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Godrej Industries profit more than doubles on one-time gain

The company had exceptional income of Rs.131 crore from the divestment of stake in subsidiary Godrej Agrovet
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First Published: Thu, Feb 07 2013. 12 55 AM IST
Godrej group chairman Adi Godrej. Ptoho: Pradeep Gaur/Mint
Godrej group chairman Adi Godrej. Ptoho: Pradeep Gaur/Mint
Mumbai: Godrej Industries Ltd posted a 112% growth in net profit to Rs.179 crore during the December quarter on the back of a one-time gain. The company had exceptional income of Rs.131 crore from the divestment of stake in subsidiary Godrej Agrovet Ltd in the quarter.
Sales rose 17.8% to Rs.1,713 crore from Rs.1,454 crore a year ago on the performance of subsidiaries Godrej Consumer Products Ltd, Godrej Properties Ltd and Godrej Agrovet, said a company statement to stock exchanges on Wednesday.
“Our consolidated results always have an exceptional item every quarter due to the group’s diverse nature” Adi Godrej, chairman of the Godrej Group, said over the phone.
He expects even better results from the agri and real estate businesses going forward, he said.
Godrej Agrovet’s sales grew 25% to Rs.786 crore from Rs.627 crore. Godrej Consumer Products and Godrej Properties posted profit growth of 3% and 24%, respectively.
The results were announced after market hours. Shares of Godrej Industries lost 0.72% to close at Rs.301.65 on the BSE on Wednesday, while the benchmark Sensex lost 0.10% to close at 19,639.72 points.
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First Published: Thu, Feb 07 2013. 12 55 AM IST
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