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Results
15-Nov-22
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Analysis
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Godrej Industries
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OP up 31%
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Godrej
Industries consolidated net sales increased 22.59% to Rs 4021.04 crore in
Q2FY23 compared to Q2FY22. Sales of
Chemicals segment has gone up 63.21% to Rs 1,219.06 crore (accounting for
26.77% of total sales). Sales of Animal
Feed segment has gone up 7.60% to Rs 1,220.33 crore (accounting for 26.80% of
total sales). Sales of Veg Oils segment
fell 16.78% to Rs 533.58 crore (accounting for 11.72% of total sales). Sales of Estate & Property Development
segment has gone up 10.92% to Rs 389.40 crore (accounting for 8.55% of total
sales). Sales of Finance and Investments
segment has gone up 88.36% to Rs 215.65 crore (accounting for 4.74% of total
sales). Sales of Dairy segment has gone
up 27.01% to Rs 360.84 crore (accounting for 7.92% of total sales). Sales of Crop Protection segment has gone up
44.34% to Rs 370.37 crore (accounting for 8.13% of total sales). Sales of Others segment has gone up 15.77% to
Rs 244.78 crore (accounting for 5.38% of total sales). Inter-segment sales rose Rs 238.11 crore to
Rs 278.09 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 22.13% to Rs
473.74 crore. PBIT of Chemicals segment
rose 159.96% to Rs 160.63 crore (accounting for 33.91% of total PBIT). PBIT of Animal Feed segment fell 12.49% to Rs
51.59 crore (accounting for 10.89% of total PBIT). PBIT of Veg Oils segment fell 17.29% to Rs
68.75 crore (accounting for 14.51% of total PBIT). PBIT of Estate & Property Development
segment fell 19.71% to Rs 117.86 crore (accounting for 24.88% of total
PBIT). PBIT of Finance and Investments
reported profit of Rs 38.97 crore compared to loss of Rs 12.37 crore. PBIT of Dairy segment fell 238.79% to Rs
-11.79 crore (accounting for -2.49% of total PBIT). PBIT of Crop Protection segment rose 12.95%
to Rs 58.89 crore (accounting for 12.43% of total PBIT). PBIT of Others reported loss of Rs 11.16
crore compared to profit of Rs 0.95 crore.
PBIT
margin of Chemicals segment rose from 8.27% to 13.18%. PBIT margin of Animal Feed segment fell from
5.20% to 4.23%. PBIT margin of Veg Oils
segment fell from 12.96% to 12.88%. PBIT
margin of Estate & Property Development segment fell from 41.82% to
30.27%. PBIT margin of Finance and
Investments segment rose from negative 10.80% to 18.07%. PBIT margin of Dairy segment fell from
negative 1.22% to negative 3.27%. PBIT
margin of Crop Protection segment fell from 20.32% to 15.90%. PBIT margin of Others segment fell from 0.45%
to 4.56%. Overall PBIT margin rose from
10.37% to 10.40%.
Operating
profit margin has jumped from 5.14% to 5.48%, leading to 30.75% rise in
operating profit to Rs 220.43 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
62.46% to 59.05%. Purchase of finished
goods cost fell from 8.53% to 3.46%.
Employee cost decreased from 5.29% to 4.90%. Other expenses rose from 19.04% to
27.66%. Selling and administration
expenses rose from 6.55% to 14.82%.
Construction development cost rose from 6.55% to 14.82%.
Other
income rose 14.98% to Rs 254.88 crore.
PBIDT rose 21.79% to Rs 475.31 crore.
Provision for interest rose 51.60% to Rs 223.24 crore.
PBDT
rose 3.73% to Rs 252.07 crore. Provision
for depreciation rose 13.35% to Rs 75.63 crore.
Profit
before tax grew 0.09% to Rs 176.44 crore.
Share of profit/loss was 44.53% lower at Rs 47.16 crore. Provision for tax was expense of Rs 4.37
crore, compared to Rs 60.39 crore.
Effective tax rate was 1.95% compared to 23.11%.
Minority
interest increased 10.02% to Rs 63.05 crore.
Net profit attributable to owners of the company increased 8.76% to Rs
156.18 crore.
Equity
capital stood at Rs 33.66 crore as of 30 September 2022 to Rs 33.66 crore as of
30 September 2021. Per share face Value
remained same at Rs 1.00.
Promoters’
stake was 67.17% as of 30 September 2022 ,compared to 67.18% as of 30 September
2021 . Promoters pledged stake was 5.62%
as of 30 September 2022 ,compared to 5.62% as of 30 September 2021 .
For year-to-date
(YTD) results analysis
Net
sales of Godrej Industries has increased
30.38% to Rs 8045.59 crore. Sales of
Chemicals segment has gone up 62.14% to Rs 2,218.65 crore (accounting for
24.74% of total sales). Sales of Animal
Feed segment has gone up 15.49% to Rs 2,466.22 crore (accounting for 27.50% of
total sales). Sales of Veg Oils segment
rose 3.38% to Rs 1,148.13 crore (accounting for 12.80% of total sales). Sales of Estate & Property Development
segment has gone up 32.95% to Rs 837.63 crore (accounting for 9.34% of total
sales). Sales of Finance and Investments
segment has gone up 98.56% to Rs 279.34 crore (accounting for 3.12% of total
sales). Sales of Dairy segment has gone
up 36.98% to Rs 754.27 crore (accounting for 8.41% of total sales). Sales of Crop Protection segment has gone up
18.00% to Rs 738.46 crore (accounting for 8.24% of total sales). Sales of Others segment has gone up 24.10% to
Rs 523.75 crore (accounting for 5.84% of total sales). Inter-segment sales rose Rs 380.80 crore to
Rs 448.06 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 34.94% to Rs
1,004.58 crore. PBIT of Chemicals
segment rose 197.19% to Rs 337.99 crore (accounting for 33.64% of total
PBIT). PBIT of Animal Feed segment fell
36.92% to Rs 78.57 crore (accounting for 7.82% of total PBIT). PBIT of Veg Oils segment rose 35.62% to Rs
157.54 crore (accounting for 15.68% of total PBIT). PBIT of Estate & Property Development
segment rose 11.46% to Rs 284.90 crore (accounting for 28.36% of total
PBIT). PBIT of Finance and Investments
segment rose 430.26% to Rs 55.20 crore (accounting for 5.49% of total
PBIT). PBIT of Dairy segment fell 57.09%
to Rs -21.93 crore (accounting for -2.18% of total PBIT). PBIT of Crop Protection segment fell 23.20%
to Rs 103.67 crore (accounting for 10.32% of total PBIT). PBIT of Others segment rose 193.88% to Rs
8.64 crore (accounting for 0.86% of total PBIT).
PBIT
margin of Chemicals segment rose from 8.31% to 15.23%. PBIT margin of Animal Feed segment fell from
5.83% to 3.19%. PBIT margin of Veg Oils
segment rose from 10.46% to 13.72%. PBIT
margin of Estate & Property Development segment fell from 40.57% to
34.01%. PBIT margin of Finance and
Investments segment rose from 7.40% to 19.76%.
PBIT margin of Dairy segment fell from negative 2.54% to negative
2.91%. PBIT margin of Crop Protection
segment fell from 21.57% to 14.04%. PBIT
margin of Others segment rose from 0.70% to 1.65%. Overall PBIT margin rose from 10.66% to
11.20%.
Operating
profit margin has jumped from 5.04% to 6.68%, leading to 72.88% rise in
operating profit to Rs 537.17 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
62.86% to 56.31%. Purchase of finished
goods cost fell from 8.65% to 5.20%.
Employee cost decreased from 5.48% to 4.48%. Other expenses rose from 18.38% to
28.39%. Selling and administration
expenses rose from 5.91% to 17.12%.
Construction development cost rose from 5.91% to 17.12%.
Other
income rose 9.42% to Rs 472.79 crore.
PBIDT rose 35.97% to Rs 1009.96 crore.
Provision for interest rose 46.49% to Rs 411.4 crore.
PBDT
rose 29.57% to Rs 598.56 crore.
Provision for depreciation rose 12.97% to Rs 147.21 crore. Fixed assets increased to Rs 4,517.88 crore
as of 30 September 2022 from Rs 4,267.69 crore as of 30 September 2021. Intangible assets increased from Rs 1,092.77
crore to Rs 1,119.34 crore.
Profit
before tax grew 36.09% to Rs 451.35 crore.
Share of profit/loss was 45.94% lower at Rs 90.18 crore. Provision for tax was expense of Rs 64.71
crore, compared to Rs 111.59 crore.
Effective tax rate was 11.95% compared to 22.39%.
Minority
interest increased 11.43% to Rs 116.70 crore.
Net profit attributable to owners of the company increased 27.63% to Rs
360.12 crore.
Equity
capital stood at Rs 33.66 crore as of 30 September 2022 to Rs 33.66 crore as of
30 September 2021. Per share face Value
remained same at Rs 1.00.
Promoters’
stake was 67.17% as of 30 September 2022 ,compared to 67.18% as of 30 September
2021 . Promoters pledged stake was 5.62%
as of 30 September 2022 ,compared to 5.62% as of 30 September 2021 .
Cash
flow from operating activities decreased to negative Rs -1,727.13 crore for YTD
ended September 2022 from negative Rs -351.29 crore for YTD ended September
2021. Cash flow used in acquiring fixed
assets during the YTD ended September 2022 stood at Rs 353.46 crore, compared
to Rs 220.32 crore during the YTD ended September 2021.
The
scrip is currently trading at Rs 414
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Godrej Industries : Consolidated
Results
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Particulars
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2209 (03)
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2109 (03)
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Var.(%)
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2209 (06)
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2109 (06)
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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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4,021.04
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3,280.18
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23
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8,045.59
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6,170.67
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30
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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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5.48
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5.14
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6.68
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5.04
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7.38
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3.36
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OP
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220.43
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168.59
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31
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537.17
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310.72
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73
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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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254.88
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221.67
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15
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472.79
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432.08
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9
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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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475.31
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390.26
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22
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1,009.96
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742.8
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36
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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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223.24
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147.26
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52
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411.4
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280.84
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46
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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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252.07
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243
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4
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598.56
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461.96
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30
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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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75.63
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66.72
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13
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147.21
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130.31
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13
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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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176.44
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176.28
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0
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451.35
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331.65
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36
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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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47.16
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85.02
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-45
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90.18
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166.82
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-46
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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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223.6
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261.3
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-14
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541.53
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498.47
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9
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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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0
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0
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-
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0
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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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223.6
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261.3
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-14
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541.53
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498.47
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9
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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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4.37
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60.39
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-93
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64.71
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111.59
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-42
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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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219.23
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200.91
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9
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476.82
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386.88
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23
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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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63.05
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57.31
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10
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116.7
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104.73
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11
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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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156.18
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143.6
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9
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360.12
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282.15
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28
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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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#
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#
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20.34
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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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2209 (03)
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2109 (03)
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Var.(%)
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% of (Total)
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2209 (06)
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2109 (06)
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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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27
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1,219.06
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746.94
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63
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25
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2,218.65
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1,368.37
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62
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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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27
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1,220.33
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1,134.14
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8
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28
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2,466.22
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2,135.43
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15
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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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12
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533.58
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641.2
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-17
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13
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1,148.13
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1,110.56
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3
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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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9
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389.4
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351.07
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11
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9
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837.63
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630.02
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33
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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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5
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215.65
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114.49
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88
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3
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279.34
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140.68
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99
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1
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221.86
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122.26
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81
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Dairy
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8
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360.84
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284.1
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27
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8
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754.27
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550.63
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37
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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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8
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370.37
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256.59
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44
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8
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738.46
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625.81
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18
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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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5
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244.78
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211.44
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16
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6
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523.75
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422.05
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24
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6
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903.32
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673.34
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34
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Total Reported Sales
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100
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4,554.01
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3,739.97
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22
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100
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8,966.45
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6,983.55
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28
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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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|
278.09
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238.11
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17
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448.06
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380.8
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18
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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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4,275.92
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3,501.86
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22
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8,518.39
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6,602.75
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29
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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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|
|
|
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Chemicals
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34
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160.63
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61.79
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160
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34
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337.99
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113.73
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197
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17
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334.39
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119.11
|
181
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|
Animal Feed
|
11
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51.59
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58.95
|
-12
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8
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78.57
|
124.56
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-37
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12
|
239.7
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195.92
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22
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Veg Oils
|
15
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68.75
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83.12
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-17
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16
|
157.54
|
116.16
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36
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13
|
251.15
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96.48
|
160
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Estate & Property Development
|
25
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117.86
|
146.8
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-20
|
28
|
284.9
|
255.61
|
11
|
45
|
884.01
|
209.35
|
322
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Finance and Investments
|
8
|
38.97
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-12.37
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LP
|
5
|
55.2
|
10.41
|
430
|
1
|
26.42
|
47.51
|
-44
|
|
Dairy
|
-2
|
-11.79
|
-3.48
|
-239
|
-2
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-21.93
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-13.96
|
-57
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-1
|
-24.57
|
10.49
|
PL
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|
Crop Protection
|
12
|
58.89
|
52.14
|
13
|
10
|
103.67
|
134.99
|
-23
|
12
|
233.89
|
248.48
|
-6
|
|
Others
|
-2
|
-11.16
|
0.95
|
PL
|
1
|
8.64
|
2.94
|
194
|
0
|
-0.36
|
22.44
|
PL
|
|
Total PBIT
|
100
|
473.74
|
387.9
|
22
|
100
|
1,004.58
|
744.44
|
35
|
100
|
1,944.63
|
949.78
|
105
|
|
Less : Interest
|
|
223.24
|
147.26
|
52
|
|
411.4
|
280.84
|
46
|
|
623.14
|
468.93
|
33
|
|
Add: Other un-allcoable
|
|
-74.06
|
-64.36
|
-15
|
|
-141.83
|
-131.95
|
-7
|
|
-324.08
|
-217.38
|
-49
|
|
PBT
|
|
176.44
|
176.28
|
0
|
|
451.35
|
331.65
|
36
|
|
997.41
|
263.47
|
279
|
|
|
|
|
Previous News |
Godrej Industries consolidated net profit rises 47.20% in the June 2022 quarter
(
Results
-
Announcements
13-Aug-22
09:03
)
|
|
|
Godrej Industries
(
Results
-
Analysis
20-May-23
11:09
)
|
|
|
Godrej Industries
(
Results
-
Analysis
12-Aug-23
14:53
)
|
|
|
Godrej Industries announces board meeting date
(
Corporate News
-
09-May-24
14:44
)
|
|
|
Godrej Industries to hold AGM
(
Corporate News
-
21-May-24
12:08
)
|
|
|
Godrej Industries to conduct board meeting
(
Corporate News
-
02-Nov-22
11:16
)
|
|
|
Godrej announces launch of Godrej Capital
(
Hot Pursuit
-
11-Apr-22
14:39
)
|
|
|
Godrej Inds announces launch of Godrej Capital
(
Hot Pursuit
-
11-Apr-22
14:59
)
|
|
|
Godrej Industries consolidated net profit rises 45.42% in the December 2019 quarter
(
Results
-
Announcements
13-Feb-20
16:08
)
|
|
|
Godrej Industries Ltd spurts 1.86%, up for fifth straight session
(
Hot Pursuit
-
24-Jun-20
13:00
)
|
|
|
Godrej Industries fixes record date
(
Market Beat
-
Reports
26-Dec-18
09:58
)
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