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Results
13-Aug-22
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Analysis
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Godrej Industries
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NP up 47%
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Godrej
Industries consolidated net sales increased 39.23% to Rs 4024.55 crore in
Q1FY23 compared to Q1FY22. Sales of
Chemicals segment has gone up 60.85% to Rs 999.59 crore (accounting for 22.65%
of total sales). Sales of Animal Feed
segment has gone up 24.43% to Rs 1,245.89 crore (accounting for 28.24% of total
sales). Sales of Veg Oils segment rose
30.93% to Rs 614.55 crore (accounting for 13.93% of total sales). Sales of Estate & Property Development
segment has gone up 60.68% to Rs 448.23 crore (accounting for 10.16% of total
sales). Sales of Crop Protection segment
has gone up 1,303.85% to Rs 368.09 crore (accounting for 8.34% of total
sales). Sales of Others segment has gone
up 57.20% to Rs 331.04 crore (accounting for 7.50% of total sales). Inter-segment sales rose Rs 142.69 crore to
Rs 169.98 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 48.89% to Rs
530.84 crore. PBIT of Chemicals segment
rose 241.47% to Rs 177.36 crore (accounting for 33.41% of total PBIT). PBIT of Animal Feed segment fell 58.88% to Rs
26.98 crore (accounting for 5.08% of total PBIT). PBIT of Veg Oils segment rose 168.73% to Rs
88.79 crore (accounting for 16.73% of total PBIT). PBIT of Estate & Property Development
segment rose 53.52% to Rs 167.04 crore (accounting for 31.47% of total
PBIT). PBIT of Crop Protection segment
rose 95.20% to Rs 44.78 crore (accounting for 8.44% of total PBIT). PBIT of Others segment rose 1,468.31% to Rs
28.70 crore (accounting for 5.41% of total PBIT).
PBIT
margin of Chemicals segment rose from 8.36% to 17.74%. PBIT margin of Animal Feed segment fell from
6.55% to 2.17%. PBIT margin of Veg Oils
segment rose from 7.04% to 14.45%. PBIT
margin of Estate & Property Development segment fell from 39.01% to
37.27%. PBIT margin of Crop Protection
segment fell from 87.49% to 12.17%. PBIT
margin of Others segment rose from 0.87% to 8.67%. Overall PBIT margin rose from 10.99% to
12.03%.
Operating
profit margin has jumped from 4.92% to 7.87%, leading to 122.85% rise in
operating profit to Rs 316.74 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
63.33% to 53.89%. Purchase of finished
goods cost fell from 8.78% to 6.73%.
Employee cost decreased from 5.70% to 4.11%. Other expenses rose from 17.60% to
29.03%. Selling and administration
expenses rose from 5.15% to 19.15%.
Construction development cost rose from 5.15% to 19.15%.
Other
income rose 3.56% to Rs 217.91 crore.
PBIDT rose 51.66% to Rs 534.65 crore.
Provision for interest rose 40.86% to Rs 188.16 crore.
PBDT
rose 58.24% to Rs 346.49 crore.
Provision for depreciation rose 12.55% to Rs 71.57 crore.
Profit
before tax grew 76.95% to Rs 274.92 crore.
Share of profit/loss was 47.41% lower at Rs 43.02 crore. Provision for tax was expense of Rs 60.34
crore, compared to Rs 51.2 crore.
Effective tax rate was 18.98% compared to 21.59%.
Minority
interest increased 13.14% to Rs 53.65 crore.
Net profit attributable to owners of the company increased 47.20% to Rs
203.95 crore.
Promoters’
stake was 67.18% as of 30 June 2022 compared to 67.19% as of 30 June 2021.
Full year results
analysis
Net
sales of Godrej Industries has increased 51.39% to Rs 14130.15 crore. Sales of Chemicals segment has gone up 83.47%
to Rs 3,056.98 crore (accounting for 19.47% of total sales). Sales of Animal Feed segment has gone up
40.64% to Rs 4,350.23 crore (accounting for 27.71% of total sales). Sales of Veg Oils segment rose 59.91% to Rs
2,139.55 crore (accounting for 13.63% of total sales). Sales of Estate & Property Development
segment has gone up 90.48% to Rs 2,656.69 crore (accounting for 16.92% of total
sales). Sales of Finance and Investments
segment has gone up 36.59% to Rs 167.00 crore (accounting for 1.06% of total
sales). Sales of Dairy segment has gone
up 13.78% to Rs 1,175.00 crore (accounting for 7.48% of total sales). Sales of Crop Protection segment has gone up
5.02% to Rs 1,197.37 crore (accounting for 7.63% of total sales). Sales of Others segment has gone up 42.30% to
Rs 958.18 crore (accounting for 6.10% of total sales). Inter-segment sales rose Rs 465.66 crore to
Rs 636.33 crore.
Operating
profit margin has jumped from 3.36% to 7.38%, leading to 232.86% rise in
operating profit to Rs 1,043.46 crore.
Raw material cost as a % of total sales (net of stock adjustments)
increased from 47.80% to 56.19%.
Purchase of finished goods cost rose from 6.30% to 6.66%. Employee cost decreased from 6.75% to
5.04%. Other expenses fell from 36.53%
to 25.26%. Selling and administration
expenses fell from 25.23% to 13.66%.
Construction development cost fell from 25.23% to 13.66%.
Other
income rose 41.32% to Rs 934.52 crore.
PBIDT rose 102.92% to Rs 1977.98 crore.
Profit before interest, tax and other unallocable items (PBIT) has
jumped 104.75% to Rs 1,944.63 crore.
PBIT of Chemicals segment rose 180.74% to Rs 334.39 crore (accounting
for 17.20% of total PBIT). PBIT of
Animal Feed segment rose 22.35% to Rs 239.70 crore (accounting for 12.33% of
total PBIT). PBIT of Veg Oils segment
rose 160.31% to Rs 251.15 crore (accounting for 12.92% of total PBIT). PBIT of Estate & Property Development
segment rose 322.26% to Rs 884.01 crore (accounting for 45.46% of total
PBIT). PBIT of Finance and Investments
segment rose 30.20% to Rs 61.86 crore (accounting for 3.18% of total
PBIT). PBIT of Dairy reported loss of Rs
24.57 crore compared to profit of Rs 10.49 crore. PBIT of Crop Protection segment fell 5.87% to
Rs 233.89 crore (accounting for 12.03% of total PBIT). PBIT of Others reported loss of Rs 35.80
crore compared to profit of Rs 22.44 crore.
PBIT
margin of Chemicals segment rose from 7.15% to 10.94%. PBIT margin of Animal Feed segment fell from
6.33% to 5.51%. PBIT margin of Veg Oils
segment rose from 7.21% to 11.74%. PBIT
margin of Estate & Property Development segment rose from 15.01% to
33.27%. PBIT margin of Finance and
Investments segment fell from 38.86% to 37.04%.
PBIT margin of Dairy segment fell from 1.02% to 2.09%. PBIT margin of Crop Protection segment fell
from 21.79% to 19.53%. PBIT margin of
Others segment fell from 3.33% to 3.74%.
Overall PBIT margin rose from 9.08% to 12.39%.
Provision
for interest rose 32.89% to Rs 623.14 crore.
Loan funds rose to Rs 14,565.03 crore as of 31 March 2022 from Rs
10,070.81 crore as of 31 March 2021.
Inventories rose to Rs 7,718.66 crore as of 31 March 2022 from Rs
6,187.42 crore as of 31 March 2021.
Sundry debtors were higher at Rs 1,676.04 crore as of 31 March 2022
compared to Rs 1,523.05 crore as of 31 March 2021. Cash and bank balance rose to Rs 1,823.94
crore as of 31 March 2022 from Rs 852.15 crore as of 31 March 2021. Investments declined from Rs 9,951.98 crore
as of 31 March 2021 to Rs 9,609.22 crore as of 31 March 2022.
PBDT
rose 167.86% to Rs 1354.84 crore.
Provision for depreciation rose 12.89% to Rs 273.58 crore. Fixed assets increased to Rs 4,480.90 crore
as of 31 March 2022 from Rs 4,297.91 crore as of 31 March 2021. Intangible assets increased from Rs 683.34
crore to Rs 972.79 crore.
Profit
before tax grew 310.39% to Rs 1,081.26 crore.
Share of profit/loss was 19.15% lower at Rs 284.95 crore. PBT before EO was up 122% to Rs 1366.21
crore.The company reported net EO expense of Rs 83.85 crore compared to nil EO
items in FY21. PBT after EO was up 108% to Rs 1282.36 crore.
Provision
for tax was expense of Rs 289.93 crore, compared to Rs 226.15 crore. Effective tax rate was 22.61% compared to
36.72%.
Minority
interest increased 500.32% to Rs 338.70 crore.
Net profit attributable to owners of the company increased 96.10% to Rs
653.73 crore.
Equity
capital stood at Rs 33.66 crore as of 31 March 2022 to Rs 33.66 crore as of 31
March 2021. Per share face Value
remained same at Rs 1.00.
Promoters’
stake was 67.18% as of 31 March 2022 ,compared to 67.19% as of 31 March 2021
. Promoters pledged stake was 5.62% as
of 31 March 2022 ,compared to 5.62% as of 31 March 2021 .
Cash
flow from operating activities decreased to negative Rs -1,756.19 crore for
year ended March 2022 from negative Rs -672.16 crore for year ended March
2021. Cash flow used in acquiring fixed
assets during the year ended March 2022 stood at Rs 523.85 crore, compared to
Rs 745.61 crore during the year ended March 2021.
The
scrip is currently trading at Rs 466
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Godrej Industries : Consolidated Results
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Particulars
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2206 (03)
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2106 (03)
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Var.(%)
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2203 (12)
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2103 (12)
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Var.(%)
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Net Sales
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4,024.55
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2,890.49
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39
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14,130.15
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9,333.51
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51
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OPM (%)
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7.9
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4.9
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7.4
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3.4
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OP
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316.74
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142.13
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123
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1,043.46
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313.48
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233
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Other Inc.
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217.91
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210.41
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4
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934.52
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661.26
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41
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PBIDT
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534.65
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352.54
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52
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1,977.98
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974.74
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103
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Interest
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188.16
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133.58
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41
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623.14
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468.93
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33
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PBDT
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346.49
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218.96
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58
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1,354.84
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505.81
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168
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Depreciation
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71.57
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63.59
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13
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273.58
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242.34
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13
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PBT
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274.92
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155.37
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77
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1081.26
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263.47
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310
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Share of Profit/(Loss) from Associates
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43.02
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81.8
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-47
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284.95
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352.46
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-19
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PBT before EO
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317.94
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237.17
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34
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1366.21
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615.93
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122
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EO Income
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0
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0
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-
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-83.85
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0
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-
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PBT after EO
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317.94
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237.17
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34
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1282.36
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615.93
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108
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Taxation
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60.34
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51.2
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18
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289.93
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226.15
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28
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PAT
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257.6
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185.97
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39
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992.43
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389.78
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155
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Minority Interest (MI)
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53.65
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47.42
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13
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338.7
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56.42
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500
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Net profit
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203.95
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138.55
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47
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653.73
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333.36
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96
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EPS (Rs)*
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#
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#
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20.3
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9.9
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Notes
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* EPS is on current equity of Rs 33.66 crore, Face value of Rs
1, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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Godrej Industries : Consolidated Segment Results
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% of (Total)
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2206 (03)
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2106 (03)
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Var.(%)
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% of (Total)
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2203 (12)
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2103 (12)
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Var.(%)
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Sales
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Chemicals
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23
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999.59
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621.43
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61
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19
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3,056.98
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1,666.17
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83
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Animal Feed
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28
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1,245.89
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1,001.29
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24
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28
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4,350.23
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3,093.16
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41
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Veg Oils
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14
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614.55
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469.36
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31
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14
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2,139.55
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1,337.94
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60
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Estate & Property Development
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10
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448.23
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278.95
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61
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17
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2,656.69
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1,394.74
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90
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Finance and Investments
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0
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11.62
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26.19
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-56
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1
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167
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122.26
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37
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Dairy
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9
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393.43
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266.53
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48
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7
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1,175.00
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1,032.69
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14
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Crop Protection
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8
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368.09
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26.22
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999
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8
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1,197.37
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1,140.13
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5
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Others
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8
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331.04
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210.59
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57
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6
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958.18
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673.34
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42
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Total Reported Sales
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100
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4,412.44
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3,243.59
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36
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100
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15,701.00
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10,460.43
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50
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Less: Inter segment revenues
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169.98
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142.69
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19
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636.33
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465.66
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37
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Net Sales
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4,242.46
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3,100.90
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37
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15,064.67
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9,994.77
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51
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PBIT
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Chemicals
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33
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177.36
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51.94
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241
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17
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334.39
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119.11
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181
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Animal Feed
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5
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26.98
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65.61
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-59
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12
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239.7
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195.92
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22
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Veg Oils
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17
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88.79
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33.04
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169
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13
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251.15
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96.48
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160
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Estate & Property Development
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31
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167.04
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108.81
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54
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45
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884.01
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209.35
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322
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Finance and Investments
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1
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7.33
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22.94
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-68
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3
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61.86
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47.51
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30
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Dairy
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-2
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-10.14
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-10.48
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-3
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-1
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-24.57
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10.49
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PL
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Crop Protection
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8
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44.78
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22.94
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95
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12
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233.89
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248.48
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-6
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Others
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5
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28.7
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1.83
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999
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-2
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-35.8
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22.44
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PL
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Total PBIT
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100
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530.84
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356.54
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49
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100
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1,944.63
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949.78
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105
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Less : Interest
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188.16
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133.58
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41
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623.14
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468.93
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33
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Add: Other un-allcoable
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-67.76
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-67.59
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0
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-324.08
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-217.38
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-49
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PBT
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274.92
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155.37
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77
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997.41
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263.47
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279
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Previous News |
Godrej Industries
(
Results
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Analysis
10-Feb-24
12:07
)
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Godrej Industries receives upgrade in long term credit ratings
(
Corporate News
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23-Oct-24
19:19
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Godrej Industries to conduct board meeting
(
Corporate News
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01-Aug-24
13:38
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Godrej Industries to hold board meeting
(
Corporate News
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06-Feb-25
11:55
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Godrej Industries consolidated net profit rises 8.76% in the September 2022 quarter
(
Results
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Announcements
14-Nov-22
13:29
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(
Market Commentary
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Mid-Session
21-Mar-23
14:31
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Godrej Industries to raise Rs 1000 crore via NCDs
(
Hot Pursuit
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11-Mar-23
09:43
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Godrej Industries to declare Quarterly Result
(
Corporate News
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01-Aug-24
13:38
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Board of Godrej Industries approves raising up to Rs 2000 cr via debt issuance
(
Corporate News
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14-Nov-22
13:31
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Godrej Inds gains on raising Rs 550 cr via NCDs
(
Hot Pursuit
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21-Mar-23
13:38
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Godrej Inds COO Atul Prakash resigns
(
Hot Pursuit
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19-Jul-23
11:29
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