On consolidated basis
Quarter ended September 2024 compared with Quarter ended September 2023.
Net sales (including other operating income) of Godrej Consumer Products has increased 1.79% to Rs 3666.33 crore. Sales of India segment has gone up 6.11% to Rs 2,300.65 crore (accounting for 62.07% of total sales). Sales of Indonesia segment has gone up 8.64% to Rs 513.81 crore (accounting for 13.86% of total sales). Sales of Africa segment fell 20.99% to Rs 644.56 crore (accounting for 17.39% of total sales). Sales of Others segment has gone up 35.59% to Rs 247.58 crore (accounting for 6.68% of total sales). Inter-segment sales rose Rs 37.62 crore to Rs 40.27 crore. Profit before interest, tax and other unallocable items (PBIT) has slumped 3.56% to Rs 807.55 crore. PBIT of India segment fell 11.10% to Rs 606.83 crore (accounting for 75.14% of total PBIT). PBIT of Indonesia segment rose 7.74% to Rs 109.15 crore (accounting for 13.52% of total PBIT). PBIT of Africa segment rose 54.06% to Rs 76.94 crore (accounting for 9.53% of total PBIT). PBIT of Others segment rose 319.20% to Rs 14.63 crore (accounting for 1.81% of total PBIT). PBIT margin of India segment fell from 31.48% to 26.38%. PBIT margin of Indonesia segment fell from 21.42% to 21.24%. PBIT margin of Africa segment rose from 6.12% to 11.94%. PBIT margin of Others segment rose from 1.91% to 5.91%. Overall PBIT margin fell from 23.01% to 21.79%. Operating profit margin has jumped from 19.55% to 20.72%, leading to 7.88% rise in operating profit to Rs 759.64 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 36.74% to 40.35%. Purchase of finished goods cost fell from 7.24% to 5.81%. Employee cost decreased from 9.51% to 8.21%. Other expenses fell from 26.56% to 25.57%. Selling and administration expenses fell from 10.37% to 9.61%. Other income rose 30.43% to Rs 85.99 crore. PBIDT rose 9.81% to Rs 845.63 crore. Provision for interest rose 7.48% to Rs 83.09 crore. Loan funds rose to Rs 3,828.47 crore as of 30 September 2024 from Rs 3,274.76 crore as of 30 September 2023. Inventories declined from Rs 1,594.52 crore as of 30 September 2023 to Rs 1,492.41 crore as of 30 September 2024. Sundry debtors were higher at Rs 1,646.80 crore as of 30 September 2024 compared to Rs 1,358.22 crore as of 30 September 2023. Cash and bank balance declined from Rs 543.56 crore as of 30 September 2023 to Rs 295.10 crore as of 30 September 2024. Investments rose to Rs 3,516.74 crore as of 30 September 2024 from Rs 3,008.27 crore as of 30 September 2023 . PBDT rose 10.07% to Rs 762.54 crore. Provision for depreciation fell 17.71% to Rs 50.1 crore. Fixed assets increased to Rs 5,638.00 crore as of 30 September 2024 from Rs 1,497.22 crore as of 30 September 2023. Intangible assets declined from Rs 11,226.64 crore to Rs 5,058.80 crore. Profit before tax grew 12.74% to Rs 712.44 crore. Share of profit/loss were nil in both the periods. Extraordinary items were increased to Rs -5.78 crore. Provision for tax was expense of Rs 215.35 crore, compared to Rs 186.6 crore. Effective tax rate was 30.47% compared to 30.13%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 13.53% to Rs 491.31 crore. Equity capital increased from Rs 102.28 crore as of 30 September 2023 to Rs 102.29 crore as of 30 September 2024. Per share face Value remained same at Rs 1.00. Promoters’ stake was 63.00% as of 30 September 2024 ,compared to 63.21% as of 30 September 2023 . Promoters pledged stake was 0.66% as of 30 September 2024 ,compared to 0.66% as of 30 September 2023 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Godrej Consumer Products has declined 0.75% to Rs 6997.91 crore. Sales of India segment has gone up 6.95% to Rs 4,463.58 crore (accounting for 63.09% of total sales). Sales of Indonesia segment has gone up 5.99% to Rs 978.94 crore (accounting for 13.84% of total sales). Sales of Africa segment fell 28.55% to Rs 1,189.13 crore (accounting for 16.81% of total sales). Sales of Others segment has gone up 21.89% to Rs 442.92 crore (accounting for 6.26% of total sales). Inter-segment sales rose Rs 74.24 crore to Rs 76.66 crore. Profit before interest, tax and other unallocable items (PBIT) has slumped 3.08% to Rs 1,572.43 crore. PBIT of India segment fell 10.55% to Rs 1,177.31 crore (accounting for 74.87% of total PBIT). PBIT of Indonesia segment rose 12.76% to Rs 226.39 crore (accounting for 14.40% of total PBIT). PBIT of Africa segment rose 48.46% to Rs 139.48 crore (accounting for 8.87% of total PBIT). PBIT of Others segment rose 155.91% to Rs 29.25 crore (accounting for 1.86% of total PBIT). PBIT margin of India segment fell from 31.54% to 26.38%. PBIT margin of Indonesia segment rose from 21.74% to 23.13%. PBIT margin of Africa segment rose from 5.64% to 11.73%. PBIT margin of Others segment rose from 3.15% to 6.60%. Overall PBIT margin fell from 22.77% to 22.23%. Operating profit margin has jumped from 19.10% to 21.21%, leading to 10.18% rise in operating profit to Rs 1,484.07 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 41.09% to 39.40%. Purchase of finished goods cost rose from 5.34% to 6.08%. Employee cost decreased from 9.08% to 8.25%. Other expenses fell from 25.65% to 25.52%. Selling and administration expenses rose from 9.60% to 9.72%. Other income rose 20.78% to Rs 163.1 crore. PBIDT rose 11.14% to Rs 1647.17 crore. Provision for interest rose 12.91% to Rs 170.84 crore. Loan funds rose to Rs 3,828.47 crore as of 30 September 2024 from Rs 3,274.76 crore as of 30 September 2023. Inventories declined from Rs 1,594.52 crore as of 30 September 2023 to Rs 1,492.41 crore as of 30 September 2024. Sundry debtors were higher at Rs 1,646.80 crore as of 30 September 2024 compared to Rs 1,358.22 crore as of 30 September 2023. Cash and bank balance declined from Rs 543.56 crore as of 30 September 2023 to Rs 295.10 crore as of 30 September 2024. Investments rose to Rs 3,516.74 crore as of 30 September 2024 from Rs 3,008.27 crore as of 30 September 2023 . PBDT rose 10.94% to Rs 1476.33 crore. Provision for depreciation fell 27.42% to Rs 99.56 crore. Fixed assets increased to Rs 5,638.00 crore as of 30 September 2024 from Rs 1,497.22 crore as of 30 September 2023. Intangible assets declined from Rs 11,226.64 crore to Rs 5,058.80 crore. Profit before tax grew 15.35% to Rs 1,376.77 crore. Share of profit/loss were nil in both the periods. Extraordinary items were increased to Rs -26.08 crore. Provision for tax was expense of Rs 408.69 crore, compared to Rs 347.66 crore. Effective tax rate was 30.26% compared to 31.63%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 25.33% to Rs 942.00 crore. Equity capital increased from Rs 102.28 crore as of 30 September 2023 to Rs 102.29 crore as of 30 September 2024. Per share face Value remained same at Rs 1.00. Promoters’ stake was 63.00% as of 30 September 2024 ,compared to 63.21% as of 30 September 2023 . Promoters pledged stake was 0.66% as of 30 September 2024 ,compared to 0.66% as of 30 September 2023 . Cash flow from operating activities decreased to Rs 841.33 crore for YTD ended September 2024 from Rs 868.19 crore for YTD ended September 2023. Cash flow used in acquiring fixed assets during the YTD ended September 2024 stood at Rs 215.49 crore, compared to Rs 176.48 crore during the YTD ended September 2023.
Full year results analysis.
Net sales (including other operating income) of Godrej Consumer Products has increased 5.86% to Rs 14096.11 crore. Sales of India segment has gone up 9.71% to Rs 8,411.40 crore (accounting for 59.09% of total sales). Sales of Indonesia segment has gone up 14.25% to Rs 1,888.52 crore (accounting for 13.27% of total sales). Sales of Africa (including strength of Nature) segment fell 6.83% to Rs 3,181.31 crore (accounting for 22.35% of total sales). Sales of Others segment has gone up 4.86% to Rs 752.74 crore (accounting for 5.29% of total sales). Inter-segment sales rose Rs 136.72 crore to Rs 137.86 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 36.38% to Rs 3,286.94 crore. PBIT of India segment rose 35.33% to Rs 2,572.05 crore (accounting for 78.25% of total PBIT). PBIT of Indonesia segment rose 36.23% to Rs 450.59 crore (accounting for 13.71% of total PBIT). PBIT of Africa (including strength of Nature) segment rose 77.51% to Rs 242.98 crore (accounting for 7.39% of total PBIT). PBIT of Others segment fell 49.25% to Rs 21.32 crore (accounting for 0.65% of total PBIT). PBIT margin of India segment rose from 24.79% to 30.58%. PBIT margin of Indonesia segment rose from 20.01% to 23.86%. PBIT margin of Africa (including strength of Nature) segment rose from 4.01% to 7.64%. PBIT margin of Others segment fell from 5.85% to 2.83%. Overall PBIT margin rose from 17.92% to 23.09%. Operating profit margin has jumped from 18.25% to 20.88%, leading to 21.11% rise in operating profit to Rs 2,943.47 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 47.20% to 40.24%. Purchase of finished goods cost rose from 2.33% to 4.65%. Employee cost increased from 8.48% to 8.85%. Other expenses rose from 23.44% to 25.39%. Selling and administration expenses rose from 7.52% to 9.47%. Other income rose 59.70% to Rs 268.95 crore. PBIDT rose 23.61% to Rs 3212.42 crore. Provision for interest rose 68.64% to Rs 296.37 crore. Loan funds rose to Rs 3,222.20 crore as of 31 March 2024 from Rs 1,129.58 crore as of 31 March 2023. Inventories declined from Rs 1,537.15 crore as of 31 March 2023 to Rs 1,270.92 crore as of 31 March 2024. Sundry debtors were higher at Rs 1,535.37 crore as of 31 March 2024 compared to Rs 1,245.28 crore as of 31 March 2023. Cash and bank balance rose to Rs 546.94 crore as of 31 March 2024 from Rs 390.72 crore as of 31 March 2023. Investments rose to Rs 3,503.67 crore as of 31 March 2024 from Rs 3,028.98 crore as of 31 March 2023 . PBDT rose 20.34% to Rs 2916.05 crore. Provision for depreciation rose 1.98% to Rs 240.96 crore. Fixed assets increased to Rs 5,497.21 crore as of 31 March 2024 from Rs 4,156.83 crore as of 31 March 2023. Intangible assets declined from Rs 5,822.25 crore to Rs 5,026.39 crore. Profit before tax grew 22.33% to Rs 2,675.09 crore. Share of profit/loss were nil in both the periods. Extraordinary items were decreased to Rs -2,476.86 crore. Provision for tax was expense of Rs 758.78 crore, compared to Rs 430.27 crore. Effective tax rate was 382.78% compared to 20.17%. Minority interest was nil in both the periods. Equity capital increased from Rs 102.27 crore as of 31 March 2023 to Rs 102.28 crore as of 31 March 2024. Per share face Value remained same at Rs 1.00. Promoters’ stake was 63.21% as of 31 March 2024 ,compared to 63.21% as of 31 March 2023 . Promoters pledged stake was 0.66% as of 31 March 2024 ,compared to 0.66% as of 31 March 2023 . Cash flow from operating activities decreased to Rs 2,069.95 crore for year ended March 2024 from Rs 2,150.65 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 307.19 crore, compared to Rs 227.40 crore during the year ended March 2023. Other Highlights
The
board declared
an interim dividend of Rs 5 per share on equity shares of face value of Re 1
each for the financial year 2024-25. Record Date for the purpose is November 1,
2024.
In
Q2 FY25, India business organic volume grew by 7% YoY. Indonesia volumes grew by 7% YoY sales grew by 11% YoY in constant currency terms.
Africa, USA and Middle East sales declined by 10% YoY in INR terms on YoY
basis. Latin America & others sales grew 36% YoY in
INR terms.
In Q2 FY25, Homecare grew 12% YoY and
Personal care grew 3% YoY.
Management Comments :
Sudhir
Sitapati, Managing Director, and CEO, GCPL said, “GCPL
has had a steady quarter given the headwinds of oil costs and tough consumer
demand in India. Our Standalone business grew by 7% in both volume and value
and flat reported EBITDA. Our standalone EBITDA margin at 24.3% is at the lower
end of our targeted band and is caused entirely by high inflation on palm oil.
The already high prices were further exacerbated by the import duty on oil. We
think this is a short-term hit and we will recover the margins through
judicious price increase and stabilising of costs. Indonesia continued its
steady performance with 7% volume, 9% revenue and 17% EBITDA growth. GAUM
continued to have a weak topline quarter but an exceptional bottom-line
quarter. While organic volumes declined by 8% and value declined by 10%,
reported EBITDA grew by 33%. Our margins are now 14.4%. While the overall
quarter was 5% organic UVG, 5% organic USG and 8% reported EBITDA, the topline
performance in Asia and the bottom-line performance in our international
businesses have been encouraging. High-single digit volume growth during a
period of low soap volume growth is testimony to the increasing strength of the
rest of our portfolio. Particularly noteworthy are the continued growth of Air
Care and the rapid scale up of Laundry, Incense Sticks and Sexual Wellness. Our
relaunch of Household Insecticides with the RNF molecule is showing clear green
shoots in incense sticks and coils which were launched a few quarters earlier.
Our focus is on continuing and improving our volume growth story while the palm
oil price volatility plays out over the next few quarters.“
| Godrej Consumer Products : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202409 | 202309 | Var.(%) | 202409 | 202309 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 3,666.33 | 3,601.95 | 1.79 | 6,997.91 | 7,050.86 | -0.75 | 14,096.11 | 13,315.97 | 5.86 | | OPM (%) | 20.72 | 19.55 | 117 bps | 21.21 | 19.10 | 210 bps | 20.88 | 18.25 | 263 bps | | OP | 759.64 | 704.17 | 7.88 | 1,484.07 | 1,347.01 | 10.18 | 2,943.47 | 2,430.46 | 21.11 | | Other Inc. | 85.99 | 65.93 | 30.43 | 163.10 | 135.04 | 20.78 | 268.95 | 168.41 | 59.70 | | PBIDT | 845.63 | 770.10 | 9.81 | 1,647.17 | 1,482.05 | 11.14 | 3,212.42 | 2,598.87 | 23.61 | | Interest | 83.09 | 77.31 | 7.48 | 170.84 | 151.31 | 12.91 | 296.37 | 175.74 | 68.64 | | PBDT | 762.54 | 692.79 | 10.07 | 1,476.33 | 1,330.74 | 10.94 | 2,916.05 | 2,423.13 | 20.34 | | Depreciation | 50.1 | 60.88 | -17.71 | 99.56 | 137.17 | -27.42 | 240.96 | 236.29 | 1.98 | | PBT | 712.44 | 631.91 | 12.74 | 1376.77 | 1193.57 | 15.35 | 2675.09 | 2186.84 | 22.33 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 712.44 | 631.91 | 12.74 | 1376.77 | 1193.57 | 15.35 | 2675.09 | 2186.84 | 22.33 | | EO Income | -5.78 | -12.54 | 53.91 | -26.08 | -94.32 | 72.35 | -2476.86 | -54.11 | -4,477.45 | | PBT after EO | 706.66 | 619.37 | 14.09 | 1350.69 | 1099.25 | 22.87 | 198.23 | 2132.73 | -90.71 | | Taxation | 215.35 | 186.6 | 15.41 | 408.69 | 347.66 | 17.55 | 758.78 | 430.27 | 76.35 | | PAT | 491.31 | 432.77 | 13.53 | 942 | 751.59 | 25.33 | -560.55 | 1702.46 | PL | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | 491.31 | 432.77 | 13.53 | 942 | 751.59 | 25.33 | -560.55 | 1702.46 | PL | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 491.31 | 432.77 | 13.53 | 942 | 751.59 | 25.33 | -560.55 | 1702.46 | PL | | EPS (Rs)* | 4.84 | 4.32 | 12.18 | 9.39 | 7.98 | 17.66 | -73.95 | 17.07 | PL | | | * EPS is on current equity of Rs 102.29 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 Consumer Products : Consolidated Segment Results | | | Quarter ended | Year to Date | Year ended |
|---|
| % of (Total) | 202409 | 202309 | Var.(%) | % of (Total) | 202409 | 202309 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
|---|
| Sales | | India | 62.07 | 2,300.65 | 2,168.21 | 6.11 | 63.09 | 4,463.58 | 4,173.69 | 6.95 | 59.09 | 8,411.40 | 7,667.16 | 9.71 | | Indonesia | 13.86 | 513.81 | 472.96 | 8.64 | 13.84 | 978.94 | 923.65 | 5.99 | 13.27 | 1,888.52 | 1,653.03 | 14.25 | | Africa | 17.39 | 644.56 | 815.80 | -20.99 | 16.81 | 1,189.13 | 1,664.37 | -28.55 | 22.35 | 3,181.31 | 3,414.67 | -6.83 | | Others | 6.68 | 247.58 | 182.60 | 35.59 | 6.26 | 442.92 | 363.39 | 21.89 | 5.29 | 752.74 | 717.83 | 4.86 | | Total Reported Sales | 100.00 | 3,706.60 | 3,639.57 | 1.84 | 100.00 | 7,074.57 | 7,125.10 | -0.71 | 100.00 | 14,233.97 | 13,452.69 | 5.81 | | Less: Inter segment revenues | | 40.27 | 37.62 | 7.04 | | 76.66 | 74.24 | 3.26 | | 137.86 | 136.72 | 0.83 | | Net Sales | 100.00 | 3,666.33 | 3,601.95 | 1.79 | 100.00 | 6,997.91 | 7,050.86 | -0.75 | 100.00 | 14,096.11 | 13,315.97 | 5.86 | | PBIT | | India | 75.14 | 606.83 | 682.58 | -11.10 | 74.87 | 1,177.31 | 1,316.18 | -10.55 | 78.25 | 2,572.05 | 1,900.56 | 35.33 | | Indonesia | 13.52 | 109.15 | 101.31 | 7.74 | 14.40 | 226.39 | 200.77 | 12.76 | 13.71 | 450.59 | 330.75 | 36.23 | | Africa | 9.53 | 76.94 | 49.94 | 54.06 | 8.87 | 139.48 | 93.95 | 48.46 | 7.39 | 242.98 | 136.88 | 77.51 | | Others | 1.81 | 14.63 | 3.49 | 319.20 | 1.86 | 29.25 | 11.43 | 155.91 | 0.65 | 21.32 | 42.01 | -49.25 | | Total PBIT | 100.00 | 807.55 | 837.32 | -3.56 | 100.00 | 1,572.43 | 1,622.33 | -3.08 | 100.00 | 3,286.94 | 2,410.20 | 36.38 | | Less : Interest | | 83.09 | 0.00 | - | | 170.84 | 0.00 | - | | 0.00 | 175.74 | - | | Add: Other un-allcoable | | -17.80 | -217.95 | 91.83 | | -50.90 | -523.08 | 90.27 | | -3,088.71 | -101.73 | -2,936.18 | | PBIT Margin(%) | | India | | 26.38 | 31.48 | -510.48 | | 26.38 | 31.54 | -515.93 | | 30.58 | 24.79 | 578.98 | | Indonesia | | 21.24 | 21.42 | -17.72 | | 23.13 | 21.74 | 138.94 | | 23.86 | 20.01 | 385.07 | | Africa | | 11.94 | 6.12 | 581.52 | | 11.73 | 5.64 | 608.48 | | 7.64 | 4.01 | 362.91 | | Others | | 5.91 | 1.91 | 399.79 | | 6.60 | 3.15 | 345.85 | | 2.83 | 5.85 | -302.00 | | PBT | 100.00 | 706.66 | 619.37 | 14.09 | 100.00 | 1,350.69 | 1,099.25 | 22.87 | 100.00 | 198.23 | 2,132.73 | -90.71 |
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