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Results
28-May-22
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Analysis
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Godrej Industries
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In the black
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Godrej
Industries consolidated net sales increased 70.26% to Rs 4444.87 crore in
Q4FY22 compared to Q4Fy21. Sales of
Chemicals segment has gone up 59.33% to Rs 802.40 crore (accounting for 16.59%
of total sales). Sales of Animal Feed
segment has gone up 38.20% to Rs 1,104.94 crore (accounting for 22.84% of total
sales). Sales of Veg Oils segment rose
39.34% to Rs 388.99 crore (accounting for 8.04% of total sales). Sales of Estate & Property Development
segment has gone up 159.66% to Rs 1,541.47 crore (accounting for 31.86% of
total sales). Sales of Finance and
Investments segment has gone up 9.20% to Rs 19.22 crore (accounting for 0.40%
of total sales). Sales of Dairy segment
has gone up 20.19% to Rs 336.69 crore (accounting for 6.96% of total sales). Sales of Crop Protection segment has gone up
32.84% to Rs 352.82 crore (accounting for 7.29% of total sales). Sales of Others segment has gone up 92.99% to
Rs 291.15 crore (accounting for 6.02% of total sales). Inter-segment sales rose Rs 104.89 crore to
Rs 110.30 crore.
Operating
profit margin (OPM) has turned from negative 0.61% to positive 11.03%,
Operating profit for the quarter stood at Rs 490.24 crore compared to loss of
Rs 15.97 crore. Raw material cost as a %
of total sales (net of stock adjustments) decreased from 50.76% to 45.09%. Purchase of finished goods cost fell from
6.90% to 4.02%. Employee cost decreased
from 11.12% to 4.60%. Other expenses
rose from 31.79% to 35.65%. Selling and
administration expenses rose from 18.37% to 25.32%. Construction development cost rose from
18.37% to 25.32%.
Other
income rose 61.82% to Rs 282.51 crore.
PBIDT rose 387.20% to Rs 772.75 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 378.95% to
Rs 732.93 crore. PBIT of Chemicals segment
rose 112.29% to Rs 82.77 crore (accounting for 11.29% of total PBIT). PBIT of Animal Feed segment rose 7.26% to Rs
62.08 crore (accounting for 8.47% of total PBIT). PBIT of Veg Oils segment rose 208.80% to Rs
35.11 crore (accounting for 4.79% of total PBIT). PBIT of Estate & Property Development
reported profit of Rs 446.60 crore compared to loss of Rs 16.43 crore. PBIT of Finance and Investments segment rose
31.31% to Rs 21.60 crore (accounting for 2.95% of total PBIT). PBIT of Dairy segment rose 19.56% to Rs -2.92
crore (accounting for -0.40% of total PBIT).
PBIT of Crop Protection segment rose 54.65% to Rs 83.42 crore
(accounting for 11.38% of total PBIT).
PBIT of Others reported profit of Rs 4.27 crore compared to loss of Rs
5.54 crore.
PBIT
margin of Chemicals segment rose from 7.74% to 10.32%. PBIT margin of Animal Feed segment fell from
7.24% to 5.62%. PBIT margin of Veg Oils
segment rose from 4.07% to 9.03%. PBIT
margin of Estate & Property Development segment rose from negative 2.77% to
28.97%. PBIT margin of Finance and
Investments segment rose from 93.47% to 112.38%. PBIT margin of Dairy segment rose from
negative 1.30% to negative 0.87%. PBIT
margin of Crop Protection segment rose from 20.31% to 23.64%. PBIT margin of Others segment rose from
negative 3.67% to 1.47%. Overall PBIT
margin rose from 5.29% to 15.15%.
Provision
for interest rose 41% to Rs 175.38 crore.
PBDT was Rs 597.37 crore compared to Rs 34.23 crore. Provision for depreciation rose 15.07% to Rs
72.22 crore.
Profit
before tax reported profit of Rs 525.15 crore compared to loss of Rs 28.53
crore. Share of profit/loss was 34.60%
higher at Rs 46.76 crore.
PBT
before EO was Rs 571.91 crore compared to Rs 6.21 crore.The company reported
Net EO expense of Rs 17.53 crore compared to nil EO items in Q4FY21. PBT after
EO was Rs 554.38 crore compared to Rs 6.21 crore.
Provision
for tax was expense of Rs 131.56 crore, compared to Rs 98.38 crore. Net profit was Rs 227.24 crore compared to
loss of Rs 15.79 crore.
Equity
capital stood at Rs 33.66 crore as of 31 March 2022 to Rs 33.66 crore as of 31
March 2021. Per share face Value
remained same at Rs 1.00.
Promoters’
stake was 67.18% as of 31 March 2022 ,compared to 67.19% as of 31 March 2021.
Promoters pledged stake was 5.62% as of 31 March 2022 ,compared to 5.62% as of
31 March 2021 .
Full
year results analysis
Net
sales of Godrej Industries has increased 51.39% to Rs 14130.15 crore. Sales of Chemicals segment has gone up 83.47%
to Rs 3,056.98 crore (accounting for 19.47% of total sales). Sales of Animal Feed segment has gone up
40.64% to Rs 4,350.23 crore (accounting for 27.71% of total sales). Sales of Veg Oils segment rose 59.91% to Rs
2,139.55 crore (accounting for 13.63% of total sales). Sales of Estate & Property Development
segment has gone up 90.48% to Rs 2,656.69 crore (accounting for 16.92% of total
sales). Sales of Finance and Investments
segment has gone up 36.59% to Rs 167.00 crore (accounting for 1.06% of total
sales). Sales of Dairy segment has gone
up 13.78% to Rs 1,175.00 crore (accounting for 7.48% of total sales). Sales of Crop Protection segment has gone up
5.02% to Rs 1,197.37 crore (accounting for 7.63% of total sales). Sales of Others segment has gone up 42.30% to
Rs 958.18 crore (accounting for 6.10% of total sales). Inter-segment sales rose Rs 465.66 crore to
Rs 636.33 crore.
Operating
profit margin has jumped from 3.36% to 7.38%, leading to 232.86% rise in
operating profit to Rs 1,043.46 crore.
Raw material cost as a % of total sales (net of stock adjustments)
increased from 47.80% to 56.19%.
Purchase of finished goods cost rose from 6.30% to 6.66%. Employee cost decreased from 6.75% to 5.04%. Other expenses fell from 36.53% to
25.26%. Selling and administration
expenses fell from 25.23% to 13.66%.
Construction development cost fell from 25.23% to 13.66%.
Other
income rose 41.32% to Rs 934.52 crore.
PBIDT rose 102.92% to Rs 1977.98 crore.
Profit before interest, tax and other unallocable items (PBIT) has
jumped 104.75% to Rs 1,944.63 crore.
PBIT of Chemicals segment rose 180.74% to Rs 334.39 crore (accounting
for 17.20% of total PBIT). PBIT of
Animal Feed segment rose 22.35% to Rs 239.70 crore (accounting for 12.33% of
total PBIT). PBIT of Veg Oils segment
rose 160.31% to Rs 251.15 crore (accounting for 12.92% of total PBIT). PBIT of Estate & Property Development
segment rose 322.26% to Rs 884.01 crore (accounting for 45.46% of total PBIT). PBIT of Finance and Investments segment rose
30.20% to Rs 61.86 crore (accounting for 3.18% of total PBIT). PBIT of Dairy reported loss of Rs 24.57 crore
compared to profit of Rs 10.49 crore.
PBIT of Crop Protection segment fell 5.87% to Rs 233.89 crore
(accounting for 12.03% of total PBIT).
PBIT of Others reported loss of Rs 35.80 crore compared to profit of Rs
22.44 crore.
PBIT
margin of Chemicals segment rose from 7.15% to 10.94%. PBIT margin of Animal Feed segment fell from
6.33% to 5.51%. PBIT margin of Veg Oils
segment rose from 7.21% to 11.74%. PBIT
margin of Estate & Property Development segment rose from 15.01% to 33.27%. PBIT margin of Finance and Investments
segment fell from 38.86% to 37.04%. PBIT
margin of Dairy segment fell from 1.02% to 2.09%. PBIT margin of Crop Protection segment fell
from 21.79% to 19.53%. PBIT margin of
Others segment fell from 3.33% to 3.74%.
Overall PBIT margin rose from 9.08% to 12.39%.
Provision
for interest rose 32.89% to Rs 623.14 crore.
Loan funds rose to Rs 14,565.03 crore as of 31 March 2022 from Rs
10,070.81 crore as of 31 March 2021.
Inventories rose to Rs 7,718.66 crore as of 31 March 2022 from Rs
6,187.42 crore as of 31 March 2021.
Sundry debtors were higher at Rs 1,676.04 crore as of 31 March 2022
compared to Rs 1,523.05 crore as of 31 March 2021. Cash and bank balance rose to Rs 1,823.94
crore as of 31 March 2022 from Rs 852.15 crore as of 31 March 2021. Investments declined from Rs 9,951.98 crore
as of 31 March 2021 to Rs 9,609.22 crore as of 31 March 2022.
PBDT
rose 167.86% to Rs 1354.84 crore.
Provision for depreciation rose 12.89% to Rs 273.58 crore. Fixed assets increased to Rs 4,480.90 crore
as of 31 March 2022 from Rs 4,297.91 crore as of 31 March 2021. Intangible assets increased from Rs 683.34
crore to Rs 972.79 crore.
Profit
before tax grew 310.39% to Rs 1,081.26 crore.
Share of profit/loss was 19.15% lower at Rs 284.95 crore. PBT before EO was up 122% to Rs 1366.21
crore.The company reported net EO expense of Rs 83.85 crore compared to nil EO
items in FY21. PBT after EO was up 108% to Rs 1282.36 crore.
Provision
for tax was expense of Rs 289.93 crore, compared to Rs 226.15 crore. Effective tax rate was 22.61% compared to
36.72%.
Minority
interest increased 500.32% to Rs 338.70 crore.
Net profit attributable to owners of the company increased 96.10% to Rs
653.73 crore.
Equity
capital stood at Rs 33.66 crore as of 31 March 2022 to Rs 33.66 crore as of 31
March 2021. Per share face Value
remained same at Rs 1.00.
Promoters’
stake was 67.18% as of 31 March 2022 ,compared to 67.19% as of 31 March 2021
. Promoters pledged stake was 5.62% as of
31 March 2022 ,compared to 5.62% as of 31 March 2021 .
Cash
flow from operating activities decreased to negative Rs -1,756.19 crore for
year ended March 2022 from negative Rs -672.16 crore for year ended March
2021. Cash flow used in acquiring fixed
assets during the year ended March 2022 stood at Rs 523.85 crore, compared to
Rs 745.61 crore during the year ended March 2021.
The
scrip is currently trading at Rs 485
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Godrej Industries : Consolidated Results
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Particulars
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2203 (03)
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2103 (03)
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Var.(%)
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2203 (12)
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2103 (12)
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Var.(%)
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Net Sales
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4,444.87
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2,610.69
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70
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14,130.15
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9,333.51
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51
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OPM (%)
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11.0
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-0.6
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7.4
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3.4
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OP
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490.24
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-15.97
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LP
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1,043.46
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313.48
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233
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Other Inc.
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282.51
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174.58
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62
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934.52
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661.26
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41
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PBIDT
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772.75
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158.61
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387
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1,977.98
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974.74
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103
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Interest
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175.38
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124.38
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41
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623.14
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468.93
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33
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PBDT
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597.37
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34.23
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999
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1,354.84
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505.81
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168
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Depreciation
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72.22
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62.76
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15
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273.58
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242.34
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13
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PBT
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525.15
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-28.53
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LP
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1081.26
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263.47
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310
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Share of Profit/(Loss) from Associates
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46.76
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34.74
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35
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284.95
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352.46
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-19
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PBT before EO
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571.91
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6.21
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999
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1366.21
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615.93
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122
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EO Income
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-17.53
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0
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-
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-83.85
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0
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-
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PBT after EO
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554.38
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6.21
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999
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1282.36
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615.93
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108
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Taxation
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131.56
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98.38
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34
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289.93
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226.15
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28
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PAT
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422.82
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-92.17
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LP
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992.43
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389.78
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155
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Minority Interest (MI)
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195.58
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-76.38
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PL
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338.7
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56.42
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500
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Net profit
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227.24
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-15.79
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LP
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653.73
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333.36
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96
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EPS (Rs)*
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#
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#
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20.3
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9.9
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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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2203 (03)
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2103 (03)
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Var.(%)
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% of (Total)
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2203 (12)
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2103 (12)
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Var.(%)
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Sales
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Chemicals
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17
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802.4
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503.61
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59
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19
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3,056.98
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1,666.17
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83
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Animal Feed
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23
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1,104.94
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799.55
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38
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28
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4,350.23
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3,093.16
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41
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Veg Oils
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8
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388.99
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279.17
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39
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14
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2,139.55
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1,337.94
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60
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Estate & Property Development
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32
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1,541.47
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593.65
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160
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17
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2,656.69
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1,394.74
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90
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Finance and Investments
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0
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19.22
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17.6
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9
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1
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167
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122.26
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37
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Dairy
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7
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336.69
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280.12
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20
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7
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1,175.00
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1,032.69
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14
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Crop Protection
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7
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352.82
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265.6
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33
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8
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1,197.37
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1,140.13
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5
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Others
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6
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291.15
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150.86
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93
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6
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958.18
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673.34
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42
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Total Reported Sales
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100
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4,837.68
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2,890.16
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67
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100
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15,701.00
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10,460.43
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50
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Less: Inter segment revenues
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110.3
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104.89
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5
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636.33
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465.66
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37
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Net Sales
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4,727.38
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2,785.27
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70
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15,064.67
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9,994.77
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51
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PBIT
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Chemicals
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11
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82.77
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38.99
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112
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17
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334.39
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119.11
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181
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Animal Feed
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8
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62.08
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57.88
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7
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12
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239.7
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195.92
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22
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Veg Oils
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5
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35.11
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11.37
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209
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13
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251.15
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96.48
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160
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Estate & Property Development
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61
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446.6
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-16.43
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LP
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45
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884.01
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209.35
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322
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Finance and Investments
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3
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21.6
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16.45
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31
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3
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61.86
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47.51
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30
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Dairy
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0
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-2.92
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-3.63
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20
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-1
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-24.57
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10.49
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PL
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Crop Protection
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11
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83.42
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53.94
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55
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12
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233.89
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248.48
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-6
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Others
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1
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4.27
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-5.54
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LP
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-2
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-35.8
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22.44
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PL
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Total PBIT
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100
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732.93
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153.03
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379
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100
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1,944.63
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949.78
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105
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Less : Interest
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175.38
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124.38
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41
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623.14
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468.93
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33
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Add: Other un-allcoable
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-49.93
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-57.18
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13
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-324.08
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-217.38
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-49
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PBT
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507.62
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-28.53
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LP
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997.41
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263.47
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279
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