Godrej Consumer Products Q3 Results FY2023, PAT at Rs. 546.34 crores
On 31st January 2023, Godrej Consumer Products Ltd announced its results for the third quarter of FY2023.
- The company reported revenue by operations to Rs. 3,567.72 crores
- PBT at Rs. 665.11 crore
- Net Profit was reported at Rs. 546.34 crore
- Home Care grew by 10%. Performance in Household Insecticides was steady. Growth during the quarter was led by premium formats of electrics and aerosols. Air Fresheners continues to deliver strong double-digit growth momentum.
- Personal Care grew by 14% Personal Wash & Hygiene maintained its growth momentum, delivering double-digit sales growth. Hair Colour witnessed growth in teens. Godrej Expert Rich Crème continues to perform well, backed by strong marketing campaigns.
- Indonesia business sales declined by 3% in constant currency terms. Sales excluding Hygiene (Saniter) saw a growth of 2% in constant currency terms.
- Africa, USA, and Middle East clusters delivered double-digit sales growth of 23% in constant currency terms. Strong sales growth momentum continues in Southern and West Africa
Commenting on the business performance of 3Q FY 2023, Sudhir Sitapati, Managing Director and CEO, GCPL, said: “We delivered an all-round performance in 3Q FY 2023. Overall sales grew by 9% and we witnessed sharp sequential uplift in underlying volume growth. Consolidated volume grew by 1%. Our overall quality of profits has been healthy with double-digit EBITDA growth of 10%. Gross margins expanded by 330 bps quarter-on-quarter and 50 bps year-on-year. Continued upfront working media investments grew by 28%. PAT, without exceptional items and one-offs, grew by 13%.
We had broad-based growth across geographies. India delivered double-digit sales growth of 11%. Our Africa, USA, and Middle East businesses continued its strong growth trajectory, growing at 14% in INR and 23% in constant currency terms. Performance in our Indonesian business is gradually recovering, declining by 3% in INR and constant currency terms. Indonesia's growth ex-Hygiene category was 2% in constant currency. From a category perspective, in India, we saw broad-based double-digit growth; Personal Care grew by 14% and Home Care grew by 10%.
With commodity pressures abating, we expect a gradual recovery in consumption, expansion in gross margins, upfront marketing investments with a significant focus on reducing controllable costs and improvement in profitability in the coming quarters. We continue to have a healthy balance sheet and are also net cash positive.
We are on track in our journey to reduce inventory and wasted cost and are deploying this to drive profitable and sustainable volume growth across our portfolio through category development. We remain committed to our purpose of bringing the goodness of health and beauty to consumers in emerging markets.”
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