Results     20-May-23
Analysis
Godrej Industries
Improved operating performance
Godrej Industries consolidated net sales increased 9.16% to Rs 4852.11 crore in Q4FY23 compared to Q4FY22.  Sales of Chemicals segment has gone up 6.77% to Rs 856.69 crore (accounting for 16.27% of total sales).  Sales of Animal Feed segment has gone up 10.24% to Rs 1,218.04 crore (accounting for 23.14% of total sales).  Sales of Veg Oils segment fell 28.84% to Rs 276.82 crore (accounting for 5.26% of total sales).  Sales of Estate & Property Development segment has gone up 20.58% to Rs 1,858.67 crore (accounting for 35.30% of total sales).  Sales of Finance and Investments segment has gone up 187.40% to Rs 143.73 crore (accounting for 2.73% of total sales).  Sales of Dairy segment has gone up 18.52% to Rs 399.06 crore (accounting for 7.58% of total sales).  Sales of Crop Protection segment has gone down 31.39% to Rs 242.08 crore (accounting for 4.60% of total sales).  Sales of Others segment has gone down 7.35% to Rs 269.74 crore (accounting for 5.12% of total sales).  Inter-segment sales rose Rs 110.30 crore to Rs 179.58 crore.

Profit before interest, tax and other unallocable items (PBIT) has jumped 1.58% to Rs 744.49 crore.  PBIT of Chemicals segment rose 63.27% to Rs 135.14 crore (accounting for 18.15% of total PBIT).  PBIT of Animal Feed segment fell 25.89% to Rs 46.01 crore (accounting for 6.18% of total PBIT).  PBIT of Veg Oils segment fell 43.95% to Rs 19.68 crore (accounting for 2.64% of total PBIT).  PBIT of Estate & Property Development segment rose 18.15% to Rs 527.64 crore (accounting for 70.87% of total PBIT).  PBIT of Finance and Investments segment fell 38.43% to Rs 13.30 crore (accounting for 1.79% of total PBIT).  PBIT of Dairy segment fell 183.90% to Rs -8.29 crore (accounting for -1.11% of total PBIT).  PBIT of Crop Protection segment fell 84.13% to Rs 13.24 crore (accounting for 1.78% of total PBIT).  PBIT of Others reported loss of Rs 2.23 crore compared to profit of Rs 4.27 crore. 

PBIT margin of Chemicals segment rose from 10.32% to 15.77%.  PBIT margin of Animal Feed segment fell from 5.62% to 3.78%.  PBIT margin of Veg Oils segment fell from 9.03% to 7.11%.  PBIT margin of Estate & Property Development segment fell from 28.97% to 28.39%.  PBIT margin of Finance and Investments segment fell from 43.19% to 9.25%.  PBIT margin of Dairy segment fell from negative 0.87% to negative 2.08%.  PBIT margin of Crop Protection segment fell from 23.64% to 5.47%.  PBIT margin of Others segment fell from 1.47% to 0.83%.  Overall PBIT margin fell from 15.05% to 14.14%. 

Operating profit margin has jumped from 11.03% to 12.36%, leading to 22.36% rise in operating profit to Rs 599.88 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 45.09% to 38.21%.   Purchase of finished goods cost fell from 4.02% to 1.99%.   Employee cost increased from 4.60% to 4.71%.   Other expenses rose from 35.65% to 44.98%.   Selling and administration expenses rose from 25.32% to 34.72%.   Construction development cost rose from 25.32% to 34.72%.  

Other income fell 17.48% to Rs 233.13 crore.  PBIDT rose 7.80% to Rs 833.01 crore.  Provision for interest rose 61.65% to Rs 283.51 crore. 

PBDT fell 8.01% to Rs 549.5 crore.  Provision for depreciation rose 9.91% to Rs 79.38 crore. 

Profit before tax down 10.48% to Rs 470.12 crore.  Share of profit/loss was 346.11% higher at Rs 208.6 crore.  PBT before EO was up 19% to Rs 678.72 crore. The company reported nil EO items during the quarter compared to EO expense of Rs 17.53 crore. PBT after EO was up 22% to Rs 678.72 crore.

Provision for tax was expense of Rs 116.56 crore, compared to Rs 131.56 crore.  Effective tax rate was 17.17% compared to 23.73%.

Minority interest increased 34% to Rs 262.08 crore.  Net profit attributable to owners of the company increased 32.05% to Rs 300.08 crore. 

Equity capital stood at Rs 33.66 crore as of 31 March 2023 to Rs 33.66 crore as of 31 March 2022.  Per share face Value remained same at Rs 1.00. 

Promoters’ stake was 67.17% as of 31 March 2023 ,compared to 67.18% as of 31 March 2022 .  Promoters pledged stake was 5.62% as of 31 March 2023 ,compared to 5.62% as of 31 March 2022 . 

Full year results analysis

Net sales (including other operating income) of Godrej Industries has increased 18.47% to Rs 16740.25 crore.  Sales of Chemicals segment has gone up 36.51% to Rs 4,172.97 crore (accounting for 22.48% of total sales).  Sales of Animal Feed segment has gone up 13.94% to Rs 4,956.69 crore (accounting for 26.70% of total sales).  Sales of Veg Oils segment fell 9.76% to Rs 1,930.65 crore (accounting for 10.40% of total sales).  Sales of Estate & Property Development segment has gone up 17.41% to Rs 3,119.25 crore (accounting for 16.80% of total sales).  Sales of Finance and Investments segment has gone up 136.83% to Rs 525.44 crore (accounting for 2.83% of total sales).  Sales of Dairy segment has gone up 27.76% to Rs 1,501.13 crore (accounting for 8.09% of total sales).  Sales of Crop Protection segment has gone down 0.09% to Rs 1,196.25 crore (accounting for 6.44% of total sales).  Sales of Others segment has gone up 28.89% to Rs 1,164.28 crore (accounting for 6.27% of total sales).  Inter-segment sales rose Rs 636.33 crore to Rs 804.30 crore. 

Profit before interest, tax and other unallocable items (PBIT) has jumped 17.76% to Rs 2,256.33 crore.  PBIT of Chemicals segment rose 108.45% to Rs 697.02 crore (accounting for 30.89% of total PBIT).  PBIT of Animal Feed segment fell 22.92% to Rs 184.76 crore (accounting for 8.19% of total PBIT).  PBIT of Veg Oils segment rose 4.03% to Rs 261.27 crore (accounting for 11.58% of total PBIT).  PBIT of Estate & Property Development segment rose 13.47% to Rs 1,003.06 crore (accounting for 44.46% of total PBIT).  PBIT of Finance and Investments reported profit of Rs 9.35 crore compared to loss of Rs 2.13 crore.  PBIT of Dairy segment fell 78.47% to Rs -43.85 crore (accounting for -1.94% of total PBIT).  PBIT of Crop Protection segment fell 46.34% to Rs 125.50 crore (accounting for 5.56% of total PBIT).  PBIT of Others reported profit of Rs 19.22 crore compared to loss of Rs 0.36 crore. 

PBIT margin of Chemicals segment rose from 10.94% to 16.70%.  PBIT margin of Animal Feed segment fell from 5.51% to 3.73%.  PBIT margin of Veg Oils segment rose from 11.74% to 13.53%.  PBIT margin of Estate & Property Development segment fell from 33.27% to 32.16%.  PBIT margin of Finance and Investments segment rose from negative 0.96% to 1.78%.  PBIT margin of Dairy segment fell from negative 2.09% to negative 2.92%.  PBIT margin of Crop Protection segment fell from 19.53% to 10.49%.  PBIT margin of Others segment rose from negative 0.04% to 1.65%.  Overall PBIT margin fell from 12.20% to 12.15%. 

Operating profit margin has jumped from 7.38% to 9.02%, leading to 44.73% rise in operating profit to Rs 1,510.22 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 56.19% to 46.25%.   Purchase of finished goods cost fell from 6.66% to 3.38%.   Employee cost decreased from 5.04% to 4.29%.   Other expenses rose from 25.26% to 39.22%.   Selling and administration expenses rose from 13.66% to 29.34%.   Construction development cost rose from 13.66% to 29.34%. 

Other income rose 9.37% to Rs 1022.11 crore.  PBIDT rose 28.03% to Rs 2532.33 crore.  Provision for interest rose 51.28% to Rs 942.7 crore.  Loan funds rose to Rs 19,642.43 crore as of 31 March 2023 from Rs 14,565.03 crore as of 31 March 2022.  Inventories rose to Rs 13,976.91 crore as of 31 March 2023 from Rs 7,718.66 crore as of 31 March 2022.  Sundry debtors were lower at Rs 1,500.21 crore as of 31 March 2023 compared to Rs 1,676.04 crore as of 31 March 2022.  Cash and bank balance rose to Rs 2,954.99 crore as of 31 March 2023 from Rs 1,823.94 crore as of 31 March 2022.  Investments declined from Rs 9,609.22 crore as of 31 March 2022 to Rs 8,008.96 crore as of 31 March 2023. 

PBDT rose 17.33% to Rs 1589.63 crore.  Provision for depreciation rose 11.31% to Rs 304.52 crore.  Fixed assets increased to Rs 5,237.79 crore as of 31 March 2023 from Rs 4,480.90 crore as of 31 March 2022.  Intangible assets increased from Rs 972.79 crore to Rs 972.82 crore. 

Profit before tax grew 18.85% to Rs 1,285.11 crore.  Share of profit/loss was 38.79% higher at Rs 395.47 crore.  PBT before EO was up 23% to Rs 1680.58 crore. The company reported nil EO items during the quarter compared to EO expense of Rs 83.85 crore. PBT after EO was up 31% to Rs 1680.58 crore.

Provision for tax was expense of Rs 259.94 crore, compared to Rs 289.93 crore.  Effective tax rate was 15.47% compared to 22.61%.

Minority interest increased 31.64% to Rs 445.86 crore.  Net profit attributable to owners of the company increased 49.11% to Rs 974.78 crore. 

Equity capital stood at Rs 33.66 crore as of 31 March 2023 to Rs 33.66 crore as of 31 March 2022.  Per share face Value remained same at Rs 1.00. 

Promoters’ stake was 67.17% as of 31 March 2023 ,compared to 67.18% as of 31 March 2022 .  Promoters pledged stake was 5.62% as of 31 March 2023 ,compared to 5.62% as of 31 March 2022 . 

Cash flow from operating activities decreased to negative Rs -4,409.38 crore for year ended March 2023 from negative Rs -1,756.19 crore for year ended March 2022.  Cash flow used in acquiring fixed assets during the year ended March 2023 stood at Rs 827.68 crore, compared to Rs 523.85 crore during the year ended March 2022. 

The scrip is currently trading at Rs 469

  

Godrej Industries : Consolidated Results

Particulars

2303 (03)

2203 (03)

Var.(%)

2303 (12)

2203 (12)

Var.(%)

Net Sales

4,852.11

4,444.87

9

16,740.25

14,130.15

18

OPM (%)

12.4

11.0

 

9.0

7.4

 

OP

599.88

490.24

22

1,510.22

1,043.46

45

Other Inc.

233.13

282.51

-17

1,022.11

934.52

9

PBIDT

833.01

772.75

8

2,532.33

1,977.98

28

Interest

283.51

175.38

62

942.7

623.14

51

PBDT

549.5

597.37

-8

1,589.63

1,354.84

17

Depreciation

79.38

72.22

10

304.52

273.58

11

PBT

470.12

525.15

-10

1285.11

1081.26

19

Share of Profit/(Loss) from Associates

208.6

46.76

346

395.47

284.95

39

PBT before EO

678.72

571.91

19

1680.58

1366.21

23

EO Income

0

-17.53

-

0

-83.85

-

PBT after EO

678.72

554.38

22

1680.58

1282.36

31

Taxation

116.56

131.56

-11

259.94

289.93

-10

PAT

562.16

422.82

33

1420.64

992.43

43

Minority Interest (MI)

262.08

195.58

34

445.86

338.7

32

Net profit

300.08

227.24

32

974.78

653.73

49

EPS (Rs)*

#

#

 

28.96

20.34

 

Notes

* EPS is on current equity of Rs 33.66 crore, Face value of Rs 1, Excluding extraordinary items.

# EPS is not annualised

bps : Basis points

EO : Extraordinary items

Figures in Rs crore

Source: Capitaline Corporate Database

 

Godrej Industries : Consolidated Segment Results

 

% of (Total)

2303 (03)

2203 (03)

Var.(%)

% of (Total)

2303 (12)

2203 (12)

Var.(%)

Sales

Chemicals

16

856.69

802.4

7

22

4,172.97

3,056.98

37

Animal Feed

23

1,218.04

1,104.94

10

27

4,956.69

4,350.23

14

Veg Oils

5

276.82

388.99

-29

10

1,930.65

2,139.55

-10

Estate & Property Development

35

1,858.67

1,541.47

21

17

3,119.25

2,656.69

17

Finance and Investments

3

143.73

50.01

187

3

525.44

221.86

137

Dairy

8

399.06

336.69

19

8

1,501.13

1,175.00

28

Crop Protection

5

242.08

352.82

-31

6

1,196.25

1,197.37

0

Others

5

269.74

291.15

-7

6

1,164.28

903.32

29

Total Reported Sales

100

5,264.83

4,868.47

8

100

18,566.66

15,701.00

18

Less: Inter segment revenues

 

179.58

110.3

63

 

804.3

636.33

26

Net Sales

 

5,085.25

4,758.17

7

 

17,762.36

15,064.67

18

PBIT

Chemicals

18

135.14

82.77

63

31

697.02

334.39

108

Animal Feed

6

46.01

62.08

-26

8

184.76

239.7

-23

Veg Oils

3

19.68

35.11

-44

12

261.27

251.15

4

Estate & Property Development

71

527.64

446.6

18

44

1,003.06

884.01

13

Finance and Investments

2

13.3

21.6

-38

0

9.35

-2.13

LP

Dairy

-1

-8.29

-2.92

-184

-2

-43.85

-24.57

-78

Crop Protection

2

13.24

83.42

-84

6

125.5

233.89

-46

Others

0

-2.23

4.27

PL

1

19.22

-0.36

LP

Total PBIT

100

744.49

732.93

2

100

2,256.33

1,916.08

18

Less : Interest

 

208.42

175.38

19

 

751.24

594.59

26

Add: Other un-allcoable

 

-65.95

-49.93

-32

 

-219.98

-324.08

32

PBT

 

470.12

507.62

-7

 

1,285.11

997.41

29

 

Previous News
  Godrej Industries reports standalone net profit of Rs 152.52 crore in the September 2024 quarter
 ( Results - Announcements 13-Nov-24   18:11 )
  Godrej Industries reports consolidated net loss of Rs 311.81 crore in the March 2024 quarter
 ( Results - Announcements 18-May-24   09:31 )
  Godrej Industries consolidated net profit declines 12.69% in the June 2023 quarter
 ( Results - Announcements 11-Aug-23   15:19 )
  Volumes spurt at Godrej Industries Ltd counter
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 ( Corporate News - 07-Nov-24   18:10 )
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 ( Corporate News - 21-Sep-21   12:08 )
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 ( Corporate News - 24-Aug-21   19:56 )
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 ( Results - Announcements 13-Feb-23   14:58 )
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 ( Results - Announcements 14-Nov-17   17:21 )
  Volumes spurt at Godrej Industries Ltd counter
 ( Hot Pursuit - 06-Jan-23   14:30 )
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