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Results
14-Feb-22
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Analysis
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Godrej Industries
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OP up 163%, NP up 9%
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Godrej Industries consolidated net sales
increased 49.15% to Rs 3514.61 crore in Q3FY22 compared to Q3FY21. Sales of Chemicals segment has gone up 89.52%
to Rs 886.21 crore (accounting for 22.84% of total sales). Sales of Animal Feed segment has gone up 41.69%
to Rs 1,109.86 crore (accounting for 28.61% of total sales). Sales of Veg Oils segment rose 70.24% to Rs
640.00 crore (accounting for 16.50% of total sales). Sales of Estate & Property Development
segment has gone up 50.45% to Rs 485.20 crore (accounting for 12.51% of total
sales). Sales of finance and investment
segment has gone down 12% to Rs 14.23 crore (accounting for 0.4% of total
sales). Sales of diary segment has gone
up 2% to Rs 287.68 crore (accounting for 7% of total sales). Sales of Crop Protection segment has gone
down 1% to Rs 218.74 crore (accounting for 5.64% of total sales). Sales of Others segment has gone up 36.10% to
Rs 237.86 crore (accounting for 6.13% of total sales). Inter-segment sales rose Rs 96.34 crore to Rs
145.24 crore.
Operating profit margin has jumped from 3.92%
to 6.90%, leading to 162.76% rise in operating profit to Rs 242.53 crore. Raw material cost as a % of total sales (net
of stock adjustments) increased from 52.95% to 57.82%. Purchase of finished goods cost fell from
6.86% to 6.37%. Employee cost decreased
from 6.13% to 4.83%. Other expenses
fell from 30.71% to 24.82%. Selling and
administration expenses fell from 18.55% to 13.22%. Construction development cost fell from
18.55% to 13.22%.
Other income rose 33.19% to Rs 219.93
crore. Provision for interest rose
47.77% to Rs 166.91 crore.
Profit before interest, tax and other
unallocable items (PBIT) have jumped 84.44% to Rs 467.26 crore. PBIT of Chemicals segment rose 248.03% to Rs
137.89 crore (accounting for 29.51% of total PBIT). PBIT of Animal Feed segment rose 35.77% to Rs
53.06 crore (accounting for 11.36% of total PBIT). PBIT of Veg Oils segment rose 181.19% to Rs
99.88 crore (accounting for 21.38% of total PBIT). PBIT of Estate & Property Development
segment rose 131.15% to Rs 181.80 crore (accounting for 38.91% of total
PBIT). PBIT of finance and investment segment
fell 10% to Rs 10.42 crore (accounting for 2% of total PBIT). PBIT of diary segment reported loss of Rs
7.69 crore compared to profit of Rs 6.75 crore. PBIT of Crop Protection segment
fell 57% to Rs 15.48 crore (accounting for 3.31% of total PBIT). PBIT of Others reported loss of Rs 23.58
crore compared to profit of Rs 6.48 crore.
PBIDT rose 79.65% to Rs 462.46 crore. PBDT
rose 104.58% to Rs 295.55 crore.
Provision for depreciation rose 15.49% to Rs 71.04 crore.
Profit before tax grew 170.62% to Rs 224.51
crore. Share of profit/loss was 43.83%
lower at Rs 71.37 crore. Provision for
tax was expense of Rs 46.78 crore, compared to Rs 39.37 crore. Effective tax rate was 20.38% compared to
18.74%.
Minority interest decreased 0.88% to Rs 38.39
crore. Net profit attributable to owners
of the company increased 9.44% to Rs 144.39 crore.
Promoters’ stake was 67.18% as of 31 December
2021 compared to 66.37% as of 31 December 2020 . Promoters pledged stake was 5.62% as of 31
December 2021 compared to 5.69% as of 31 December 2020 .
For
year-to-date (YTD) results analysis
Net sales of Godrej Industries have increased
44.07% to Rs 9685.28 crore. Operating
profit margin has jumped from 4.90% to 5.71%, leading to 67.94% rise in
operating profit to Rs 553.26 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
46.86% to 60.99%. Purchase of finished
goods cost rose from 6.11% to 7.80%.
Employee cost decreased from 5.37% to 5.24%. Other expenses fell from 38.03% to 20.76%. Selling and administration expenses fell
from 27.40% to 8.61%. Construction
development cost fell from 27.40% to 8.61%.
Other income rose 33.97% to Rs 652.01
crore. PBIDT rose 47.68% to Rs 1205.27
crore. Provision for interest rose
29.96% to Rs 447.76 crore. PBDT rose
60.64% to Rs 757.51 crore. Provision for
depreciation rose 12.12% to Rs 201.35 crore.
Profit before tax grew 90.47% to Rs 556.16
crore. Share of profit/loss was 25.03%
lower at Rs 238.19 crore. Provision for
tax was expense of Rs 158.37 crore, compared to Rs 127.85 crore. Effective tax rate was 21.75% compared to
20.97%.
Minority interest increased 7.80% to Rs
143.12 crore. Net profit attributable to
owners of the company increased 22.18% to Rs 426.54 crore.
Promoters’ stake was 67.18% as of 31 December
2021 compared to 66.37% as of 31 December 2020 . Promoters pledged stake was 5.62% as of 31
December 2021 compared to 5.69% as of 31 December 2020.
The scrip is
currently trading at Rs 543
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Godrej Industries : Consolidated Results
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Particulars
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2112 (03)
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2012 (03)
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Var.(%)
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2112 (09)
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2012 (09)
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Var.(%)
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2103 (12)
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2003 (12)
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Var.(%)
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Net Sales
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3,514.61
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2,356.47
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49
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9,685.28
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6,722.82
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44
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9,333.51
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11,290.75
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-17
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OPM (%)
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6.9
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3.9
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5.7
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4.9
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3.4
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7.2
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OP
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242.53
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92.3
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163
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553.26
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329.44
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68
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313.48
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811.21
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-61
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Other Inc.
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219.93
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165.12
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33
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652.01
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486.68
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34
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661.26
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571.61
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16
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PBIDT
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462.46
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257.42
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80
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1,205.27
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816.12
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48
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974.74
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1,382.82
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-30
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Interest
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166.91
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112.95
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48
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447.76
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344.55
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30
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468.93
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490.92
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-4
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PBDT
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295.55
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144.47
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105
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757.51
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471.57
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61
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505.81
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891.9
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-43
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Depreciation
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71.04
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61.51
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15
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201.35
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179.58
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12
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242.34
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233.84
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4
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PBT
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224.51
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82.96
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171
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556.16
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291.99
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90
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263.47
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658.06
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-60
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Share of Profit/(Loss) from Associates
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71.37
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127.07
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-44
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238.19
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317.72
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-25
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352.46
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261.15
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35
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PBT before EO
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295.88
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210.03
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41
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794.35
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609.71
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30
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615.93
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919.21
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-33
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EO Income
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-66.32
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0
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-
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-66.32
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0
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-
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0
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-9.92
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-
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PBT after EO
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229.56
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210.03
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9
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728.03
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609.71
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19
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615.93
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909.29
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-32
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Taxation
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46.78
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39.37
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19
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158.37
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127.85
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24
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226.28
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271.44
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-17
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PAT
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182.78
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170.66
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7
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569.66
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481.86
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18
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389.65
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637.85
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-39
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Minority Interest (MI)
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38.39
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38.73
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-1
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143.12
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132.76
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8
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56.35
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257.71
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-78
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Net profit
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144.39
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131.93
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9
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426.54
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349.1
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22
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333.3
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380.14
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-12
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EPS (Rs)*
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#
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#
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#
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#
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9.9
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11.4
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Notes
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* EPS is on current equity of Rs 33.66 crore, Face value of Rs
1, Excluding extraordinary items.
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# EPS is not annualised
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bps : Basis points
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EO : Extraordinary items
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Figures in Rs crore
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Source: Capitaline Corporate Database
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Godrej Industries : Consolidated Segment Results
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% of (Total)
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2112 (03)
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2012 (03)
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Var.(%)
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% of (Total)
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2112 (09)
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2012 (09)
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Var.(%)
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% of (Total)
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2103 (12)
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2003 (12)
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Var.(%)
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Sales
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Chemicals
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23
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886.21
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467.6
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90
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21
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2,254.58
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1,162.56
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94
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16
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1,666.17
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1,603.73
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4
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Animal Feed
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29
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1,109.86
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783.29
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42
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30
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3,245.29
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2,293.61
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41
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30
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3,093.16
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3,717.72
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-17
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Veg Oils
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16
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640
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375.93
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70
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16
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1,750.56
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1,058.77
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65
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13
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1,337.94
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1,093.86
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22
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Estate & Property Development
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13
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485.2
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322.5
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50
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10
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1,115.22
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801.09
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39
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13
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1,394.74
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3,106.68
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-55
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Finance and Investments
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0.4
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14.23
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16.14
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-12
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1
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147.78
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104.66
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41
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1
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122.26
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284.39
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-57
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Dairy
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7
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287.68
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256.82
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12
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8
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838.31
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752.57
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11
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10
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1032.69
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1203.92
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-14
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Crop Protection
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6
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218.74
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220.88
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-1
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8
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844.55
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874.53
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-3
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11
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1140.13
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1096.38
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4
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Others
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6
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237.86
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174.77
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36
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6
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667.04
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522.48
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28
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6
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673.34
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589.87
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14
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Total Reported Sales
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100
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3,879.78
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2,617.93
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48
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100
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10,863.33
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7,570.27
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43
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100
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10,460.43
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12,696.55
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-18
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Less: Inter segment revenues
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145.24
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96.34
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51
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526.04
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360.77
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46
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465.66
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834.19
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-44
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Net Sales
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3,734.54
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2,521.59
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48
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10,337.29
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7,209.50
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43
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9,994.77
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11,862.36
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-16
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PBIT
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Chemicals
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30
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137.89
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39.62
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248
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21
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251.62
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80.12
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214
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13
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119.11
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139.59
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-15
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Animal Feed
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11
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53.06
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39.08
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36
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15
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177.62
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138.04
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29
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21
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195.92
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153.17
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28
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Veg Oils
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21
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99.88
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35.52
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181
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18
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216.04
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85.11
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154
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10
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96.48
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98.58
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-2
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Estate & Property Development
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39
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181.8
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78.65
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131
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36
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437.41
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225.78
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94
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22
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209.35
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792.72
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-74
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Finance and Investments
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2
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10.42
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11.64
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-10
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3
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40.26
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31.06
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30
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5
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47.51
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25.89
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84
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Dairy
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-2
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-7.69
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6.75
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PL
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-2
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-21.65
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14.12
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PL
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1
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10.49
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-0.18
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-5928
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Crop Protection
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3
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15.48
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35.6
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-57
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12
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150.47
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194.54
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-23
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26
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248.48
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230.95
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8
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Others
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-5
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-23.58
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6.48
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PL
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-3
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-40.07
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27.98
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PL
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2
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22.44
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-80.14
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-128
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Total PBIT
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100
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467.26
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253.34
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84
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100
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1,211.70
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796.75
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52
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100
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949.78
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1,360.58
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-30
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Less : Interest
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166.91
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112.95
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48
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447.76
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344.55
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30
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468.93
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490.92
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-4
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Add: Other un-allcoable
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-142.16
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-57.43
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148
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-274.1
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-160.21
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71
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-217.38
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-221.52
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-2
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PBT
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158.19
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82.96
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91
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489.84
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291.99
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68
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263.47
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648.14
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-59
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Previous News |
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(
Results
-
Analysis
10-Feb-24
12:07
)
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(
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19-May-23
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22-May-20
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(
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(
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19-May-23
15:49
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(
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11:13
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Godrej Industries announces board meeting date
(
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09-May-24
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01-Jun-21
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