Operating profit margin has fell from 5.22% to 4.92%, leading to 37.43% rise in operating profit to Rs 142.13 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 58.60% to 63.33%.   Purchase of finished goods cost rose from 7.34% to 8.78%.   Employee cost decreased from 7.03% to 5.70%.   Other expenses fell from 22.31% to 17.60%.   Selling and administration expenses fell from 9.20% to 5.15%.   Construction development cost fell from 9.20% to 5.15%.   

Other income rose 51.71% to Rs 210.41 crore.  PBIDT rose 45.61% to Rs 352.54 crore.  Provision for interest rose 16.82% to Rs 133.58 crore.  

PBDT rose 71.38% to Rs 218.96 crore.  Provision for depreciation rose 11.02% to Rs 63.59 crore.  

Profit before tax grew 120.45% to Rs 155.37 crore.  Share of profit/loss was 9.36% higher at Rs 81.8 crore.  Provision for tax was expense of Rs 51.2 crore, compared to Rs 38.14 crore.  Effective tax rate was 21.59% compared to 26.25%.

Minority interest increased 23.55% to Rs 47.42 crore.  Net profit attributable to owners of the company increased 101.50% to Rs 138.55 crore.  

Promoters' stake was 67.19% as of 30 June 2021 ,compared to 64.20% as of 30 June 2020 .  Promoters pledged stake was 5.62% as of 30 June 2021 ,compared to 5.88% as of 30 June 2020 .  

Full year results analysis.

Net sales (including other operating income) of Godrej Industries has declined 17.33% to Rs 9333.51 crore.  Sales of Chemicals segment has gone up 3.89% to Rs 1,666.17 crore (accounting for 15.93% of total sales).  Sales of Animal Feed segment has gone down 16.80% to Rs 3,093.00 crore (accounting for 29.57% of total sales).  Sales of Veg Oil segment rose 22.31% to Rs 1,337.94 crore (accounting for 12.79% of total sales).  Sales of Estate & Property Development segment has gone down 55.11% to Rs 1,394.74 crore (accounting for 13.33% of total sales).  Sales of Finance & Investment segment has gone down 57.01% to Rs 122.26 crore (accounting for 1.17% of total sales).  Sales of Others segment has gone up 14.15% to Rs 673.34 crore (accounting for 6.44% of total sales).  Sales of Dairy segment has gone down 14.22% to Rs 1,032.69 crore (accounting for 9.87% of total sales).  Sales of Corp protection segment has gone up 3.99% to Rs 1,140.13 crore (accounting for 10.90% of total sales).  Inter-segment sales came down from Rs 834.19 crore to Rs 465.66 crore.  

Profit before interest, tax and other unallocable items (PBIT) has slumped 30.19% to Rs 949.78 crore.  PBIT of Chemicals segment fell 14.67% to Rs 119.11 crore (accounting for 12.54% of total PBIT).  PBIT of Animal Feed segment rose 27.91% to Rs 195.92 crore (accounting for 20.63% of total PBIT).  PBIT of Veg Oil segment fell 2.13% to Rs 96.48 crore (accounting for 10.16% of total PBIT).  PBIT of Estate & Property Development segment fell 73.59% to Rs 209.35 crore (accounting for 22.04% of total PBIT).  PBIT of Finance & Investment segment rose 83.51% to Rs 47.51 crore (accounting for 5.00% of total PBIT).  PBIT of Others reported profit of Rs 22.44 crore compared to loss of Rs 80.14 crore.  PBIT of Dairy reported profit of Rs 10.49 crore compared to loss of Rs 0.18 crore.  PBIT of Corp protection segment rose 7.59% to Rs 248.48 crore (accounting for 26.16% of total PBIT).  

PBIT margin of Chemicals segment fell from 8.70% to 7.15%.  PBIT margin of Animal Feed segment rose from 4.12% to 6.33%.  PBIT margin of Veg Oil segment fell from 9.01% to 7.21%.  PBIT margin of Estate & Property Development segment fell from 25.52% to 15.01%.  PBIT margin of Finance & Investment segment rose from 9.10% to 38.86%.  PBIT margin of Others segment rose from negative 13.59% to 3.33%.  PBIT margin of Dairy segment rose from negative 0.01% to 1.02%.  PBIT margin of Corp protection segment rose from 21.06% to 21.79%.  Overall PBIT margin fell from 10.72% to 9.08%.  

Operating profit margin has jumped from 7.18% to 3.36%, leading to 61.36% decline in operating profit to Rs 313.48 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 56.02% to 47.80%.   Purchase of finished goods cost rose from 4.69% to 6.30%.   Employee cost increased from 6.03% to 6.75%.   Other expenses rose from 26.06% to 36.53%.   Selling and administration expenses rose from 13.22% to 25.23%.   Construction development cost rose from 13.22% to 25.23%.   

Other income rose 15.68% to Rs 661.26 crore.  PBIDT fell 29.51% to Rs 974.74 crore.  Provision for interest fell 4.48% to Rs 468.93 crore.  Loan funds rose to Rs 9,836.20 crore as of 31 March 2021 from Rs 6,678.47 crore as of 31 March 2020.  Inventories rose to Rs 6,187.42 crore as of 31 March 2021 from Rs 3,186.89 crore as of 31 March 2020.  Sundry debtors were lower at Rs 1,510.67 crore as of 31 March 2021 compared to Rs 1,552.45 crore as of 31 March 2020.  Cash and bank balance declined from Rs 978.46 crore as of 31 March 2020 to Rs 852.15 crore as of 31 March 2021.  Investments rose to Rs 9,951.98 crore as of 31 March 2021 from Rs 6,594.20 crore as of 31 March 2020 .  

PBDT fell 43.29% to Rs 505.81 crore.  Provision for depreciation rose 3.63% to Rs 242.34 crore.  Fixed assets increased to Rs 4,224.41 crore as of 31 March 2021 from Rs 3,721.82 crore as of 31 March 2020.  Intangible assets increased from Rs 683.34 crore to Rs 756.84 crore.  

Profit before tax down 59.96% to Rs 263.47 crore.  Share of profit/loss was 34.96% higher at Rs 352.46 crore.  Provision for tax was expense of Rs 226.28 crore, compared to Rs 271.44 crore.  Effective tax rate was 36.74% compared to 29.85%.

Minority interest decreased 78.13% to Rs 56.35 crore.  Net profit attributable to owners of the company decreased 12.32% to Rs 333.30 crore.  

Equity capital increased from Rs 33.65 crore as of 31 March 2020 to Rs 33.66 crore as of 31 March 2021.  Per share face Value remained same at Rs 1.00.  

Promoters' stake was 67.19% as of 31 March 2021 ,compared to 62.21% as of 31 March 2020 .  Promoters pledged stake was 5.62% as of 31 March 2021 ,compared to 6.07% as of 31 March 2020 .  

Cash flow from operating activities decreased to Rs 663.58 crore for year ended March 2021 from Rs 392.01 crore for year ended March 2020.  Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 745.61 crore, compared to Rs 387.92 crore during the year ended March 2020.  

Other Highlights

In Q1 FY22, chemicals contributed Rs 621 crore of total revenue, animal feed contributed Rs1001 crore, diary Rs 267 crore, crop production Rs 369 crore, veg oil Rs 469 crore, estate & property Rs 279 crore and finance and investments contributed Rs 26 crore.

In Q1 FY22, Home Care saw a growth of 21% and Personal Care grew by 17% on YoY basis.

Management commentary: Adi Godrej, said: "It has been a privilege to serve Godrej Industries for over four decades, during which we have delivered strong results and transformed our company. I am grateful to our Board for theirsupport and guidance; to all our team members whose passion, commitment and hard work has driven oursuccess; and to all our customers, business partners, shareholders, investors, and communities, for their continued partnership. I am very confident that our best years are ahead of us, and I look forward to Nadir and our team achieving our exciting aspirations."

Nadir Godrej, Managing Director, Godrej Industries, said: "On behalf of our team at Godrej Industries and our Board, I want to thank our Chairman for his vision, values and exceptional leadership that has guided and shaped our company. Our leadership team is committed to building forward on these foundations; continuing to serve our people and communities, and creating long-term value for all ourstakeholders."