Godrej Industries consolidated net profit drops 64%
Excluding the one time gain from selling Agrovet shares in the same period last year, profit grew 27%
Mumbai: Godrej Industries Ltd posted a 64% drop in consolidated net profit for the December quarter, factoring in a one-time gain it had in the comparable year-ago period from selling shares in its Agrovet business.
Excluding that, profit grew 27%, the company said in a statement on Friday.
Net profit for the three months ended 31 December fell to ₹ 65 crore from ₹ 179 crore a year ago, including the one-time gain last year.
Net sales rose 16.6% to ₹ 1,960.2 crore from ₹ 1,680.6 crore a year ago.
“Momentum in our agri-businesses continued with robust results in animal feed, oil palm, agri-input segments and agri joint ventures. The performance of the animal feed business was driven by improved demand in aqua feed, layer feed and cattle feed segments," said Adi Godrej, chairman, Godrej Industries.
Total income for Godrej Agrovet Ltd, its agri-business unit, grew 11% to ₹ 880 crore from a year ago, the company said. Revenue from Godrej Industries’ chemicals segment increased 11% to ₹ 334.8 crore.
The results were announced after trading ended for the day.
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