Profit before exceptional items increased 31.54% to Rs 631.91 crore in during the quarter as compared with Rs 480.41 crore posted in corresponding quarter last year.

Exceptional loss stood at Rs 12.54 crore for the quarter as against Rs 22.67 crore reported in same quarter previous year.

Consolidated EBITDA grew 30% YoY while consolidated EBITDA margin improved to 19.7% in Q2 FY24 as against 16.1% in Q2 FY23.

During the quarter, the India business sales grew by 9% to Rs 2,129 crore and volume rose by 11%. While the Home Care category recorded a rise of 5%, Personal Care category declined 1%. EBITDA grew by 30% to Rs 552 crore in Q2 FY24.

During the quarter, Indonesia business grew by 14% in constant currency terms and 16% in INR terms, aided by media investments. EBITDA margin was at 17.9%, up 80 bps YoY, led by gross margin expansion. The business continued to scale up its GT distribution, drive renovation in the portfolio and seed access packs.

The company's Africa, USA and Middle East cluster delivered a sales growth of 17% in constant currency terms. Performance in INR terms was impacted by the devaluation of Naira. FMCG categories continue to outperform. EBITDA margin stood at 8.5%, up 310 bps YoY led by gross margin expansion.

Sudhir Sitapati, managing director and CEO, GCPL, said, “We delivered a steady performance in 2Q FY24, despite the tough operating environment. Our consolidated volumes grew in double-digits at 10% while sales grew by 6%. Sales in constant currency terms grew by 16%. In India, we delivered 11% volume growth. In Indonesia, our performance continues to improve with double-digit constant currency growth of 14%. Africa, USA and Middle East continue to grow in double-digits in constant currency terms, while performance in INR terms was impacted due to the Naira devaluation.

Our quality of profits continues to improve consistently over the last few quarters with reported consolidated gross margin improving sharply by 700 bps YoY and 110 bps QoQ. Our EBITDA Margin, too, improved by 360 bps YoY despite continued media investments, which increased 33% YoY.

Meanwhile, the board has declared interim dividend of Rs 5 per share for the financial year 2023-24. 9 November 2023 is fixed as the record date fort the same and it will be paid on or before 1 December 2023.

Godrej Consumer Products is an Indian consumer goods company. The company's products include soap, hair colorants, toiletries and liquid detergents.

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