic environment. Our agri businesses have been growing at an impressive rate with oil palm, animal feed and agri inputs segments doing well in the quarter," Godrej Industries Chairman A B Godrej said.
Highlighting the performance of business divisions, Godrej Industries said the revenue from vegetable
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