Mumbai: Godrej Consumer Products Ltd reported a 29% rise in the second quarter net profit aided by a hike in soap prices.
The fast-moving consumer goods company, maker of soap brands FairGlow and Cinthol, derives 70% of sales from soaps. It raised prices across the category by 6-8% to offset higher palm oil price—a key input, executive director and president H.K. Press said.
He said sales slipped compared with the first quarter, but the price increase helped push up the net profit to Rs33.7 crore on a 15% growth in net sales to Rs210 crore.
During the quarter, it acquired distributor Godrej Global Mideast FZE from Godrej International.