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For the
quarter ending Dec 2021, consolidated net sales (including other operating income) of Godrej Consumer Products has increased 8.09% to Rs 3302.58 crore compared to quarter ended Dec 2020. Sales of India segment has gone up 7.24% to Rs 1,817.43 crore (accounting for 54.27% of total sales). Sales of Indonesia segment has gone down 0.02% to Rs 447.19 crore (accounting for 13.35% of total sales). Sales of Africa (including strength of Nature) segment rose 13.53% to Rs 884.20 crore (accounting for 26.40% of total sales). Sales of Others segment has gone up 11.23% to Rs 200.23 crore (accounting for 5.98% of total sales). Inter-segment sales rose Rs 45.46 crore to Rs 46.47 crore. Profit before interest, tax and other unallocable items (PBIT) has slumped 3.69% to Rs 640.30 crore. PBIT of India segment fell 1.87% to Rs 454.26 crore (accounting for 70.94% of total PBIT). PBIT of Indonesia segment fell 15.24% to Rs 91.85 crore (accounting for 14.34% of total PBIT). PBIT of Africa (including strength of Nature) segment rose 1.09% to Rs 73.20 crore (accounting for 11.43% of total PBIT). PBIT of Others segment fell 0.62% to Rs 20.99 crore (accounting for 3.28% of total PBIT). PBIT margin of India segment fell from 27.32% to 24.99%. PBIT margin of Indonesia segment fell from 24.23% to 20.54%. PBIT margin of Africa (including strength of Nature) segment fell from 9.30% to 8.28%. PBIT margin of Others segment fell from 11.73% to 10.48%. Overall PBIT margin fell from 21.44% to 19.12%. Operating profit margin has declined from 22.70% to 20.23%, leading to 3.67% decline in operating profit to Rs 667.98 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 40.30% to 44.80%. Purchase of finished goods cost fell from 3.70% to 2.74%. Employee cost decreased from 9.54% to 8.87%. Other expenses fell from 23.38% to 22.65%. Selling and administration expenses fell from 7.63% to 7.17%. Other income rose 49.10% to Rs 22.41 crore. PBIDT fell 2.55% to Rs 690.39 crore. Provision for interest rose 6.24% to Rs 25.55 crore. PBDT fell 2.86% to Rs 664.84 crore. Provision for depreciation rose 10.35% to Rs 54.17 crore. Profit before tax down 3.88% to Rs 610.67 crore. Share of profit/loss was 72.22% higher at Rs 0.31 crore. Extraordinary items were increased to Rs 13.77 crore. Provision for tax was expense of Rs 97.15 crore, compared to Rs 139.95 crore. Effective tax rate was 15.55% compared to 21.80%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 5.08% to Rs 527.60 crore. Promoters’ stake was 63.22% as of 31 December 2021 ,compared to 63.23% as of 31 December 2020 . Promoters pledged stake was 0.66% as of 31 December 2021 ,compared to 0.66% as of 31 December 2020 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Godrej Consumer Products has increased 12.81% to Rs 9360.68 crore. Sales of India segment has gone up 11.81% to Rs 5,316.22 crore (accounting for 56.05% of total sales). Sales of Indonesia segment has gone up 0.36% to Rs 1,303.59 crore (accounting for 13.75% of total sales). Sales of Africa (including strength of Nature) segment rose 24.56% to Rs 2,326.97 crore (accounting for 24.54% of total sales). Sales of Others segment has gone up 9.94% to Rs 537.18 crore (accounting for 5.66% of total sales). Inter-segment sales rose Rs 112.39 crore to Rs 123.28 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 4.32% to Rs 1,851.29 crore. PBIT of India segment rose 1.79% to Rs 1,329.83 crore (accounting for 71.83% of total PBIT). PBIT of Indonesia segment fell 5.43% to Rs 299.62 crore (accounting for 16.18% of total PBIT). PBIT of Africa (including strength of Nature) segment rose 79.68% to Rs 151.79 crore (accounting for 8.20% of total PBIT). PBIT of Others segment rose 4.66% to Rs 70.05 crore (accounting for 3.78% of total PBIT). PBIT margin of India segment fell from 27.48% to 25.01%. PBIT margin of Indonesia segment fell from 24.39% to 22.98%. PBIT margin of Africa (including strength of Nature) segment rose from 4.52% to 6.52%. PBIT margin of Others segment fell from 13.70% to 13.04%. Overall PBIT margin fell from 21.10% to 19.52%. Operating profit margin has declined from 22.17% to 20.59%, leading to 4.80% rise in operating profit to Rs 1,927.53 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 40.96% to 46.18%. Purchase of finished goods cost fell from 3.68% to 2.99%. Employee cost decreased from 9.86% to 8.87%. Other expenses fell from 23.26% to 21.37%. Selling and administration expenses fell from 6.56% to 6.04%. Other income rose 30.59% to Rs 65.95 crore. PBIDT rose 5.49% to Rs 1993.48 crore. Provision for interest fell 25.43% to Rs 77.35 crore. PBDT rose 7.28% to Rs 1916.13 crore. Provision for depreciation rose 4.39% to Rs 155.92 crore. Profit before tax grew 7.55% to Rs 1,760.21 crore. Extraordinary items were decreased to Rs 10.78 crore. Provision for tax was expense of Rs 351.11 crore, compared to Rs 300.97 crore. Effective tax rate was 19.82% compared to 18.18%.Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 4.81% to Rs 1,420.15 crore. Promoters’ stake was 63.22% as of 31 December 2021 ,compared to 63.23% as of 31 December 2020 . Promoters pledged stake was 0.66% as of 31 December 2021 ,compared to 0.66% as of 31 December 2020 .
Full year results analysis.
Net sales (including other operating income) of Godrej Consumer Products has increased 11.28% to Rs 11028.62 crore. Sales of India segment has gone up 14.25% to Rs 6,254.33 crore (accounting for 55.90% of total sales). Sales of Indonesia segment has gone up 4.37% to Rs 1,770.02 crore (accounting for 15.82% of total sales). Sales of Africa (including strength of Nature) segment rose 7.87% to Rs 2,498.53 crore (accounting for 22.33% of total sales). Sales of Others segment has gone up 19.86% to Rs 665.93 crore (accounting for 5.95% of total sales). Inter-segment sales rose Rs 131.31 crore to Rs 160.19 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 9.42% to Rs 2,293.14 crore. PBIT of India segment rose 12.11% to Rs 1,634.12 crore (accounting for 71.26% of total PBIT). PBIT of Indonesia segment rose 4.52% to Rs 480.92 crore (accounting for 20.97% of total PBIT). PBIT of Africa (including strength of Nature) segment fell 37.03% to Rs 106.52 crore (accounting for 4.65% of total PBIT). PBIT of Others segment rose 702.47% to Rs 71.58 crore (accounting for 3.12% of total PBIT). PBIT margin of India segment fell from 26.63% to 26.13%. PBIT margin of Indonesia segment rose from 27.13% to 27.17%. PBIT margin of Africa (including strength of Nature) segment fell from 7.30% to 4.26%. PBIT margin of Others segment rose from 1.61% to 10.75%. Overall PBIT margin fell from 20.87% to 20.49%. Operating profit margin has jumped from 21.62% to 21.66%, leading to 11.44% rise in operating profit to Rs 2,388.25 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 40.87% to 41.61%. Purchase of finished goods cost rose from 3.10% to 3.30%. Employee cost increased from 10.10% to 10.15%. Other expenses fell from 24.67% to 23.37%. Selling and administration expenses fell from 7.33% to 6.62%. Other income fell 40.28% to Rs 67.07 crore. PBIDT rose 8.87% to Rs 2455.32 crore. Provision for interest fell 41.76% to Rs 126.63 crore. Loan funds declined from Rs 2,720.36 crore as of 31 March 2020 to Rs 1,863.97 crore as of 31 March 2021. Inventories rose to Rs 1,716.25 crore as of 31 March 2021 from Rs 1,703.12 crore as of 31 March 2020. Sundry debtors were lower at Rs 1,004.50 crore as of 31 March 2021 compared to Rs 1,157.25 crore as of 31 March 2020. Cash and bank balance declined from Rs 770.16 crore as of 31 March 2020 to Rs 672.21 crore as of 31 March 2021. Investments rose to Rs 679.10 crore as of 31 March 2021 from Rs 671.98 crore as of 31 March 2020 . PBDT rose 14.27% to Rs 2328.69 crore. Provision for depreciation rose 3.33% to Rs 203.85 crore. Fixed assets declined from Rs 3,949.12 crore as of 31 March 2020 to Rs 3,832.35 crore as of 31 March 2021. Intangible assets declined from Rs 5,339.32 crore to Rs 5,129.85 crore. Profit before tax grew 15.44% to Rs 2,124.84 crore. Extraordinary items were increased to Rs -44.47 crore. Provision for tax was expense of Rs 359.54 crore, compared to Rs 263.82 crore. Effective tax rate was 17.28% compared to 14.99%. Minority interest was nil in both the periods. Net profit attributable to owners of the company increased 14.98% to Rs 1,720.82 crore. Equity capital increased from Rs 102.23 crore as of 31 March 2020 to Rs 102.25 crore as of 31 March 2021. Per share face Value remained same at Rs 1.00. Promoters’ stake was 63.23% as of 31 March 2021 ,compared to 63.24% as of 31 March 2020 . Promoters pledged stake was 0.66% as of 31 March 2021 ,compared to 0.66% as of 31 March 2020 . Cash flow from operating activities increased to Rs 2,029.63 crore for year ended March 2021 from Rs 1,588.11 crore for year ended March 2020. Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 163.86 crore, compared to Rs 152.02 crore during the year ended March 2020.
Other Highlights
In Q3 FY22,
Homecare delivered growth of 3% and personal care 12% on YoY basis.
In Q3
FY22,(1) Indonesia sales declined 2% in Constant Currency terms, (2) Africa, USA & Middle
East grew 12% and (3) Latin America & SAARC grew by 19%on YoY basis.
Company Continues
to strengthen E-commerce. It now contributes 5% of total branded sales.
Management Comments :
Sudhir
Sitapati, Managing Director and CEO, GCPL, said: We delivered a mixed
performance in Q3FY2022. While overall sales grew by 8%, and we remain on track
to achieve double-digit sales growth for the full year, it was driven entirely
by price led growth. We believe that with the relatively non-discretionary,
mass pricing of our portfolio and very good performance on market shares,
volume growth will return in the medium term. On the other hand, while our
overall EBITDA de-grew by 2% and PAT declined by 1%, the quality of profits has
improved. We have witnessed sequential expansion of consolidated gross margins
of 70 bps and higher Advertisement & Publicity spends of 90 bps. We saw
steady sales growth in the Home Care and Personal Care categories, of 3% and
12%, respectively. From a geography perspective, India grew at 8%. Our Africa,
USA and Middle East business continued its robust growth trajectory, growing at
13% in INR and 12% in constant currency terms. Our Indonesian business saw flat
growth in INR, and declined by 2% in constant currency terms.
We continue
to have a healthy balance sheet and our net debt to equity ratio continues to
come down. We are on a journey to reduce inventory and wasted cost and deploy
this to drive profitable and sustainable volume growth across our portfolio
through category development. As always, our values matter the most at this
time. We were recently ranked number 1 among the top 100 companies in India,
for sustainability and CSR initiatives in 2021. This ranking is based on a
survey conducted by Futurescape and published by The CSR Journal. We remain
committed to doing our best to truly live The Godrej Way and serving our people
and communities.
| Godrej Consumer Products : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202112 | 202012 | Var.(%) | 202112 | 202012 | Var.(%) | 202103 | 202003 | Var.(%) |
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| Net Sales (including other operating income) | 3,302.58 | 3,055.42 | 8.09 | 9,360.68 | 8,297.88 | 12.81 | 11,028.62 | 9,910.80 | 11.28 | | OPM (%) | 20.23 | 22.70 | -247 bps | 20.59 | 22.17 | -157 bps | 21.66 | 21.62 | 3 bps | | OP | 667.98 | 693.45 | -3.67 | 1,927.53 | 1,839.25 | 4.80 | 2,388.25 | 2,143.03 | 11.44 | | Other Inc. | 22.41 | 15.03 | 49.10 | 65.95 | 50.50 | 30.59 | 67.07 | 112.30 | -40.28 | | PBIDT | 690.39 | 708.48 | -2.55 | 1,993.48 | 1,889.75 | 5.49 | 2,455.32 | 2,255.33 | 8.87 | | Interest | 25.55 | 24.05 | 6.24 | 77.35 | 103.73 | -25.43 | 126.63 | 217.41 | -41.76 | | PBDT | 664.84 | 684.43 | -2.86 | 1,916.13 | 1,786.02 | 7.28 | 2,328.69 | 2,037.92 | 14.27 | | Depreciation | 54.17 | 49.09 | 10.35 | 155.92 | 149.37 | 4.39 | 203.85 | 197.28 | 3.33 | | PBT | 610.67 | 635.34 | -3.88 | 1760.21 | 1636.65 | 7.55 | 2124.84 | 1840.64 | 15.44 | | Share of Profit/(Loss) from Associates | 0.31 | 0.18 | 72.22 | 0.27 | -0.05 | LP | -0.01 | 0.81 | PL | | PBT before EO | 610.98 | 635.52 | -3.86 | 1760.48 | 1636.6 | 7.57 | 2124.83 | 1841.45 | 15.39 | | EO Income | 13.77 | 6.51 | 111.52 | 10.78 | 19.35 | -44.29 | -44.47 | -81.05 | 45.13 | | PBT after EO | 624.75 | 642.03 | -2.69 | 1771.26 | 1655.95 | 6.96 | 2080.36 | 1760.4 | 18.18 | | Taxation | 97.15 | 139.95 | -30.58 | 351.11 | 300.97 | 16.66 | 359.54 | 263.82 | 36.28 | | PAT | 527.6 | 502.08 | 5.08 | 1420.15 | 1354.98 | 4.81 | 1720.82 | 1496.58 | 14.98 | | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit | 527.6 | 502.08 | 5.08 | 1420.15 | 1354.98 | 4.81 | 1720.82 | 1496.58 | 14.98 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 527.6 | 502.08 | 5.08 | 1420.15 | 1354.98 | 4.81 | 1720.82 | 1496.58 | 14.98 | | EPS (Rs)* | 5.05 | 4.86 | 3.82 | 13.80 | 13.10 | 5.40 | 17.19 | 15.31 | 12.27 | | | * EPS is on current equity of Rs 102.26 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 |
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| Godrej Consumer Products : Consolidated Segment Results | | | Quarter ended | Year to Date | Year ended |
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| % of (Total) | 202112 | 202012 | Var.(%) | % of (Total) | 202112 | 202012 | Var.(%) | % of (Total) | 202103 | 202003 | Var.(%) |
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| Sales | | India | 54.27 | 1,817.43 | 1,694.75 | 7.24 | 56.05 | 5,316.22 | 4,754.59 | 11.81 | 55.90 | 6,254.33 | 5,474.45 | 14.25 | | Indonesia | 13.35 | 447.19 | 447.28 | -0.02 | 13.75 | 1,303.59 | 1,298.89 | 0.36 | 15.82 | 1,770.02 | 1,695.86 | 4.37 | | Africa (including strength of Nature) | 26.40 | 884.20 | 778.83 | 13.53 | 24.54 | 2,326.97 | 1,868.16 | 24.56 | 22.33 | 2,498.53 | 2,316.22 | 7.87 | | Others | 5.98 | 200.23 | 180.02 | 11.23 | 5.66 | 537.18 | 488.63 | 9.94 | 5.95 | 665.93 | 555.58 | 19.86 | | Total Reported Sales | 100.00 | 3,349.05 | 3,100.88 | 8.00 | 100.00 | 9,483.96 | 8,410.27 | 12.77 | 100.00 | 11,188.81 | 10,042.11 | 11.42 | | Less: Inter segment revenues | | 46.47 | 45.46 | 2.22 | | 123.28 | 112.39 | 9.69 | | 160.19 | 131.31 | 21.99 | | Net Sales | 100.00 | 3,302.58 | 3,055.42 | 8.09 | 100.00 | 9,360.68 | 8,297.88 | 12.81 | 100.00 | 11,028.62 | 9,910.80 | 11.28 | | PBIT | | India | 70.94 | 454.26 | 462.94 | -1.87 | 71.83 | 1,329.83 | 1,306.43 | 1.79 | 71.26 | 1,634.12 | 1,457.60 | 12.11 | | Indonesia | 14.34 | 91.85 | 108.36 | -15.24 | 16.18 | 299.62 | 316.82 | -5.43 | 20.97 | 480.92 | 460.13 | 4.52 | | Africa (including strength of Nature) | 11.43 | 73.20 | 72.41 | 1.09 | 8.20 | 151.79 | 84.48 | 79.68 | 4.65 | 106.52 | 169.16 | -37.03 | | Others | 3.28 | 20.99 | 21.12 | -0.62 | 3.78 | 70.05 | 66.93 | 4.66 | 3.12 | 71.58 | 8.92 | 702.47 | | Total PBIT | 100.00 | 640.30 | 664.83 | -3.69 | 100.00 | 1,851.29 | 1,774.66 | 4.32 | 100.00 | 2,293.14 | 2,095.81 | 9.42 | | Less : Interest | | 25.55 | 24.05 | 6.24 | | 77.35 | 103.73 | -25.43 | | 126.63 | 217.41 | -41.76 | | Add: Other un-allcoable | | 10.00 | 1.25 | 700.00 | | -2.68 | -14.98 | 82.11 | | -86.15 | -118.00 | 26.99 | | PBIT Margin(%) | | India | | 24.99 | 27.32 | -232.15 | | 25.01 | 27.48 | -246.27 | | 26.13 | 26.63 | -49.77 | | Indonesia | | 20.54 | 24.23 | -368.71 | | 22.98 | 24.39 | -140.74 | | 27.17 | 27.13 | 3.78 | | Africa (including strength of Nature) | | 8.28 | 9.30 | -101.86 | | 6.52 | 4.52 | 200.10 | | 4.26 | 7.30 | -304.00 | | Others | | 10.48 | 11.73 | -124.91 | | 13.04 | 13.70 | -65.72 | | 10.75 | 1.61 | 914.33 | | PBT | 100.00 | 624.75 | 642.03 | -2.69 | 100.00 | 1,771.26 | 1,655.95 | 6.96 | 100.00 | 2,080.36 | 1,760.40 | 18.18 |
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