Godrej Industries Q2 up 41% at Rs 135 cr

Net sales on consolidated basis was up 41.7% at Rs 3,223 crore

Godrej Industries today reported a 41.87% increase in consolidated net profit at Rs 135 crore for the second quarter ended September 30, on account of good performance from the property segment.

The company had posted a net profit of Rs 95.16 crore for the corresponding period of last fiscal, Godrej Industries said in a regulatory filing.

Net sales on consolidated basis was up 41.77% at Rs 3,223.21 crore as against Rs 2,273.41 crore last fiscal.

"In a challenging environment for the real estate sector, Godrej Properties had a best ever quarter on every relevant parameter. GPL registered highest ever quarterly sales, revenues, EBITDA, net profit and cash flows. We look forward to building on this momentum in the year ahead," said AB Godrej Chairman of Godrej Industries.

Revenue from estate and property development was up over four folds to Rs 1,485 crore during the period under review as against Rs 316.74 crore of the corresponding quarter of the last fiscal.

However, revenue from animal food and veg oil segment was down 3.91% and 20.53% respectively to Rs 658.97 crore and 562.44 crore during the quarter under review as against Rs 685.79 crore and Rs 707.77 crore respectively.

Similarly, earning from chemicals segment was also down 19.35% to Rs 289.52 crore as against Rs 359.00 crore of the same period last fiscal.

"Godrej Agrovet faced significant headwinds in this quarter on account of two consecutive below par monsoons and significant fall in commodity prices. Despite this situation, Godrej Agrovet has had a steady performance," he said.

For the six months ended September 30, Godrej Industries consolidated net profit was up 32.66% to Rs 229.33 crore compared with Rs 172.86 crore in the same period last fiscal.

Its net sales during the first half of the current fiscal increased 23.72% to Rs 5,647.17 crore from Rs 4,564.29 crore in the same period a year ago.

Godrej Industries Shares closed at Rs 391.45 on BSE, up 1.08% from the previous close.