Godrej Consumer Products sees double-digit volume growth in India biz in Q1

livemint.com:

New Delhi: Godrej Consumer Products Limited (GCPL) reported double-digit volume growth in its India business in the June quarter with double-digit volume growth recorded in home care segment and higher than mid-single digit volume growth in personal care, the company said in its quarterly update on Wednesday. The update provides a summary of the company’s operating performance and demand trends during the quarter ended June 30, 2023. GCPL is yet to announce its 1Q FY24 financial results.

“In India, overall consumer demand remained steady as seen in the previous few quarters. Our organic business continued to deliver robust performance with double-digit volume growth. This is in line with our strategy of volume driven category development.

The performance was broad based with double-digit volume growth in home care and higher than mid-single digit volume growth in personal care. Sales growth was marginally higher than mid-single digit as we passed on the benefits of lower input costs to our consumers. Sales growth (incl.

inorganic) to be in high-single digits," the company said in a filing to the exchanges. GCPL sells household insecticides, air care and hair care products in India Indonesia, and Africa. Meanwhile, the company’s Indonesia business delivered steady performance on the back of structural changes implemented last year.

Constant currency sales is expected to grow in mid-teens, it said. “Godrej Africa, USA, and Middle East (GAUM) continued to deliver consistent performance with constant currency sales growth in mid-teens. However, in rupee terms, there was an adverse currency translation impact resulting in high-single digit sales growth," the company added.