Godrej Industries today posted 38 per cent growth in consolidated net profit for the first quarter ended June 30 at Rs 40 crore, driven by strong performance in all verticals.
The company’s net profit stood at Rs 29 crore in the corresponding period last year, GIL said in a release.
The total income also grew by 39 per cent to Rs 1,833 crore during the reported quarter as compared to Rs 1,321 crore in the same period last year.
“In a challenging operating environment through our multi-faceted business model, we have continued to deliver strong growth. In the Oleochemicals space, Godrej Industries continues to maintain a leadership position in the domestic market while expanding exports,” GIL Chairman A. B. Godrej said.
The company’s agri businesses continued to show strong top line growth and it expects more robust profit growth and sustained top line growth in the coming quarters, he said.
“Our real estate subsidiary, Godrej Properties, had a good quarter in a tough environment where they made significant operating progress by concluding value accretive deals and successfully launching residential projects in Mumbai and Pune.
“They (Godrej Properties) recently added three new residential projects, adding approximately four million sq ft of saleable area to the development portfolio in Mumbai and Kolkata,” he added.
At Godrej Consumer Products, performance in the domestic as well as the international markets has been impressive, driven and aided by persistent efforts at optimising costs and improving efficiencies, he said.
Godrej further said, “The company successfully concluded the Institutional Placement Program (IPP) for Rs 370.5 crore which was oversubscribed 1.67 times, thereby reaffirming the faith of the investor community in Godrej Industries.