Godrej Consumer Products Limited (GCPL), a leading emerging markets FMCG company, today announced its financial results for the quarter ending September 30, 2023.
FINANCIAL OVERVIEW
2Q FY 2024 FINANCIAL PERFORMANCE SUMMARY:
-2Q FY 2024 Consolidated sales grew by 6% in INR terms, led by volume growth of 10%; constant currency growth of 16% year-on-year
-India business sales grew by 9% year-on-year, led by volume growth of 11%
– Indonesia sales grew by 16% in INR terms and 14% in constant currency terms, year-on-year
– Africa, USA and Middle East sales declined by 5% in INR terms and grew by 17% in constant currency terms, year-on-year
– Latin America and SAARC sales grew by 5% in INR terms and 99% in constant currency terms, year-on-year
2Q FY 2024 Consolidated EBITDA* grew by 30% year-on-year
2Q FY 2024 Consolidated net profit grew by 17% year-on-year (without exceptional items and one offs)
The Board of Directors have declared an interim dividend of 500% (₹5 per share). This would result in a payout of ₹511 crore.
Commenting on the business performance of 2Q FY 2024, Sudhir Sitapati, Managing Director and CEO, GCPL, said: We delivered a steady performance in 2Q FY2024, despite the tough operating environment. Our Consolidated volumes grew in double-digits at 10% while sales grew by 6%. Sales in constant currency terms grew by 16%. In India, we delivered 11% volume growth. In Indonesia, our performance continues to improve with double-digit constant currency growth of 14%. Africa, USA and the Middle East continue to grow in double-digits in constant currency terms, while performance in INR terms was impacted due to the Naira devaluation.”
He added, “Our quality of profits continues to improve consistently over the last few quarters with reported Consolidated Gross Margin improving sharply by 700 bps year-on-year and 110 bps quarter-on-quarter. Our EBITDA* Margin, too, improved by 360 bps year-on-year despite continued media investments, which increased 33% year-on-year.”
Sitapati said GCPL continues to remain focused on driving volume-led growth along with healthy investments in brands and improvement in profitability. “We continue to have a strong balance sheet. We are on track in our journey to reduce 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.”