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Godrej Group Chairman Adi Godrej announced on Wednesday that he will step down from the Board of Directors of Godrej Consumer Products (GCPL) effective September 30. The 79-year-old patriarch will continue in his position of Chairman Emeritus of GCPL.
This is a part of the ongoing process by Adi Godrej to relinquish his leadership role at GCPL, after his daughter Nisaba has taken over the mantle. In 2017, Adi had formally announced that Nisaba will lead the consumer goods company. Nisaba, who was then the executive director, took on the role of Managing Director
Speaking in this regard, Adi Godrej said: “It has been a privilege to serve Godrej Consumer Products. The foundations of our company are strong and I am very confident that Nisa and our leadership team will continue to build forward and create even more sustainable and long-term value for our customers.”
Net profit up
GCPL reported a 4.75 per cent year-on-year increase in profit during the first quarter ended June, at ₹413.66 crore, in comparison with ₹394.88 crore reported in the June quarter of the previous year. Revenue from operations rose 24 per cent to ₹2,894.45 crore (₹2,327.34 crore). Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) rose 29 per cent year on year.
Commenting on the business performance during Q1FY22, Nisaba Godrej, Chairperson and Managing Director for GCPL, said, “We had a strong start to this year, delivering double-digit profitable sales growth. Consolidated sales grew by 24 per cent, and our 2-year compound annual growth rate on consolidated sales was 11 per cent and EBITDA was 15 per cent.”
Double-digit sales growth was seen in Home Care and Personal Care categories at 14 per cent and 29 per cent respectively. GCPL’s Africa, US and the Middle East business grew at almost 60 per cent in both rupee and constant currency terms, while the India business grew 19 per cent. The Indonesian business grew by merely 1 per cent.
Nisaba further added, “We remain confident of leveraging growth opportunities to drive sustainable, profitable sales growth across our portfolio in the fiscal year of 2022”.
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