Godrej Industries
consolidated net sales declined 6.57% to Rs 3590.08 crore in Q3FY24 compared to
Q3FY23. Sales of Chemicals segment has
gone down 43.73% to Rs 617.68 crore (accounting for 15.02% of total sales). Sales of Animal Feed segment has gone up 1.49%
to Rs 1,291.39 crore (accounting for 31.40% of total sales). Sales of Veg Oils segment fell 16.57% to Rs
421.89 crore (accounting for 10.26% of total sales). Sales of Estate & Property Development
segment has gone up 30.31% to Rs 551.14 crore (accounting for 13.40% of total
sales). Sales of Finance and Investments
segment has gone up 262.42% to Rs 371.01 crore (accounting for 9.02% of total
sales). Sales of Dairy segment has gone
up 5.28% to Rs 366.18 crore (accounting for 8.90% of total sales). Sales of Crop Protection segment has gone up
3.13% to Rs 222.46 crore (accounting for 5.41% of total sales). Sales of Others segment has gone down 31.48%
to Rs 254.05 crore (accounting for 6.18% of total sales). Inter-segment sales rose Rs 176.64 crore to
Rs 269.03 crore.
Profit before
interest, tax and other unallocable items (PBIT) has slumped 36.71% to Rs
361.99 crore. PBIT of Chemicals segment
fell 86.16% to Rs 30.98 crore (accounting for 8.56% of total PBIT). PBIT of Animal Feed segment fell 9.14% to Rs
54.68 crore (accounting for 15.11% of total PBIT). PBIT of Veg Oils segment fell 20.63% to Rs
66.71 crore (accounting for 18.43% of total PBIT). PBIT of Estate & Property Development segment
fell 10.63% to Rs 170.27 crore (accounting for 47.04% of total PBIT). PBIT of Finance and Investments segment rose
257.25% to Rs 19.72 crore (accounting for 5.45% of total PBIT). PBIT of Dairy reported profit of Rs 10.22
crore compared to loss of Rs 13.63 crore.
PBIT of Crop Protection segment rose 188.59% to Rs 24.79 crore (accounting
for 6.85% of total PBIT). PBIT of Others
reported loss of Rs 11.32 crore compared to profit of Rs 12.81 crore.
PBIT margin of
Chemicals segment fell from 20.40% to 5.02%.
PBIT margin of Animal Feed segment fell from 4.73% to 4.23%. PBIT margin of Veg Oils segment fell from
16.62% to 15.81%. PBIT margin of Estate
& Property Development segment fell from 45.05% to 30.89%. PBIT margin of Finance and Investments segment
fell from 5.39% to 5.32%. PBIT margin of
Dairy segment rose from negative 3.92% to 2.79%. PBIT margin of Crop Protection segment rose
from 3.98% to 11.14%. PBIT margin of
Others segment fell from 3.45% to 4.46%.
Overall PBIT margin fell from 13.19% to 8.80%.
Operating profit
margin has declined from 9.71% to 7.78%, leading to 25.15% decline in operating
profit to Rs 279.31 crore. Raw material
cost as a % of total sales (net of stock adjustments) decreased from 38.85% to
38.38%. Purchase of finished goods cost
fell from 1.97% to 1.62%. Employee cost
increased from 3.62% to 4.98%. Other
expenses rose from 49.83% to 50.18%.
Selling and administration expenses fell from 42.34% to 39.78%. Construction development cost fell from
42.34% to 39.78%.
Other income fell
19.77% to Rs 253.67 crore. PBIDT fell
22.68% to Rs 532.98 crore. Provision for
interest rose 40.28% to Rs 347.6 crore.
PBDT fell 58.02% to
Rs 185.38 crore. Provision for
depreciation rose 22.69% to Rs 95.61 crore.
Profit before tax
down 75.31% to Rs 89.77 crore. Share of
profit/loss was 30.38% higher at Rs 126.06 crore. Provision for tax was expense of Rs 51.25
crore, compared to Rs 78.67 crore.
Effective tax rate was 23.75% compared to 17.09%.
Minority interest
decreased 13.28% to Rs 58.17 crore. Net
profit attributable to owners of the company decreased 66.17% to Rs 106.41
crore.
Promoters’ stake was
67.16% as of 31 December 2023 ,compared to 67.17% as of 31 December 2022 . Promoters pledged stake was 5.62% as of 31
December 2023 ,compared to 5.62% as of 31 December 2022 .
For year-to-date (YTD) results analysis
Net sales (including
other operating income) of Godrej Industries has increased 1.22% to Rs 12033.35
crore. Sales of Chemicals segment has
gone down 38.90% to Rs 2,026.27 crore (accounting for 14.78% of total sales). Sales of Animal Feed segment has gone up
2.13% to Rs 3,818.10 crore (accounting for 27.86% of total sales). Sales of Veg Oils segment fell 13.25% to Rs
1,434.74 crore (accounting for 10.47% of total sales). Sales of Estate & Property Development
segment has gone up 95.53% to Rs 2,464.85 crore (accounting for 17.98% of total
sales). Sales of Finance and Investments
segment has gone up 135.67% to Rs 899.58 crore (accounting for 6.56% of total
sales). Sales of Dairy segment has gone
up 7.14% to Rs 1,180.74 crore (accounting for 8.62% of total sales). Sales of Crop Protection segment has gone up
3.06% to Rs 983.36 crore (accounting for 7.17% of total sales). Sales of Others segment has gone down 1.52%
to Rs 880.98 crore (accounting for 6.43% of total sales). Inter-segment sales rose Rs 624.71 crore to
Rs 711.59 crore.
Profit before
interest, tax and other unallocable items (PBIT) has slumped 11.89% to Rs
1,332.05 crore. PBIT of Chemicals
segment fell 62.47% to Rs 210.89 crore (accounting for 15.83% of total PBIT). PBIT of Animal Feed segment rose 21.93% to Rs
169.18 crore (accounting for 12.70% of total PBIT). PBIT of Veg Oils segment fell 38.05% to Rs
149.67 crore (accounting for 11.24% of total PBIT). PBIT of Estate & Property Development
segment rose 10.75% to Rs 526.54 crore (accounting for 39.53% of total
PBIT). PBIT of Finance and Investments
reported profit of Rs 67.02 crore compared to loss of Rs 3.95 crore. PBIT of Dairy reported profit of Rs 10.65
crore compared to loss of Rs 35.56 crore.
PBIT of Crop Protection segment rose 51.11% to Rs 169.64 crore
(accounting for 12.74% of total PBIT).
PBIT of Others segment rose 51.61% to Rs 32.52 crore (accounting for
2.44% of total PBIT).
PBIT margin of
Chemicals segment fell from 16.94% to 10.41%.
PBIT margin of Animal Feed segment rose from 3.71% to 4.43%. PBIT margin of Veg Oils segment fell from
14.61% to 10.43%. PBIT margin of Estate
& Property Development segment fell from 37.71% to 21.36%. PBIT margin of Finance and Investments
segment rose from negative 1.03% to 7.45%.
PBIT margin of Dairy segment rose from negative 3.23% to 0.90%. PBIT margin of Crop Protection segment rose
from 11.77% to 17.25%. PBIT margin of
Others segment rose from 2.40% to 3.69%.
Overall PBIT margin fell from 11.37% to 9.72%.
Operating profit
margin has declined from 7.66% to 6.54%, leading to 13.61% decline in operating
profit to Rs 786.47 crore. Raw material
cost as a % of total sales (net of stock adjustments) decreased from 49.23% to
45.54%. Purchase of finished goods cost
fell from 3.89% to 3.37%. Employee cost
increased from 4.13% to 5.56%. Other
expenses rose from 37.08% to 40.39%.
Selling and administration expenses rose from 27.35% to 27.52%. Construction development cost rose from
27.35% to 27.52%.
Other income rose
21.76% to Rs 960.67 crore. PBIDT rose
2.81% to Rs 1747.14 crore. Provision for
interest rose 49.19% to Rs 983.42 crore.
PBDT fell 26.57% to
Rs 763.72 crore. Provision for
depreciation rose 20.14% to Rs 270.48 crore.
Profit before tax
down 39.48% to Rs 493.24 crore. Share of
profit/loss was 86.68% higher at Rs 348.85 crore. Provision for tax was expense of Rs 221.6
crore, compared to Rs 143.38 crore.
Effective tax rate was 26.32% compared to 14.31%.
Minority interest
increased 35.35% to Rs 248.74 crore. Net
profit attributable to owners of the company decreased 44.90% to Rs 371.75
crore.
Promoters’ stake was
67.16% as of 31 December 2023 ,compared to 67.17% as of 31 December 2022 . Promoters pledged stake was 5.62% as of 31
December 2023 ,compared to 5.62% as of 31 December 2022 .
The scrip is currently
trading at Rs 833
Godrej Industries : Consolidated
Results
|
Particulars
|
2312
(03)
|
2212
(03)
|
Var.(%)
|
2312
(09)
|
2212
(09)
|
Var.(%)
|
2303
(12)
|
2203
(12)
|
Var.(%)
|
Net Sales
|
3,590.08
|
3,842.55
|
-7
|
12,033.35
|
11,888.14
|
1
|
16,740.25
|
14,130.15
|
18
|
OPM (%)
|
7.8
|
9.7
|
|
6.5
|
7.7
|
|
9.02
|
7.4
|
|
OP
|
279.31
|
373.17
|
-25
|
786.47
|
910.33
|
-14
|
1,510.22
|
1,043.46
|
45
|
Other Inc.
|
253.67
|
316.19
|
-20
|
960.67
|
788.98
|
22
|
1,022.11
|
934.52
|
9
|
PBIDT
|
532.98
|
689.36
|
-23
|
1,747.14
|
1,699.31
|
3
|
2,532.33
|
1,977.98
|
28
|
Interest
|
347.6
|
247.79
|
40
|
983.42
|
659.19
|
49
|
942.7
|
623.14
|
51
|
PBDT
|
185.38
|
441.57
|
-58
|
763.72
|
1,040.12
|
-27
|
1,589.63
|
1,354.84
|
17
|
Depreciation
|
95.61
|
77.93
|
23
|
270.48
|
225.14
|
20
|
304.52
|
273.58
|
11
|
PBT
|
89.77
|
363.64
|
-75
|
493.24
|
814.98
|
-39
|
1285.11
|
1081.26
|
19
|
Share of Profit/(Loss) from Associates
|
126.06
|
96.69
|
30
|
348.85
|
186.87
|
87
|
395.47
|
284.95
|
39
|
PBT before EO
|
215.83
|
460.33
|
-53
|
842.09
|
1001.85
|
-16
|
1680.58
|
1366.21
|
23
|
EO Income
|
0
|
0
|
-
|
0
|
0
|
-
|
0
|
-83.85
|
-
|
PBT after EO
|
215.83
|
460.33
|
-53
|
842.09
|
1001.85
|
-16
|
1680.58
|
1282.36
|
31
|
Taxation
|
51.25
|
78.67
|
-35
|
221.6
|
143.38
|
55
|
259.94
|
289.93
|
-10
|
PAT
|
164.58
|
381.66
|
-57
|
620.49
|
858.47
|
-28
|
1420.64
|
992.43
|
43
|
Minority Interest (MI)
|
58.17
|
67.08
|
-13
|
248.74
|
183.78
|
35
|
445.86
|
338.7
|
32
|
Net profit
|
106.41
|
314.58
|
-66
|
371.75
|
674.69
|
-45
|
974.78
|
653.73
|
49
|
EPS (Rs)*
|
#
|
#
|
|
#
|
#
|
|
29.0
|
20.3
|
|
Notes
|
* EPS is on current equity of Rs 33.67 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
|
|
2312
(03)
|
2212
(03)
|
Var.(%)
|
%
of (Total)
|
2312
(09)
|
2212
(09)
|
Var.(%)
|
Var.(%)
|
% of (Total)
|
2303
(12)
|
2203
(12)
|
Var.(%)
|
Sales
|
|
|
|
|
Chemicals
|
15
|
617.68
|
1,097.63
|
-44
|
15
|
2,026.27
|
3,316.28
|
-39
|
22
|
4,172.97
|
3,056.98
|
37
|
Animal Feed
|
31
|
1,291.39
|
1,272.43
|
1
|
28
|
3,818.10
|
3,738.65
|
2
|
27
|
4,956.69
|
4,350.23
|
14
|
Veg Oils
|
10
|
421.89
|
505.7
|
-17
|
10
|
1,434.74
|
1,653.83
|
-13
|
10
|
1,930.65
|
2,139.55
|
-10
|
Estate & Property Development
|
13
|
551.14
|
422.95
|
30
|
18
|
2,464.85
|
1,260.58
|
96
|
17
|
3,119.25
|
2,656.69
|
17
|
Finance and Investments
|
9
|
371.01
|
102.37
|
262
|
7
|
899.58
|
381.71
|
136
|
3
|
525.44
|
221.86
|
137
|
Dairy
|
9
|
366.18
|
347.8
|
5
|
9
|
1,180.74
|
1,102.07
|
7
|
8
|
1,501.13
|
1,175.00
|
28
|
Crop Protection
|
5
|
222.46
|
215.71
|
3
|
7
|
983.36
|
954.17
|
3
|
6
|
1,196.25
|
1,197.37
|
0
|
Others
|
6
|
254.05
|
370.79
|
-31
|
6
|
880.98
|
894.54
|
-2
|
6
|
1,164.28
|
903.32
|
29
|
Hospitality
|
0
|
16.98
|
0
|
-
|
|
|
|
|
|
|
|
|
Total Reported Sales
|
100
|
4,112.78
|
4,335.38
|
-5
|
100
|
13,705.60
|
13,301.83
|
3
|
100
|
18,566.66
|
15,701.00
|
18
|
Less: Inter segment revenues
|
|
269.03
|
176.64
|
52
|
|
711.59
|
624.71
|
14
|
|
804.3
|
636.33
|
26
|
Net Sales
|
|
3,843.75
|
4,158.74
|
-8
|
|
12,994.01
|
12,677.12
|
3
|
|
17,762.36
|
15,064.67
|
18
|
PBIT
|
|
|
|
|
Chemicals
|
9
|
30.98
|
223.89
|
-86
|
16
|
210.89
|
561.88
|
-62
|
31
|
697.02
|
334.39
|
108
|
Animal Feed
|
15
|
54.68
|
60.18
|
-9
|
13
|
169.18
|
138.75
|
22
|
8
|
184.76
|
239.7
|
-23
|
Veg Oils
|
18
|
66.71
|
84.05
|
-21
|
11
|
149.67
|
241.59
|
-38
|
12
|
261.27
|
251.15
|
4
|
Estate & Property Development
|
47
|
170.27
|
190.52
|
-11
|
40
|
526.54
|
475.42
|
11
|
44
|
1,003.06
|
884.01
|
13
|
Finance and Investments
|
5
|
19.72
|
5.52
|
257
|
5
|
67.02
|
-3.95
|
LP
|
0
|
9.35
|
-2.13
|
LP
|
Dairy
|
3
|
10.22
|
-13.63
|
LP
|
1
|
10.65
|
-35.56
|
LP
|
-2
|
-43.85
|
-24.57
|
-78
|
Crop Protection
|
7
|
24.79
|
8.59
|
189
|
13
|
169.64
|
112.26
|
51
|
6
|
125.5
|
233.89
|
-46
|
Others
|
-3
|
-11.32
|
12.81
|
PL
|
2
|
32.52
|
21.45
|
52
|
1
|
19.22
|
-0.36
|
LP
|
Hospitality
|
-1
|
-4.06
|
0
|
-
|
|
|
|
|
|
|
|
|
Total PBIT
|
100
|
361.99
|
571.93
|
-37
|
100
|
1,332.05
|
1,511.84
|
-12
|
100
|
2,256.33
|
1,916.08
|
18
|
Less : Interest
|
|
213.54
|
196.09
|
9
|
|
629.52
|
542.82
|
16
|
|
751.24
|
594.59
|
26
|
Add: Other un-allcoable
|
|
-58.68
|
-12.2
|
-381
|
|
-209.31
|
-154.04
|
-36
|
|
-219.98
|
-324.08
|
32
|
PBT
|
|
89.77
|
363.64
|
-75
|
|
493.22
|
814.98
|
-39
|
|
1,285.11
|
997.41
|
29
|
|