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Business News/ Companies / Company Results/  Godrej Industries Q2 Results: Net profit drops 44% YoY to 87 crore; board approves raising 1,500 crore
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Godrej Industries Q2 Results: Net profit drops 44% YoY to ₹87 crore; board approves raising ₹1,500 crore

Godrej Industries’ board of directors, in its meeting held on November 8, has approved increasing the limit of issuing Commercial Papers by the company to ₹3,500 crore from existing limit of ₹2,500 crore.

Godrej Industries' consolidated revenue from operations in Q2FY24 declined 2.1% to ₹3,937.61 crore from ₹4,021.04 crore, YoY.Premium
Godrej Industries' consolidated revenue from operations in Q2FY24 declined 2.1% to 3,937.61 crore from 4,021.04 crore, YoY.

Godrej Industries reported a sharp drop of 44.1% year-on-year (YoY) in its net profit for the quarter ended September 2023 at 87.3 crore. The company had posted a net profit of 156.2 crore in the corresponding quarter of last year.

The company’s consolidated revenue from operations in Q2FY24 declined 2.1% to 3,937.61 crore from 4,021.04 crore, YoY.

Operating performance of the company improved during the second quarter of FY24 as the earnings before interest, tax, depreciation and amortization (EBITDA) rose 20.5% to 265.5 crore from 220.3 crore, while EBITDA margin expanded to 6.7% from 5.5%, YoY.

Also Read: Lupin Q2 results preview: Strong earnings growth to be led by new launches in the US, improving domestic sales

The company’s consumer business subsidiary, Godrej Consumer Products reported consolidated sales growth of 6%, led by volume growth of 10% and 16% constant currency YoY. Its net profit grew by 17% YoY.

In the agri business, Godrej Agrovet reported a net profit of 105 crore upon a revenue of 2,582 crore in the quarter ended September 2023.

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Q2FY24 was Godrej Properties’ highest ever quarterly sales witnessing total booking value of 5,034 crore with 5.24 million sq. ft. of area sold during the quarter, Godrej Industries said.

Godrej Industries’ board of directors, in its meeting held on November 8, has approved increasing the limit of issuing Commercial Papers by the company to 3,500 crore from existing limit of 2,500 crore.

Also Read: Shree Cement Q2 Results: Net profit surges 159% to 491 crore on strong demand, revenue up 21% YoY

The company’s board also approved raising 1,500 crore by way of issuance of Unsecured Non-Convertible Debentures (NCDs) or bonds or other Instruments, on private placement basis, in one or more tranches.

At 2:10 pm, Godrej Industries share price was trading 0.49% lower at 654.95 apiece on the BSE.

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Published: 08 Nov 2023, 02:13 PM IST
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