Godrej Industries on Wednesday released its second quarter earnings for the financial year 2023-24. It posted net profit for the quarter ended September 2023 at Rs 87.30 crore, down 44.1 per cent in comparison to Rs 156.18 crore during the same period last year. It recorded revenue from operations at Rs 3937.61 crore, down 2.1 per cent as against Rs 4021.04 crore during the second quarter of FY23. The company EBITDA stood at Rs 265.5 crore, up 20.5 per cent on-year.
While the total income recorded by the company during the quarter in review was at Rs 4256.87 crore, Godrej Industries incurred total expenditure during Q2FY24 at Rs 4094.51 crore.
Godrej Industries’ Q2 performance across subsidiaries
Godrej Consumer Products recorded consolidated sales growth of 6 per cent in INR terms, led by volume growth of 10 per cent and 16 per cent in constant currency YoY. Consolidated net profit grew by 17 per cent on-year (without exceptional items and one offs). In terms of different segment performance, home care grew by 5 per cent. Performance in household insecticides was flattish due to poor monsoons. The non-mosquito portfolio continued to consistently perform well. Air fresheners continued to consistently deliver strong double-digit volume and value growth. Personal care category declined by 1 per cent. While personal wash delivered low-single digit volume growth, hair colour volumes grew in low single digit. GCPL acquired brands, Park Avenue and KamaSutra witnessed a sharp improvement in their sequential sales run-rate, clocking a sales value of Rs 142 crore.
Godrej Industries’ Chemicals business recorded Q2 revenue at Rs 683 crore as against Rs 1219 crore during Q2FY23. It said that with the chemical industry as a whole facing strong headwinds, the segment revenue and profit was impacted during the period. Exports for Q2FY24 stood at Rs 186 crore.
Godrej Properties recorded its highest ever quarterly sales witnessing total booking value of Rs 5034 crore with 5.24 million sqft of area sold during the quarter. The company added 1 new plotted development project in Nagpur with an estimated booking value of Rs 725 crore. It delivered ~1.55 million sqft across 2 markets in Q2FY24.
Godrej Agrovet Limited recorded total income for Q2FY24 at Rs 2582 crore. The animal feed segment posted volume growth in Q2 FY24, primarily driven by Cattle feed and Aqua Feed categories. Segment result grew by 15.8 per cent in Q2FY 24 as compared to the corresponding quarter of the previous year. Vegetable Oil posted revenue growth of 10.5 per cent in Q2FY24 as compared to the corresponding quarter of the previous year. Crop protection business recorded consolidated revenue at Rs 379 crore as compared to Rs 370 crore in the corresponding quarter of the previous year. Dairy segment, in Q2FY24, posted revenue at Rs 390 crore, a growth of 8 per cent on-year.