Godrej Industries' Q1 net up 46% at Rs 71 cr

Godrej Industries today posted a 46.34% increase in its consolidated net profit at Rs 71.33 crore for the first quarter ended June 30, 2011, compared to the same quarter last fiscal.

In the first quarter of previous financial year, the company's consolidated net profit was Rs 48.74 crore, it said in a filing to the Bombay Stock Exchange (BSE).

Godrej Industries' consolidated net sales for the three months ended June 30, 2011 increased 35.85% at Rs 1,307.42 crore, compared to Rs 962.39 crore in the corresponding period of last fiscal.

"We have started the year on an optimistic note. Our strategy for growth 'create' continues to form the basis for all our strategic decisions, enabling enhanced performance at the consolidated level," Godrej Industries Chairman A B Godrej said in a statement.

He said the company's agri businesses reported strong growth in revenues and profits owing to robust demand for products across segments.

"Godrej Properties witnessed a revenue growth of 83% despite a difficult quarter for the real estate sector," Godrej said.

In case of Godrej Consumer Products Ltd (GCPL), enhanced penetration and improved volumes drove sales growth, he said.

The consolidated results include earnings of chemicals business, GCPL, Godrej Properties and Godrej Agrovet.