PBIT margin of Chemicals segment fell from 20.40% to 5.02%.  PBIT margin of Animal Feed segment fell from 4.73% to 4.23%.  PBIT margin of Veg Oils segment fell from 16.62% to 15.81%.  PBIT margin of Estate & Property Development segment fell from 45.05% to 30.89%.  PBIT margin of Finance and Investments segment fell from 5.39% to 5.32%.  PBIT margin of Dairy segment rose from negative 3.92% to 2.79%.  PBIT margin of Crop Protection segment rose from 3.98% to 11.14%.  PBIT margin of Others segment fell from 3.45% to 4.46%.  Overall PBIT margin fell from 13.19% to 8.80%. 

Operating profit margin has declined from 9.71% to 7.78%, leading to 25.15% decline in operating profit to Rs 279.31 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 38.85% to 38.38%.   Purchase of finished goods cost fell from 1.97% to 1.62%.   Employee cost increased from 3.62% to 4.98%.   Other expenses rose from 49.83% to 50.18%.   Selling and administration expenses fell from 42.34% to 39.78%.   Construction development cost fell from 42.34% to 39.78%.  

Other income fell 19.77% to Rs 253.67 crore.  PBIDT fell 22.68% to Rs 532.98 crore.  Provision for interest rose 40.28% to Rs 347.6 crore. 

PBDT fell 58.02% to Rs 185.38 crore.  Provision for depreciation rose 22.69% to Rs 95.61 crore. 

Profit before tax down 75.31% to Rs 89.77 crore.  Share of profit/loss was 30.38% higher at Rs 126.06 crore.  Provision for tax was expense of Rs 51.25 crore, compared to Rs 78.67 crore.  Effective tax rate was 23.75% compared to 17.09%.

Minority interest decreased 13.28% to Rs 58.17 crore.  Net profit attributable to owners of the company decreased 66.17% to Rs 106.41 crore. 

Promoters’ stake was 67.16% as of 31 December 2023 ,compared to 67.17% as of 31 December 2022 .  Promoters pledged stake was 5.62% as of 31 December 2023 ,compared to 5.62% as of 31 December 2022 . 

For year-to-date (YTD) results analysis

Net sales (including other operating income) of Godrej Industries has increased 1.22% to Rs 12033.35 crore.  Sales of Chemicals segment has gone down 38.90% to Rs 2,026.27 crore (accounting for 14.78% of total sales).  Sales of Animal Feed segment has gone up 2.13% to Rs 3,818.10 crore (accounting for 27.86% of total sales).  Sales of Veg Oils segment fell 13.25% to Rs 1,434.74 crore (accounting for 10.47% of total sales).  Sales of Estate & Property Development segment has gone up 95.53% to Rs 2,464.85 crore (accounting for 17.98% of total sales).  Sales of Finance and Investments segment has gone up 135.67% to Rs 899.58 crore (accounting for 6.56% of total sales).  Sales of Dairy segment has gone up 7.14% to Rs 1,180.74 crore (accounting for 8.62% of total sales).  Sales of Crop Protection segment has gone up 3.06% to Rs 983.36 crore (accounting for 7.17% of total sales).  Sales of Others segment has gone down 1.52% to Rs 880.98 crore (accounting for 6.43% of total sales).  Inter-segment sales rose Rs 624.71 crore to Rs 711.59 crore. 

Profit before interest, tax and other unallocable items (PBIT) has slumped 11.89% to Rs 1,332.05 crore.  PBIT of Chemicals segment fell 62.47% to Rs 210.89 crore (accounting for 15.83% of total PBIT).  PBIT of Animal Feed segment rose 21.93% to Rs 169.18 crore (accounting for 12.70% of total PBIT).  PBIT of Veg Oils segment fell 38.05% to Rs 149.67 crore (accounting for 11.24% of total PBIT).  PBIT of Estate & Property Development segment rose 10.75% to Rs 526.54 crore (accounting for 39.53% of total PBIT).  PBIT of Finance and Investments reported profit of Rs 67.02 crore compared to loss of Rs 3.95 crore.  PBIT of Dairy reported profit of Rs 10.65 crore compared to loss of Rs 35.56 crore.  PBIT of Crop Protection segment rose 51.11% to Rs 169.64 crore (accounting for 12.74% of total PBIT).  PBIT of Others segment rose 51.61% to Rs 32.52 crore (accounting for 2.44% of total PBIT). 

PBIT margin of Chemicals segment fell from 16.94% to 10.41%.  PBIT margin of Animal Feed segment rose from 3.71% to 4.43%.  PBIT margin of Veg Oils segment fell from 14.61% to 10.43%.  PBIT margin of Estate & Property Development segment fell from 37.71% to 21.36%.  PBIT margin of Finance and Investments segment rose from negative 1.03% to 7.45%.  PBIT margin of Dairy segment rose from negative 3.23% to 0.90%.  PBIT margin of Crop Protection segment rose from 11.77% to 17.25%.  PBIT margin of Others segment rose from 2.40% to 3.69%.  Overall PBIT margin fell from 11.37% to 9.72%. 

Operating profit margin has declined from 7.66% to 6.54%, leading to 13.61% decline in operating profit to Rs 786.47 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 49.23% to 45.54%.   Purchase of finished goods cost fell from 3.89% to 3.37%.   Employee cost increased from 4.13% to 5.56%.   Other expenses rose from 37.08% to 40.39%.   Selling and administration expenses rose from 27.35% to 27.52%.   Construction development cost rose from 27.35% to 27.52%.  

Other income rose 21.76% to Rs 960.67 crore.  PBIDT rose 2.81% to Rs 1747.14 crore.  Provision for interest rose 49.19% to Rs 983.42 crore. 

PBDT fell 26.57% to Rs 763.72 crore.  Provision for depreciation rose 20.14% to Rs 270.48 crore. 

Profit before tax down 39.48% to Rs 493.24 crore.  Share of profit/loss was 86.68% higher at Rs 348.85 crore.  Provision for tax was expense of Rs 221.6 crore, compared to Rs 143.38 crore.  Effective tax rate was 26.32% compared to 14.31%.

Minority interest increased 35.35% to Rs 248.74 crore.  Net profit attributable to owners of the company decreased 44.90% to Rs 371.75 crore. 

Promoters’ stake was 67.16% as of 31 December 2023 ,compared to 67.17% as of 31 December 2022 .  Promoters pledged stake was 5.62% as of 31 December 2023 ,compared to 5.62% as of 31 December 2022 . 

The scrip is currently trading at Rs 833