|
The consolidated net sales for September 2017 quarter increased by 12% to Rs 2464.91 crore. Consolidated constant currency sales increased by 10%( comparable growth assuming GST in the base quarter sales) year-on-year. India Business sales grew of 11% year-on-year, led by 10% volume growth. International business sales grew by 9% year-on-year, on a constant currency basis. OPM has inclined by 144 bps to 8.9%. The net profit increased by 53% to Rs 94.75 crore due to rise in OPM and fall in tax rate.
Commenting on the performance, Mr. A.B. Godrej Chairman, Godrej Industries Limited, said:
I am pleased to share that in Q2FY18 Godrej Industries Limited recorded a healthy growth of 53% in consolidated Net Profit.
Godrej Agrovet successfully completed its IPO and got listed in NSE & BSE on 16th Oct,2017. For Q2FY18, GAVL recorded a 13% growth in its consolidated Net Profit. Godrej Properties registered another strong operational quarter with both sales and business development at record levels.
Godrej Consumer Products' sustained its resilient performance in the second quarter of fiscal year 2018 and delivered double-digit growth in sales and earnings. In India, GCPL remained agile and navigated the GST driven channel disruptions well to deliver 10% volume growth (on a base of 9% growth in Q2FY17), alongside delivering a strong EBITDA growth of 24%.
Going forward, through our CREATE strategy, we will continue to strengthen our position in all our core businesses while fostering an inspiring place to work and creating shared value for all our stakeholders.
CORPORATE HIGHLIGHTS
Company's performance
(Sales figures are not comparable due to change in taxation system to GST from Q2 FY18)
Consolidated results
For quarter ended September 2017
The net sales increased by 12% to Rs 2464.91 crore. Consolidated constant currency sales increased by 10%( comparable growth assuming GST in the base quarter sales) year-on-year. India Business sales grew of 11% year-on-year, led by 10% volume growth. International business sales grew by 9% year-on-year, on a constant currency basis
OPM has inclined by 144 bps to 8.9% mainly due to fall raw material cost and other expenditure to adjusted net sales. The operating profit inclined by 33% to Rs 219.95 crore.
Other income has increased 39% to Rs 57.84 crore. The interest cost inclined by 3% to Rs 109.64 crore. Depreciation has increased by 14% to Rs 40.45 crore. The profit before tax increased by 97% to Rs 127.70 crore.
The tax outgo grew by 57% to Rs 64.45 crore. The effective tax rate stood at 50.5%, decreased from 63.3%. The net profit after considering share from associates companies and minority interest increased by 53% to Rs 94.75 crore due to rise in OPM and fall in tax rate.
For half year ended September 2017
Net sales grew by 8% to Rs 4581.10 crore. OPM has decreased by 80 bps 7%. The operating profit has decreased by 4% to Rs 319.32 crore.
Other income inclined by 96% to Rs 165.86 crore. Interest cost increased by 2% to Rs 209.05 crore. Depreciation was up by 15% at Rs 81.01 crore. The profit before tax stood at Rs 195.12 crore, inclined by 39%.
Total tax outgo increased by 50% to Rs 119.71 crore. The effective tax rate increased from 56.9% to 61.4%. The net profit after considering share of profit from associates companies and minority interest has increased by 9% to Rs 131.49 crore.
Consolidated Segmented results
(Sales figures are not comparable due to change in taxation system to GST from Q2 FY18)
Chemicals
The revenues stood at Rs 376.34 crore for Q2 FY18. PBIT margin stood at 4%. PBIT stood at Rs 15.15 crore.
The revenues stood at Rs 773.74 crore for H1 FY18. PBIT margin stood at 3.9%. PBIT stood at Rs 29.86 crore.
Animal Feeds
Revenue stood at Rs 611.89 crore for Q2 FY18. PBIT margin stood at 4.9%. PBIT stood at Rs 30.05 crore.
Revenue stood at Rs 1246.35 crore for H1 FY18. Animal feed business' sales volume increased. PBIT margin stood at 5.6%. PBIT stood at Rs 69.87 crore
Vegetable oils
Sales for Q1 FY18 stood at Rs 361.71 crore. PBIT margin stood at 17.8%. PBIT stood at Rs 64.3 crore.
Sales for H1 FY18 stood at Rs 578.69 crore. PBIT margin stood at 15.3%. PBIT stood at Rs 88.37 crore.
Estate and property developments
Sales from this business stood at Rs 549.23 crore in Q2 FY18. PBIT margin stood at 20.6%. The PBIT stood at Rs 113.22 crore.
Q2 FY18 witnessed total booking value of Rs 1335 crore and total booking volume of 1,556,058 sq.ft. as compared to total booking value of Rs 600 crore and total booking volume of 736,891 sq.ft. in Q2 FY17.
Sales from this business stood at Rs 903.44 crore in H1 FY18. PBIT margin stood at 20.4%. The PBIT stood at Rs 184.06 crore.
Finance and investments
This business revenue stood at Rs 95.22 crore while PBIT stood at Rs 4.04 crore for Q2 FY18.
This business revenue stood at Rs 223.63 crore while PBIT stood at Rs 7.47 crore for H1 FY18.
Dairy
Sales stood at Rs 292.77 crore in Q2 FY18. PBIT margin stood at 1.5%. PBIT stood at Rs 4.46 crore.
Sales stood at Rs 601 in H1 FY18. PBIT margin stood at 0.9%. PBIT stood at Rs 5.70 crore.
Crop Protection
Sales for Q2 FY18 stood at Rs 259.28 crore. PBIT margin stood at 25%. PBIT stood at Rs 64.74 crore.
Sales for H1 FY18 stood at Rs 538.77 crore. PBIT margin stood at 25.3%. PBIT stood at Rs 136.06 crore.
Other Business
Other Business revenue stood at Rs 75.94 crore while loss at PBIT stood at Rs 8.77 crore for Q2 FY18.
Other Business revenue stood at Rs 161.17 crore while loss at PBIT stood at Rs 19.05 crore for H1 FY18.
Other Developments
Declared an interim dividend of 100% (Rs 1.00 per share).
Valuation
The scrip is trading around Rs 538.80 at BSE.
The total promoters holding in the company stand at 74.74%.
|