Godrej Consumer Products Q3 Net Drops 4% To Rs 352 Crore After Note Ban

New Delhi: FMCG firm Godrej Consumer Products Ltd (GCPL) today logged a 4.34 per cent decline in consolidated net profit at Rs 351.78 crore for the December 2016 quarter partly due to the impact of demonetisation.

Its net profit for October-December last year stood at Rs 367.75 crore.

GCPL’s total income was up 8.75 per cent during the period under review at Rs 2,485.77 crore as against Rs 2,285.74 crore a year earlier, it said in a BSE filing.

Godrej Group Chairman Adi Godrej said: “In India, while demonetisation has resulted in some near-term disruptions, we have outperformed the overall market with secondary sales growth of 2 per cent during the quarter… Through our focus on operating efficiencies and judicious cost management, our Ebitda, too, has increased by 15 per cent.”

He further said: “Going forward, remonetisation should result in growth normalising in India over the next few months. In financial year 2018, implementation of GST will provide strong momentum for a much better economic environment and stronger consumer demand.”

During the quarter, GCPL’s India business primary sales came in flat due to demonetisation.

Meanwhile, in a separate filing, GCPL said its board in a meeting today declared a third interim dividend of Rs 1 per share for 2016-17.

GCPL stock was trading at Rs 1,570.25 on BSE, up 1.27 per cent, from the previous close.
Source:-NDTV

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