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Results
12-Aug-23
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Analysis
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Godrej Industries
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OPM down 250 bps
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Godrej
Industries consolidated net sales increased 11.95% to Rs 4505.66 crore in
Q1FY24 compared to Q1FY23. Sales of
Chemicals segment has gone down 27.38% to Rs 725.92 crore (accounting for
14.31% of total sales). Sales of Animal
Feed segment has gone up 3.11% to Rs 1,284.69 crore (accounting for 25.32% of
total sales). Sales of Veg Oils segment
fell 32.49% to Rs 414.88 crore (accounting for 8.18% of total sales). Sales of Estate & Property Development
segment has gone up 187.12% to Rs 1,286.97 crore (accounting for 25.36% of
total sales). Sales of Finance and
Investments segment has gone up 192.71% to Rs 186.43 crore (accounting for
3.67% of total sales). Sales of Dairy
segment has gone up 7.89% to Rs 424.48 crore (accounting for 8.36% of total
sales). Sales of Crop Protection segment
has gone up 3.75% to Rs 381.91 crore (accounting for 7.53% of total
sales). Sales of Others segment has gone
up 32.36% to Rs 369.25 crore (accounting for 7.28% of total sales). Inter-segment sales rose Rs 169.98 crore to
Rs 181.13 crore.
Profit
before interest, tax and other unallocable items (PBIT) has slumped 3.55% to Rs
511.98 crore. PBIT of Chemicals segment
fell 36.73% to Rs 112.21 crore (accounting for 21.92% of total PBIT). PBIT of Animal Feed segment rose 107.67% to
Rs 56.03 crore (accounting for 10.94% of total PBIT). PBIT of Veg Oils segment fell 66.53% to Rs
29.72 crore (accounting for 5.80% of total PBIT). PBIT of Estate & Property Development
segment rose 7.68% to Rs 179.87 crore (accounting for 35.13% of total
PBIT). PBIT of Finance and Investments
segment rose 34.57% to Rs 21.84 crore (accounting for 4.27% of total
PBIT). PBIT of Dairy segment rose 75.35%
to Rs -2.50 crore (accounting for -0.49% of total PBIT). PBIT of Crop Protection segment rose 78.52%
to Rs 79.94 crore (accounting for 15.61% of total PBIT). PBIT of Others segment rose 76.11% to Rs
34.87 crore (accounting for 6.81% of total PBIT).
PBIT
margin of Chemicals segment fell from 17.74% to 15.46%. PBIT margin of Animal Feed segment rose from
2.17% to 4.36%. PBIT margin of Veg Oils
segment fell from 14.45% to 7.16%. PBIT
margin of Estate & Property Development segment fell from 37.27% to 13.98%. PBIT margin of Finance and Investments
segment fell from 25.48% to 11.71%. PBIT
margin of Dairy segment rose from negative 2.58% to negative 0.59%. PBIT margin of Crop Protection segment rose
from 12.17% to 20.93%. PBIT margin of
Others segment rose from 7.10% to 9.44%.
Overall PBIT margin fell from 12.03% to 10.09%.
Operating
profit margin has declined from 7.87% to 5.36%, leading to 23.71% decline in
operating profit to Rs 241.65 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
53.89% to 47.45%. Purchase of finished
goods cost fell from 6.73% to 4.73%.
Employee cost increased from 4.11% to 5.14%. Other expenses rose from 29.03% to
37.81%. Selling and administration
expenses rose from 19.15% to 22.60%.
Construction development cost rose from 19.15% to 22.60%.
Other
income rose 77.94% to Rs 387.74 crore.
PBIDT rose 17.72% to Rs 629.39 crore.
Provision for interest rose 60.88% to Rs 302.71 crore.
PBDT
fell 5.72% to Rs 326.68 crore. Provision
for depreciation rose 19.56% to Rs 85.57 crore.
Profit
before tax down 12.30% to Rs 241.11 crore.
Share of profit/loss was 236.47% higher at Rs 144.75 crore. Provision for tax was expense of Rs 94.45
crore, compared to Rs 60.34 crore.
Effective tax rate was 24.48% compared to 18.98%.
Minority
interest increased 111.28% to Rs 113.35 crore.
Net profit attributable to owners of the company decreased 12.69% to Rs
178.06 crore.
Promoters’
stake was 67.17% as of 30 June 2023 ,compared to 67.18% as of 30 June 2022
. Promoters pledged stake was 5.62% as
of 30 June 2023 ,compared to 5.62% as of 30 June 2022
Full year results
analysis
Net
sales (including other operating income) of Godrej Industries has increased
18.47% to Rs 16740.25 crore. Sales of
Chemicals segment has gone up 36.51% to Rs 4,172.97 crore (accounting for
22.48% of total sales). Sales of Animal
Feed segment has gone up 13.94% to Rs 4,956.69 crore (accounting for 26.70% of
total sales). Sales of Veg Oils segment
fell 9.76% to Rs 1,930.65 crore (accounting for 10.40% of total sales). Sales of Estate & Property Development
segment has gone up 17.41% to Rs 3,119.25 crore (accounting for 16.80% of total
sales). Sales of Finance and Investments
segment has gone up 136.83% to Rs 525.44 crore (accounting for 2.83% of total
sales). Sales of Dairy segment has gone
up 27.76% to Rs 1,501.13 crore (accounting for 8.09% of total sales). Sales of Crop Protection segment has gone
down 0.09% to Rs 1,196.25 crore (accounting for 6.44% of total sales). Sales of Others segment has gone up 28.89% to
Rs 1,164.28 crore (accounting for 6.27% of total sales). Inter-segment sales rose Rs 636.33 crore to
Rs 804.30 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 17.76% to Rs
2,256.33 crore. PBIT of Chemicals
segment rose 108.45% to Rs 697.02 crore (accounting for 30.89% of total
PBIT). PBIT of Animal Feed segment fell
22.92% to Rs 184.76 crore (accounting for 8.19% of total PBIT). PBIT of Veg Oils segment rose 4.03% to Rs
261.27 crore (accounting for 11.58% of total PBIT). PBIT of Estate & Property Development
segment rose 13.47% to Rs 1,003.06 crore (accounting for 44.46% of total PBIT). PBIT of Finance and Investments reported
profit of Rs 9.35 crore compared to loss of Rs 2.13 crore. PBIT of Dairy segment fell 78.47% to Rs
-43.85 crore (accounting for -1.94% of total PBIT). PBIT of Crop Protection segment fell 46.34%
to Rs 125.50 crore (accounting for 5.56% of total PBIT). PBIT of Others reported profit of Rs 19.22
crore compared to loss of Rs 0.36 crore.
PBIT
margin of Chemicals segment rose from 10.94% to 16.70%. PBIT margin of Animal Feed segment fell from
5.51% to 3.73%. PBIT margin of Veg Oils
segment rose from 11.74% to 13.53%. PBIT
margin of Estate & Property Development segment fell from 33.27% to
32.16%. PBIT margin of Finance and
Investments segment rose from negative 0.96% to 1.78%. PBIT margin of Dairy segment fell from
negative 2.09% to negative 2.92%. PBIT
margin of Crop Protection segment fell from 19.53% to 10.49%. PBIT margin of Others segment rose from
negative 0.04% to 1.65%. Overall PBIT
margin fell from 12.20% to 12.15%.
Operating
profit margin has jumped from 7.38% to 9.02%, leading to 44.73% rise in
operating profit to Rs 1,510.22 crore.
Raw material cost as a % of total sales (net of stock adjustments)
decreased from 56.19% to 46.25%.
Purchase of finished goods cost fell from 6.66% to 3.38%. Employee cost decreased from 5.04% to
4.29%. Other expenses rose from 25.26%
to 39.22%. Selling and administration
expenses rose from 13.66% to 29.34%.
Construction development cost rose from 13.66% to 29.34%.
Other
income rose 9.37% to Rs 1022.11 crore.
PBIDT rose 28.03% to Rs 2532.33 crore.
Provision for interest rose 51.28% to Rs 942.7 crore. Loan funds rose to Rs 19,642.43 crore as of
31 March 2023 from Rs 14,565.03 crore as of 31 March 2022. Inventories rose to Rs 13,976.91 crore as of 31
March 2023 from Rs 7,718.66 crore as of 31 March 2022. Sundry debtors were lower at Rs 1,500.21
crore as of 31 March 2023 compared to Rs 1,676.04 crore as of 31 March
2022. Cash and bank balance rose to Rs
2,954.99 crore as of 31 March 2023 from Rs 1,823.94 crore as of 31 March 2022. Investments declined from Rs 9,609.22 crore
as of 31 March 2022 to Rs 8,008.96 crore as of 31 March 2023.
PBDT
rose 17.33% to Rs 1589.63 crore.
Provision for depreciation rose 11.31% to Rs 304.52 crore. Fixed assets increased to Rs 5,237.79 crore
as of 31 March 2023 from Rs 4,480.90 crore as of 31 March 2022. Intangible assets increased from Rs 972.79
crore to Rs 972.82 crore.
Profit
before tax grew 18.85% to Rs 1,285.11 crore.
Share of profit/loss was 38.79% higher at Rs 395.47 crore. PBT before EO was up 23% to Rs 1680.58 crore.
The company reported nil EO items during the quarter compared to EO expense of
Rs 83.85 crore. PBT after EO was up 31% to Rs 1680.58 crore.
Provision
for tax was expense of Rs 259.94 crore, compared to Rs 289.93 crore. Effective tax rate was 15.47% compared to 22.61%.
Minority
interest increased 31.64% to Rs 445.86 crore.
Net profit attributable to owners of the company increased 49.11% to Rs
974.78 crore.
Equity
capital stood at Rs 33.66 crore as of 31 March 2023 to Rs 33.66 crore as of 31
March 2022. Per share face Value
remained same at Rs 1.00.
Promoters’
stake was 67.17% as of 31 March 2023 ,compared to 67.18% as of 31 March 2022
. Promoters pledged stake was 5.62% as
of 31 March 2023 ,compared to 5.62% as of 31 March 2022 .
Cash flow from
operating activities decreased to negative Rs -4,409.38 crore for year ended
March 2023 from negative Rs -1,756.19 crore for year ended March 2022. Cash flow used in acquiring fixed assets
during the year ended March 2023 stood at Rs 827.68 crore, compared to Rs 523.85
crore during the year ended March 2022.
The scrip is
currently trading at Rs 497
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Godrej Industries : Consolidated
Results
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Particulars
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2306 (03)
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2206 (03)
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Var.(%)
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2303 (12)
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2203 (12)
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Var.(%)
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Net Sales
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4,505.66
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4,024.55
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12
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16,740.25
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14,130.15
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18
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OPM (%)
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5.36
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7.87
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9.02
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7.38
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OP
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241.65
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316.74
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-24
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1,510.22
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1,043.46
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45
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Other Inc.
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387.74
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217.91
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78
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1,022.11
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934.52
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9
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PBIDT
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629.39
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534.65
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18
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2,532.33
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1,977.98
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28
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Interest
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302.71
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188.16
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61
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942.7
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623.14
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51
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PBDT
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326.68
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346.49
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-6
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1,589.63
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1,354.84
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17
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Depreciation
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85.57
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71.57
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20
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304.52
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273.58
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11
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PBT
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241.11
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274.92
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-12
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1285.11
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1081.26
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19
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Share of Profit/(Loss) from Associates
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144.75
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43.02
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236
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395.47
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284.95
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39
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PBT before EO
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385.86
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317.94
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21
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1680.58
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1366.21
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23
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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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-83.85
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-
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PBT after EO
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385.86
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317.94
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21
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1680.58
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1282.36
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31
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Taxation
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94.45
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60.34
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57
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259.94
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289.93
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-10
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PAT
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291.41
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257.6
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13
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1420.64
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992.43
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43
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Minority Interest (MI)
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113.35
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53.65
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111
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445.86
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338.7
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32
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Net profit
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178.06
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203.95
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-13
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974.78
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653.73
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49
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EPS (Rs)*
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5.29
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6.06
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28.95
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20.34
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Notes
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* EPS is on current equity of Rs 33.67 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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2306 (03)
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2206 (03)
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Var.(%)
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% of (Total)
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2303 (12)
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2203 (12)
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Var.(%)
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Sales
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Chemicals
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14
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725.92
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999.59
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-27
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22
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4,172.97
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3,056.98
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37
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Animal Feed
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25
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1,284.69
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1,245.89
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3
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27
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4,956.69
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4,350.23
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14
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Veg Oils
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8
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414.88
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614.55
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-32
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10
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1,930.65
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2,139.55
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-10
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Estate & Property Development
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25
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1,286.97
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448.23
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187
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17
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3,119.25
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2,656.69
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17
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Finance and Investments
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4
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186.43
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63.69
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193
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3
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525.44
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221.86
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137
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Dairy
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8
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424.48
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393.43
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8
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8
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1,501.13
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1,175.00
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28
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Crop Protection
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8
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381.91
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368.09
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4
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6
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1,196.25
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1,197.37
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0
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Others
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7
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369.25
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278.97
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32
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6
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1,164.28
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903.32
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29
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Total Reported Sales
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100
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5,074.53
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4,412.44
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15
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100
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18,566.66
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15,701.00
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18
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Less: Inter segment revenues
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181.13
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169.98
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7
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804.3
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636.33
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26
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Net Sales
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4,893.40
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4,242.46
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15
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17,762.36
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15,064.67
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18
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PBIT
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Chemicals
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22
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112.21
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177.36
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-37
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31
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697.02
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334.39
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108
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Animal Feed
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11
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56.03
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26.98
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108
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8
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184.76
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239.7
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-23
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Veg Oils
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6
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29.72
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88.79
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-67
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12
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261.27
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251.15
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4
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Estate & Property Development
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35
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179.87
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167.04
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8
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44
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1,003.06
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884.01
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13
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Finance and Investments
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4
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21.84
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16.23
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35
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0
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9.35
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-2.13
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LP
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Dairy
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0
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-2.5
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-10.14
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75
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-2
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-43.85
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-24.57
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-78
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Crop Protection
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16
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79.94
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44.78
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79
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6
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125.5
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233.89
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-46
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Others
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7
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34.87
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19.8
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76
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1
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19.22
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-0.36
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LP
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Total PBIT
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100
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511.98
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530.84
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-4
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100
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2,256.33
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1,916.08
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18
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Less : Interest
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200.13
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188.16
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6
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751.24
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594.59
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26
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Add: Other un-allcoable
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-70.74
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-67.76
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-4
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-219.98
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-324.08
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32
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PBT
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241.11
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274.92
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-12
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1,285.11
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997.41
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29
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Previous News |
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21-May-24
12:08
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(
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17:16
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Godrej Industries hikes stake in Godrej Capital to 91.81%
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