Godrej Consumer Products Limited (GCPL) reported double-digit volume growth for its organic business in India in the first quarter of FY 2023-24. In a regulatory filing, the company said that the performance was broad based with double-digit volume growth in the home care segment which has brands like Goodknight and HIT and higher than mid-single digit volume growth in the personal care segment which houses brands like Cinthol. “Sales growth was marginally higher than mid-single digit as we passed on the benefits of lower input costs to our consumers. Sales growth (including inorganic) to be in high-single digits,” it said in the exchange filing. The business made up nearly 57 per cent of its total revenue in the immediately previous quarter.

GCPL had, in the previous quarter, reported a 24.47 per cent growth in its consolidated net profit at Rs 452.14 crore, led by volume growth. The revenue from the sale of products was up 9.6 per cent at Rs 3,172.21 crore during Q4FY23.

The update released by the company provided an overall summary of the operating performance and demand trends during the quarter ended June 2023 and it is yet to announce its Q1FY24 financial results. 

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The FMCG company estimated its overall sales volumes, including its overseas business, to post a growth in the high-single digit percentage range. “Our Indonesia business delivered steady performance on the back of structural changes implemented last year. Constant currency sales are expected to grow in mid-teens,” it said. 

Godrej Africa, USA, and Middle East (GAUM) continued to deliver consistent performance with constant currency sales growth in mid-teens, it informed while adding that in INR terms, there was an adverse currency translation impact resulting in high-single digit sales growth.

“At a consolidated level (organic), we expect to deliver high-single digit volume growth, teens growth in constant currency terms translating to close to double-digit sales growth in INR terms,” GCPL said. 

The FMCG major also added that its “quality of profits has seen sustained improvement, led by robust gross margin expansion and ongoing category development investments” and expected this to translate to strong EBITDA growth. “We expect to have an exceptional stamp duty expense on the slump sale transaction of Park Avenue and KamaSutra brand acquisition,” it added.