|
Results
07-May-24
|
|
|
|
|
Analysis
|
|
Godrej Consumer Products
|
Exceptional charge leads to Net Loss
|
|
|
For
the quarter ending March 2024, consolidated Net sales (including other operating income) of Godrej Consumer Products has increased 5.80% to Rs 3385.61 crore compared to quarter ended March 2023. Sales of India segment has gone up 11.56% to Rs 2,033.59 crore (accounting for 59.54% of total sales). Sales of Indonesia segment has gone up 14.68% to Rs 498.34 crore (accounting for 14.59% of total sales). Sales of Africa segment fell 22.91% to Rs 593.69 crore (accounting for 17.38% of total sales). Sales of Others segment has gone up 42.46% to Rs 290.03 crore (accounting for 8.49% of total sales). Inter-segment sales came down from Rs 30.99 crore to Rs 30.04 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 21.21% to Rs 786.76 crore. PBIT of India segment rose 16.85% to Rs 579.66 crore (accounting for 73.68% of total PBIT). PBIT of Indonesia segment rose 27.16% to Rs 133.17 crore (accounting for 16.93% of total PBIT). PBIT of Africa segment rose 123.86% to Rs 66.51 crore (accounting for 8.45% of total PBIT). PBIT of Others segment fell 60.02% to Rs 7.42 crore (accounting for 0.94% of total PBIT). PBIT margin of India segment rose from 27.21% to 28.50%. PBIT margin of Indonesia segment rose from 24.10% to 26.72%. PBIT margin of Africa segment rose from 3.86% to 11.20%. PBIT margin of Others segment fell from 9.12% to 2.56%. Overall PBIT margin rose from 20.09% to 23.03%. Operating profit margin has jumped from 20.03% to 22.32%, leading to 17.92% rise in operating profit to Rs 755.72 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 44.70% to 38.71%. Purchase of finished goods cost rose from 1.59% to 4.90%. Employee cost increased from 9.54% to 9.61%. Other expenses rose from 23.83% to 24.35%. Selling and administration expenses rose from 7.12% to 9.09%. Other income rose 10.24% to Rs 63.84 crore. PBIDT rose 17.28% to Rs 819.56 crore. Provision for interest rose 49.44% to Rs 78.47 crore. Loan funds rose to Rs 3,222.20 crore as of 31 March 2024 from Rs 1,129.58 crore as of 31 March 2023. Inventories declined from Rs 1,537.15 crore as of 31 March 2023 to Rs 1,270.92 crore as of 31 March 2024. Sundry debtors were higher at Rs 1,535.37 crore as of 31 March 2024 compared to Rs 1,245.28 crore as of 31 March 2023. Cash and bank balance rose to Rs 546.94 crore as of 31 March 2024 from Rs 390.72 crore as of 31 March 2023. Investments rose to Rs 3,503.67 crore as of 31 March 2024 from Rs 3,028.98 crore as of 31 March 2023 . PBDT rose 14.67% to Rs 741.09 crore. Provision for depreciation fell 27.23% to Rs 49.91 crore. Fixed assets increased to Rs 5,497.21 crore as of 31 March 2024 from Rs 4,156.83 crore as of 31 March 2023. Intangible assets declined from Rs 5,822.25 crore to Rs 5,026.39 crore. Profit before tax grew 19.65% to Rs 691.18 crore. Share of profit/loss were nil in both the periods. Extraordinary items were decreased to Rs -2,375.65 crore. Provision for tax was expense of Rs 208.74 crore, compared to Rs 103.37 crore. Effective tax rate was negative 12.39% compared to 18.61%. Minority interest was nil in both the periods. The company reported net loss of Rs 1893.21 crore compared to profit of Rs 452.14 crore.Equity capital increased from Rs 102.27 crore as of 31 March 2023 to Rs 102.28 crore as of 31 March 2024. Per share face Value remained same at Rs 1.00. Promoters’ stake was 63.21% as of 31 March 2024 ,compared to 63.21% as of 31 March 2023 . Promoters pledged stake was 0.66% as of 31 March 2024 ,compared to 0.66% as of 31 March 2023 . Full year results analysis.
Net sales (including other operating income) of Godrej Consumer Products has increased 5.86% to Rs 14096.11 crore. Sales of India segment has gone up 9.71% to Rs 8,411.40 crore (accounting for 59.09% of total sales). Sales of Indonesia segment has gone up 14.25% to Rs 1,888.52 crore (accounting for 13.27% of total sales). Sales of Africa (including strength of Nature) segment fell 6.83% to Rs 3,181.31 crore (accounting for 22.35% of total sales). Sales of Others segment has gone up 4.86% to Rs 752.74 crore (accounting for 5.29% of total sales). Inter-segment sales rose Rs 136.72 crore to Rs 137.86 crore. Profit before interest, tax and other unallocable items (PBIT) has jumped 36.38% to Rs 3,286.94 crore. PBIT of India segment rose 35.33% to Rs 2,572.05 crore (accounting for 78.25% of total PBIT). PBIT of Indonesia segment rose 36.23% to Rs 450.59 crore (accounting for 13.71% of total PBIT). PBIT of Africa (including strength of Nature) segment rose 77.51% to Rs 242.98 crore (accounting for 7.39% of total PBIT). PBIT of Others segment fell 49.25% to Rs 21.32 crore (accounting for 0.65% of total PBIT). PBIT margin of India segment rose from 24.79% to 30.58%. PBIT margin of Indonesia segment rose from 20.01% to 23.86%. PBIT margin of Africa (including strength of Nature) segment rose from 4.01% to 7.64%. PBIT margin of Others segment fell from 5.85% to 2.83%. Overall PBIT margin rose from 17.92% to 23.09%. Operating profit margin has jumped from 18.25% to 20.88%, leading to 21.11% rise in operating profit to Rs 2,943.47 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 47.20% to 40.24%. Purchase of finished goods cost rose from 2.33% to 4.65%. Employee cost increased from 8.48% to 8.85%. Other expenses rose from 23.44% to 25.39%. Selling and administration expenses rose from 7.52% to 9.47%. Other income rose 59.70% to Rs 268.95 crore. PBIDT rose 23.61% to Rs 3212.42 crore. Provision for interest rose 68.64% to Rs 296.37 crore. Loan funds rose to Rs 3,222.20 crore as of 31 March 2024 from Rs 1,129.58 crore as of 31 March 2023. Inventories declined from Rs 1,537.15 crore as of 31 March 2023 to Rs 1,270.92 crore as of 31 March 2024. Sundry debtors were higher at Rs 1,535.37 crore as of 31 March 2024 compared to Rs 1,245.28 crore as of 31 March 2023. Cash and bank balance rose to Rs 546.94 crore as of 31 March 2024 from Rs 390.72 crore as of 31 March 2023. Investments rose to Rs 3,503.67 crore as of 31 March 2024 from Rs 3,028.98 crore as of 31 March 2023 . PBDT rose 20.34% to Rs 2916.05 crore. Provision for depreciation rose 1.98% to Rs 240.96 crore. Fixed assets increased to Rs 5,497.21 crore as of 31 March 2024 from Rs 4,156.83 crore as of 31 March 2023. Intangible assets declined from Rs 5,822.25 crore to Rs 5,026.39 crore. Profit before tax grew 22.33% to Rs 2,675.09 crore. Share of profit/loss were nil in both the periods. Extraordinary items were decreased to Rs -2,476.86 crore. Provision for tax was expense of Rs 758.78 crore, compared to Rs 430.27 crore. Effective tax rate was 382.78% compared to 20.17%. Minority interest was nil in both the periods. The company reported net loss of Rs 560.55 crore compared to profit of Rs 1702.46 crore. Equity capital increased from Rs 102.27 crore as of 31 March 2023 to Rs 102.28 crore as of 31 March 2024. Per share face Value remained same at Rs 1.00. Promoters’ stake was 63.21% as of 31 March 2024 ,compared to 63.21% as of 31 March 2023 . Promoters pledged stake was 0.66% as of 31 March 2024 ,compared to 0.66% as of 31 March 2023 . Cash flow from operating activities decreased to Rs 2,069.95 crore for year ended March 2024 from Rs 2,150.65 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 307.19 crore, compared to Rs 227.40 crore during the year ended March 2023. Other Highlights
Board declared an interim dividend of Rs 10
per share of face value of Re 1 each for the financial year 2024-25. Record
Date to receive the said dividend is Tuesday, May 14, 2024.
In
Q4 FY24, India business sales grew by 12% year-on-year led by volume growth of
15%. Indonesia sales grew by 15% in INR terms and 17% in constant currency
terms, year-on-year. Africa, USA and Middle East sales declined by 23% in INR
terms and grew by 16% in constant currency terms on YoY basis. Latin America
& SAARC sales grew in constant currency and INR terms by 41% on YoY basis.
In
FY24, India business sales grew by 10% year-on-year led by volume growth of 13%.
Indonesia sales grew by 14% in INR terms and 13% in constant currency terms,
year-on-year. Africa, USA and Middle East sales declined by 7% in INR terms and
grew by 16% in constant currency terms on YoY basis. Latin America & SAARC
sales grew in constant currency and INR terms by 5% on YoY basis. Management Comments : Sudhir
Sitapati, Managing Director, and CEO, GCPL said, “We delivered a strong
performance for all four quarters in FY 2024, despite challenging conditions
across markets. Our Consolidated organic volumes for Q4FY24 grew by 9%, led by
the India business growing volumes at 7% and indonesia growing volumes at 12%.
This led to strong full-year organic volume growth delivery at 7% for our
consolidated business, 6% for india and 11% for Indonesia. Our Consolidated
reported revenue growth for Q4 and FY 2024 both stood at 6%.
Our
quality of profit was good, on the back of superior growth in higher margin
countries and categories. Our reported Consolidated gross margin in Q4 improved
sharply by 340 bps year-on-year. Our EBITDA* margin, too, improved by 225 bps
year-on-year post step up in media investments, which increased by 50%
year-on-year. This resulted in an annual growth in EBITDA* of 21%.
We continue to remain focused on driving
volume-led growth along with healthy investments in our brands and improvement
in profitability. We are launching new products in accordance with our purpose
to bring the goodness of health and beauty to consumers — Cinthol Foam Bodywash
has been launched in select markets in India in April at Rs 120. This product
targets the fast-growing Bodywash segment that is currently about Rs 700 crore
and growing at more than 20 per cent per annum. Stella Electric Diffuser, which
will be launched in Indonesia at IDR 35,000, is aimed at rapidly expanding the
penetration of the Air Freshener category. This is the first of its kind
product in Indonesia.
We continue to
improve the strength of our balance sheet. We have completed the
re-organisation in our East Africa business. We are happy to report that there
will be a positive impact on PAT of Rs 50 crore per annum despite the negative
impact on revenue of about Rs 470 crore per annum. We have taken an exceptional
accounting charge of about Rs 2,378 crore in our consolidated P&L statement.
The impact of this charge is cash-positive. We are on track in our journey to
reduce wasted cost and are deploying this to drive profitable and sustainable
volume growth across our portfolio through category development.”
Godrej Consumer Products : Consolidated Results | | Quarter ended | Year ended |
---|
Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
---|
Net Sales (including other operating income) | 3,385.61 | 3,200.16 | 5.80 | 14,096.11 | 13,315.97 | 5.86 | OPM (%) | 22.32 | 20.03 | 230 bps | 20.88 | 18.25 | 263 bps | OP | 755.72 | 640.87 | 17.92 | 2,943.47 | 2,430.46 | 21.11 | Other Inc. | 63.84 | 57.91 | 10.24 | 268.95 | 168.41 | 59.70 | PBIDT | 819.56 | 698.78 | 17.28 | 3,212.42 | 2,598.87 | 23.61 | Interest | 78.47 | 52.51 | 49.44 | 296.37 | 175.74 | 68.64 | PBDT | 741.09 | 646.27 | 14.67 | 2,916.05 | 2,423.13 | 20.34 | Depreciation | 49.91 | 68.59 | -27.23 | 240.96 | 236.29 | 1.98 | PBT | 691.18 | 577.68 | 19.65 | 2675.09 | 2186.84 | 22.33 | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | PBT before EO | 691.18 | 577.68 | 19.65 | 2675.09 | 2186.84 | 22.33 | EO Income | -2375.65 | -22.17 | -10,615.60 | -2476.86 | -54.11 | -4,477.45 | PBT after EO | -1684.47 | 555.51 | PL | 198.23 | 2132.73 | -90.71 | Taxation | 208.74 | 103.37 | 101.93 | 758.78 | 430.27 | 76.35 | PAT | -1893.21 | 452.14 | PL | -560.55 | 1702.46 | PL | Minority Interest (MI) | 0 | 0 | - | 0 | 0 | - | Net profit | -1893.21 | 452.14 | PL | -560.55 | 1702.46 | PL | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | Net profit after discontinued operations | -1893.21 | 452.14 | PL | -560.55 | 1702.46 | PL | EPS (Rs)* | 4.72 | 4.60 | 2.61 | -73.96 | 17.07 | PL | | * EPS is on current equity of Rs 102.28 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 Consumer Products : Consolidated Segment Results | | Quarter ended | Year ended |
---|
| % of (Total) | 202403 | 202303 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
---|
Sales | India | 59.54 | 2,033.59 | 1,822.93 | 11.56 | 59.09 | 8,411.40 | 7,667.16 | 9.71 | Indonesia | 14.59 | 498.34 | 434.54 | 14.68 | 13.27 | 1,888.52 | 1,653.03 | 14.25 | Africa | 17.38 | 593.69 | 770.09 | -22.91 | 22.35 | 3,181.31 | 3,414.67 | -6.83 | Others | 8.49 | 290.03 | 203.59 | 42.46 | 5.29 | 752.74 | 717.83 | 4.86 | Total Reported Sales | 100.00 | 3,415.65 | 3,231.15 | 5.71 | 100.00 | 14,233.97 | 13,452.69 | 5.81 | Less: Inter segment revenues | | 30.04 | 30.99 | -3.07 | | 137.86 | 136.72 | 0.83 | Net Sales | 100.00 | 3,385.61 | 3,200.16 | 5.80 | 100.00 | 14,096.11 | 13,315.97 | 5.86 | PBIT | India | 73.68 | 579.66 | 496.08 | 16.85 | 78.25 | 2,572.05 | 1,900.56 | 35.33 | Indonesia | 16.93 | 133.17 | 104.73 | 27.16 | 13.71 | 450.59 | 330.75 | 36.23 | Africa | 8.45 | 66.51 | 29.71 | 123.86 | 7.39 | 242.98 | 136.88 | 77.51 | Others | 0.94 | 7.42 | 18.56 | -60.02 | 0.65 | 21.32 | 42.01 | -49.25 | Total PBIT | 100.00 | 786.76 | 649.08 | 21.21 | 100.00 | 3,286.94 | 2,410.20 | 36.38 | Less : Interest | | 0.00 | 52.51 | - | | 0.00 | 175.74 | - | Add: Other un-allcoable | | -2,471.23 | -41.06 | -5,918.58 | | -3,088.71 | -101.73 | -2,936.18 | PBIT Margin(%) | India | | 28.50 | 27.21 | 129.09 | | 30.58 | 24.79 | 578.98 | Indonesia | | 26.72 | 24.10 | 262.14 | | 23.86 | 20.01 | 385.07 | Africa | | 11.20 | 3.86 | 734.48 | | 7.64 | 4.01 | 362.91 | Others | | 2.56 | 9.12 | -655.80 | | 2.83 | 5.85 | -302.00 | PBT | 100.00 | -1,684.47 | 555.51 | PL | 100.00 | 198.23 | 2,132.73 | -90.71 |
|
|
|
Previous News |
Godrej Consumer Products consolidated net profit rises 20.60% in the September 2023 quarter
(
Results
-
Announcements
01-Nov-23
18:04
)
|
|
Stock Alert: Godrej Consumer Products, Torrent Power, Container Corporation of India, Nestle India
(
Market Commentary
-
Stock Alert
09-Jul-24
08:21
)
|
|
Godrej Consumer Products fixes record date for interim dividend
(
Market Beat
-
Reports
01-Nov-23
17:56
)
|
|
Godrej Consumer Products
(
Results
-
Analysis
08-Aug-24
10:09
)
|
|
Godrej Consumer Products Ltd gains for fifth session
(
Hot Pursuit
-
11-Sep-23
13:00
)
|
|
Godrej Consumer Products announces change in Business Head of GAUM
(
Corporate News
-
16-May-24
17:30
)
|
|
Godrej Consumer Products
(
Results
-
Analysis
08-Nov-22
21:52
)
|
|
Godrej Consumer Products Ltd spurts 1.07%, up for fifth straight session
(
Hot Pursuit
-
03-May-24
13:00
)
|
|
Godrej consumer products
(
Analyst Meet / AGM
-
Conference Call
28-Sep-21
15:57
)
|
|
Godrej Consumer Products allots 60,364 equity shares under ESGS
(
Corporate News
-
21-Nov-22
18:30
)
|
|
Godrej Consumer Products to hold board meeting
(
Corporate News
-
22-Jul-24
10:36
)
|
|
|
|
Other Stories |
|
|
|
|
|