GCPL Q1 net up at Rs 244.27 crore

Fast-moving consumer goods major Godrej Consumer Products Limited (GCPL) on Friday reported a consolidated net profit of Rs 244.27 crore for the first quarter ended June 30, 2016.

The company had reported a net profit of Rs 116.72 crore in April-June period a year ago, GCPL said in a BSE filing.

The results are not comparable in view of acquisitions and changes in the company's shareholding in some of the subsidiaries, said GCPL, which acquired the US-based Strength of Nature LLC, in April this year.

GCPL's consolidated net sales during the quarter under review was Rs 2,120.22 crore. It was Rs 1,985.43 crore in the corresponding quarter.

"We delivered this performance despite the sluggish business environment across many geographies that we are present in. Additionally, sales was also impacted by the unfavourable weather conditions in some of our key geographies. We delivered healthy profits driven by judicious cost control and commodity tailwinds," Godrej Group Chairman Adi Godrej said.

GCPL's revenue from India market was Rs 1,063.97 crore. It was Rs 1,063.39 crore in the April-June quarter of the previous financial year.

"Our India business performance was impacted by a stretched summer and late onset of monsoon, which resulted in a weak performance in Household Insecticides," said Godrej.

GCPL's revenue form its Indonesian business was Rs 376.20 crore. It was Rs 349.90 crore in the corresponding quarter.

Revenue from Africa was Rs 442.98 crore and other regions was at Rs 266.36 crore. It was Rs 303.35 crore and Rs 296.87 crore respectively in the corresponding quarter.

Over the outlook, he said, "We should also see a boost to consumption in India, following the implementation of the Seventh Pay Commission and the passing of the GST (Goods and Services Tax) Bill. We are relentlessly focusing on our strategy and investing strategically in creating new growth vectors for the future."

Meanwhile, in a separate filing GCPL informed BSE that its board on Friday declared a first interim dividend Re 1 per share (100 per cent on the shares of the face value of Re 1 each) for the financial year 2016-17."

Shares of GCPL were trading at Rs 1,593.60 on BSE, down 2.53 per cent from previous close.