Godrej Industries Q2 Results: Net profit drops 44% YoY to ₹87 crore; board approves raising ₹1,500 crore
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. (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) 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
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