Godrej Industries Q3 net up 40% at Rs 85 cr

Godrej Industries Ltd today said its consolidated net profit rose by 39.34 per cent to Rs 85 crore in the quarter ended December 31, 2011, driven by robust growth across all business segments.

The company had posted a net profit of Rs 61 crore for the corresponding period last fiscal, Godrej Industries said in a statement.

Total income of the company rose to Rs 1,520 crore in the quarter ended December 31, 2011, from Rs 1,076 crore in the corresponding period of the previous fiscal.

Commenting on the results, Godrej Industries Ltd Chairman A B Godrej said: "Q3, FY2012, has been a period of strong performance delivered across all our businesses, resulting in a healthy overall growth."

The company said its board, which met today, has also approved a revised capital expenditure of Rs 296 crore.

"The capital expenditure is being incurred over a two-year period," the company said.

The increased capital expenditure is mainly on account of the increased scope of plants, additional activities, expenses on account of creating facilities in low-lying land areas and inflation in material costs related to construction, it added.

During the quarter under review, the company's chemicals business grew by 23%t vis-a-vis the corresponding period of the previous fiscal.

Sales of the company's agri-business arm, Godrej Agrovet Limited (GAVL), increased by 27% in the third quarter, vis-a-vis the same period last fiscal.

Shares of Godrej Industries closed at Rs 212.80 on the BSE today, up 2.60% from their previous close.