Godrej Industries
consolidated net sales increased 9.33% to Rs 3842.55 crore in Q3FY23 compared
to Q3FY22. Sales of Chemicals segment has gone up 24% to Rs 1097.63 crore
(accounting for 25% of total sales).
Sales of Animal Feed segment has gone up 15% to Rs 1272.43 crore
(accounting for 29% of total sales).
Sales of Veg Oils segment fell 21% to Rs 505.7 crore (accounting for 12%
of total sales). Sales of Estate &
Property Development segment has gone down 13% to Rs 422.95 crore (accounting
for 10% of total sales). Sales of
Finance and Investments segment has gone up 228% to Rs 102.37 crore (accounting
for 2% of total sales). Sales of Dairy
segment has gone up 21% to Rs 347.8 crore (accounting for 8% of total
sales). Sales of Crop Protection segment
has gone down 1% to Rs 215.71 crore (accounting for 5% of total sales). Sales of Others segment has gone up 68% to Rs
370.79 crore (accounting for 9% of total sales). Inter-segment sales rose 22% to Rs 176.64
crore.
Profit before
interest, tax and other unallocable items (PBIT) has jumped 25% to Rs 571.93
crore. PBIT of Chemicals segment rose
62% to Rs 223.89 crore (accounting for 39% of total PBIT). PBIT of Animal Feed segment rose 13% to Rs
60.18 crore (accounting for 11% of total PBIT).
PBIT of Veg Oils segment fell 16% to Rs 84.05 crore (accounting for 15%
of total PBIT). PBIT of Estate &
Property Development segment rose 5% to Rs 190.52 crore (accounting for 33% of
total PBIT). PBIT of Finance and
Investments reported profit of Rs 5.52 crore compared to loss of Rs 11.72
crore. PBIT of Dairy segment rose 77% to
Rs -13.63 crore (accounting for -2% of total PBIT). PBIT of Crop Protection segment fell 45% to
Rs 8.59 crore (accounting for 2% of total PBIT). PBIT of Others reported profit of Rs 12.81
crore compared to loss of Rs 11.36 crore.
PBIT margin of
Chemicals segment rose from 15.6% to 20.4%.
PBIT margin of Animal Feed segment fell from 4.8% to 4.7%. PBIT margin of Veg Oils segment rose from
15.6% to 16.6%. PBIT margin of Estate
& Property Development segment rose from 37.5% to 45%. PBIT margin of Finance and Investments
segment rose from negative 37.6% to 5.4%.
PBIT margin of Dairy segment fell from negative 2.7% to negative
3.9%. PBIT margin of Crop Protection
segment fell from 7.1% to 4%. PBIT
margin of Others segment rose from negative 5.1% to 3.5%. Overall PBIT margin rose from 11.8% to 13.2%.
Operating profit
margin has jumped from 6.90% to 9.71%, leading to 53.87% rise in operating
profit to Rs 373.17 crore. Raw material
cost as a % of total sales (net of stock adjustments) decreased from 57.82% to
38.85%. Purchase of finished goods cost
fell from 6.37% to 1.97%. Employee cost
decreased from 4.83% to 3.62%. Other
expenses rose from 24.82% to 49.83%.
Selling and administration expenses rose from 13.22% to 42.34%. Construction development cost rose from
13.22% to 42.34%.
Other income rose
43.77% to Rs 316.19 crore. PBIDT rose
49.06% to Rs 689.36 crore. Provision for
interest rose 48.46% to Rs 247.79 crore.
PBDT rose 49.41% to
Rs 441.57 crore. Provision for
depreciation rose 9.70% to Rs 77.93 crore.
Profit before tax
grew 61.97% to Rs 363.64 crore. Share of
profit/loss was 35.48% higher at Rs 96.69 crore. Provision for tax was expense of Rs 78.67
crore, compared to Rs 46.71 crore.
Effective tax rate was 17.09% compared to 20.35%.
Minority interest
increased 74.55% to Rs 67.08 crore. Net
profit attributable to owners of the company increased 117.82% to Rs 314.58
crore.
Promoters’ stake was
67.17% as of 31 December 2022 compared to 67.18% as of 31 December 2021 . Promoters pledged stake was 5.62% as of 31
December 2022 ,compared to 5.62% as of 31 December 2021.
For year-to-date (YTD) results analysis
Net sales of Godrej
Industries have increased 22.74% to Rs 11888.14 crore. Operating profit margin has jumped from 5.71%
to 7.66%, leading to 64.54% rise in operating profit to Rs 910.33 crore. Raw material cost as a % of total sales (net
of stock adjustments) decreased from 60.99% to 49.23%. Purchase of finished goods cost fell from
7.80% to 3.89%. Employee cost decreased
from 5.24% to 4.13%. Other expenses
rose from 20.76% to 37.08%. Selling and
administration expenses rose from 8.61% to 27.35%. Construction development cost rose from
8.61% to 27.35%.
Other income rose
21.01% to Rs 788.98 crore. PBIDT rose
40.99% to Rs 1699.31 crore. Provision
for interest rose 47.22% to Rs 659.19 crore.
PBDT rose 37.31% to
Rs 1040.12 crore. Provision for
depreciation rose 11.82% to Rs 225.14 crore.
Profit before tax
grew 46.54% to Rs 814.98 crore. Share of
profit/loss was 21.55% lower at Rs 186.87 crore. Provision for tax was expense of Rs 143.38
crore, compared to Rs 158.37 crore.
Effective tax rate was 14.31% compared to 21.75%.
Minority interest
increased 28.41% to Rs 183.78 crore. Net
profit attributable to owners of the company increased 58.18% to Rs 674.69
crore.
Promoters’ stake was
67.17% as of 31 December 2022 ,compared to 67.18% as of 31 December 2021 . Promoters pledged stake was 5.62% as of 31
December 2022 ,compared to 5.62% as of 31 December 2021 .
The scrip is
currently trading at Rs 423
Godrej Industries : Consolidated Results
|
Particulars
|
2212 (03)
|
2112 (03)
|
Var.(%)
|
2212 (09)
|
2112 (09)
|
Var.(%)
|
2203 (12)
|
2103 (12)
|
Var.(%)
|
Net Sales
|
3,842.55
|
3,514.61
|
9
|
11,888.14
|
9,685.28
|
23
|
14,130.15
|
9,333.51
|
51
|
OPM (%)
|
9.7
|
6.9
|
|
7.7
|
5.7
|
|
7.4
|
3.4
|
|
OP
|
373.17
|
242.53
|
54
|
910.33
|
553.26
|
65
|
1,043.46
|
313.48
|
233
|
Other Inc.
|
316.19
|
219.93
|
44
|
788.98
|
652.01
|
21
|
934.52
|
661.26
|
41
|
PBIDT
|
689.36
|
462.46
|
49
|
1,699.31
|
1,205.27
|
41
|
1,977.98
|
974.74
|
103
|
Interest
|
247.79
|
166.91
|
48
|
659.19
|
447.76
|
47
|
623.14
|
468.93
|
33
|
PBDT
|
441.57
|
295.55
|
49
|
1,040.12
|
757.51
|
37
|
1,354.84
|
505.81
|
168
|
Depreciation
|
77.93
|
71.04
|
10
|
225.14
|
201.35
|
12
|
273.58
|
242.34
|
13
|
PBT
|
363.64
|
224.51
|
62
|
814.98
|
556.16
|
47
|
1081.26
|
263.47
|
310
|
Share of Profit/(Loss) from Associates
|
96.69
|
71.37
|
35
|
186.87
|
238.19
|
-22
|
284.95
|
352.46
|
-19
|
PBT before EO
|
460.33
|
295.88
|
56
|
1001.85
|
794.35
|
26
|
1366.21
|
615.93
|
122
|
EO Income
|
0
|
-66.32
|
-
|
0
|
-66.32
|
-
|
-83.85
|
0
|
-
|
PBT after EO
|
460.33
|
229.56
|
101
|
1001.85
|
728.03
|
38
|
1282.36
|
615.93
|
108
|
Taxation
|
78.67
|
46.71
|
68
|
143.38
|
158.37
|
-9
|
289.93
|
226.15
|
28
|
PAT
|
381.66
|
182.85
|
109
|
858.47
|
569.66
|
51
|
992.43
|
389.78
|
155
|
Minority Interest (MI)
|
67.08
|
38.43
|
75
|
183.78
|
143.12
|
28
|
338.7
|
56.42
|
500
|
Net profit
|
314.58
|
144.42
|
118
|
674.69
|
426.54
|
58
|
653.7
|
333.4
|
96
|
EPS (Rs)*
|
#
|
#
|
|
#
|
#
|
|
20.3
|
9.9
|
|
Notes
|
* EPS is on current equity of Rs 33.66 crore, Face value of Rs
1, Excluding extraordinary items.
|
# EPS is not annualised
|
bps : Basis points
|
EO : Extraordinary items
|
Figures in Rs crore
|
Source: Capitaline Corporate Database
|
Godrej Industries : Consolidated
Segment Results
|
|
% of (Total)
|
2212 (03)
|
2112 (03)
|
Var.(%)
|
% of (Total)
|
2212 (09)
|
2112 (09)
|
Var.(%)
|
% of (Total)
|
2203 (12)
|
2103 (12)
|
Var.(%)
|
Sales
|
|
|
|
|
Chemicals
|
25
|
1,097.63
|
886.21
|
24
|
25
|
3,316.28
|
2,254.58
|
47
|
19
|
3,056.98
|
1,666.17
|
83
|
Animal Feed
|
29
|
1,272.43
|
1,109.86
|
15
|
28
|
3,738.65
|
3,245.29
|
15
|
28
|
4,350.23
|
3,093.16
|
41
|
Veg Oils
|
12
|
505.70
|
640.00
|
-21
|
12
|
1,653.83
|
1,750.56
|
-6
|
14
|
2,139.55
|
1,337.94
|
60
|
Estate & Property Development
|
10
|
422.95
|
485.2
|
-13
|
9
|
1260.58
|
1115.22
|
13
|
17
|
2,656.69
|
1,394.74
|
90
|
Finance and Investments
|
2
|
102.37
|
31.17
|
228
|
3
|
381.71
|
171.85
|
122
|
1
|
221.86
|
122.26
|
81
|
Dairy
|
8
|
347.8
|
287.68
|
21
|
8
|
1102.07
|
838.31
|
31
|
7
|
1,175.00
|
1,032.69
|
14
|
Crop Protection
|
5
|
215.71
|
218.74
|
-1
|
7
|
954.17
|
844.55
|
13
|
8
|
1,197.37
|
1,140.13
|
5
|
Others
|
9
|
370.79
|
220.92
|
68
|
7
|
894.54
|
642.97
|
39
|
6
|
903.32
|
673.34
|
34
|
Total Reported Sales
|
100
|
4,335.38
|
3,879.78
|
12
|
100
|
13,301.83
|
10,863.33
|
22
|
100
|
15,701.00
|
10,460.43
|
50
|
Less: Inter segment revenues
|
|
176.64
|
145.24
|
22
|
|
624.71
|
526.04
|
19
|
|
636.33
|
465.66
|
37
|
Net Sales
|
|
4,158.74
|
3,734.54
|
11
|
|
12,677.12
|
10,337.29
|
23
|
|
15,064.67
|
9,994.77
|
51
|
PBIT
|
|
|
|
|
Chemicals
|
39
|
223.89
|
137.89
|
62
|
37
|
561.88
|
251.62
|
123
|
17
|
334.39
|
119.11
|
181
|
Animal Feed
|
11
|
60.18
|
53.06
|
13
|
9
|
138.75
|
177.62
|
-22
|
12
|
239.7
|
195.92
|
22
|
Veg Oils
|
15
|
84.05
|
99.88
|
-16
|
16
|
241.59
|
216.04
|
12
|
13
|
251.15
|
96.48
|
160
|
Estate & Property Development
|
33
|
190.52
|
181.8
|
5
|
31
|
475.42
|
437.41
|
9
|
45
|
884.01
|
209.35
|
322
|
Finance and Investments
|
1
|
5.52
|
-11.72
|
-147
|
0
|
-3.95
|
-4.29
|
-8
|
1
|
26.42
|
47.51
|
-44
|
Dairy
|
-2
|
-13.63
|
-7.69
|
77
|
-2
|
-35.56
|
-21.65
|
64
|
-1
|
-24.57
|
10.49
|
-334
|
Crop Protection
|
2
|
8.59
|
15.48
|
-45
|
7
|
112.26
|
150.47
|
-25
|
12
|
233.89
|
248.48
|
-6
|
Others
|
2
|
12.81
|
-11.36
|
PL
|
1
|
21.45
|
-8.42
|
-355
|
0
|
-0.36
|
22.44
|
-102
|
Total PBIT
|
100
|
571.93
|
457.34
|
25
|
100
|
1511.84
|
1198.8
|
26
|
100
|
1,944.63
|
949.78
|
105
|
Less : Interest
|
|
196.09
|
156.98
|
25
|
|
542.82
|
434.86
|
25
|
|
623.14
|
468.93
|
33
|
Add: Other un-allcoable
|
|
-12.2
|
-75.84
|
-84
|
|
-154.04
|
-207.78
|
-26
|
|
-324.08
|
-217.38
|
49
|
PBT
|
|
363.64
|
224.52
|
62
|
|
814.98
|
556.16
|
47
|
|
997.41
|
263.47
|
279
|
|