Godrej Consumer Products (GCPL) recorded a consolidated net loss of INR 1,893 crore for the quarter ended March 31, 2024, compared to a net profit of INR 452.14 crore in the year-ago period.
The company additionally announced an interim dividend of INR 10 per share for the fiscal year 2024-25. The record date to determine eligible shareholders for the dividend is Tuesday, May 14, 2024. The dividend is scheduled to be disbursed on or before Wednesday, June 5, 2024.
The company’s revenue from operations for the reported quarter reached INR 3,365.11 crore, marking a 6% increase over the INR 3,172.21 crore recorded in the same period last year.
During the preceding quarter, the company registered a profit after tax (PAT) of INR 581.06 crore, with revenue from sales of goods totaling INR 3,172.21 crore.
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The total revenue from operations, including revenue from sales of products and other operating revenue, amounted to INR 3,385.61 crore. Of this, INR 2,033.59 crore was attributed to the Indian segment, while the contributions from Indonesia and Africa were INR 498.34 crore and INR 593.69 crore, respectively. The remaining revenue stood at INR 290.03 crore.
The loss in the January-March quarter was primarily due to exceptional items, with the company facing losses amounting to INR 2,375.65 crore. According to its filing with the exchanges, during the fiscal year that ended on March 31, 2024, the company encountered exceptional items, including a loss of INR 792.6 crore from the sale of investment in Godrej East Africa Holdings Limited, and an impairment provision of INR 273.9 crore related to the devaluation of investment in Godrej Mauritius Africa Holdings Limited, prompted by shifts in business model and a long-term strategy revamp for Africa.
The exceptional items also encompassed stamp duty payment and other costs associated with the acquisition of Raymond Consumer Care Business, totaling INR 87.8 crore, along with INR 0.8 crore designated for other restructuring expenses in the standalone financial results.
In the fourth quarter of fiscal year 2024, consolidated volume saw a 12% increase, driven by a 15% growth in the India business volume and a 12% growth in Indonesia volume. Additionally, consolidated EBITDA witnessed an 18% year-on-year growth in the same period.
The home care category experienced a 6% growth, while personal care saw a 4% increase, driven by growth in volume.
The earnings were disclosed after the market closed, with the share closing at INR 1,228.85 on the NSE, marking a decrease of INR 22.35 or 1.79% from the Friday closing price.
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