GCPL Q2 net profit slumps 28 percent to Rs 414 crore
today Nov 7, 2019
Godrej Consumer Products Ltd (GCPL) reported a 28 percent decline in its consolidated profit after tax at Rs 414 crore ($58.4 million) for the second quarter ended September 30 as against Rs 578 crore it had reported in the same quarter last fiscal.
The company’s sales for the quarter declined by 1 percent to Rs 2,608 crore as against Rs 2,643 crore it had posted in the year-ago period.
GCPL soaps category added Rs 491 crore while hair colour and other categories added Rs 160 crore and Rs 179 crore respectively to the company’s overall revenue.
The company said that its domestic sales in India grew by one percent to Rs 1,490 crore while its volume growth was at seven percent driven by new product launches and effective marketing campaigns.
Commenting on the performance, GCPL executive chairperson Nisaba Godrej in a statement said, "We delivered a steady performance in the second quarter of the fiscal year 2020. Our India business delivered robust volume growth of 7 percent, broad-based across categories, amidst a general slowdown in staples consumption.”
"We expect a gradual recovery in the coming quarters for the FMCG industry and also for our business. In the fiscal year 2020 we expect steady volume growth in India, supported by our continued focus on innovations and enhancements to our go-to-market model," Godrej added.
Godrej Consumer Products Ltd is owned by the billion-dollar firm Godrej Group. It offers several personal care and cosmetic brands.
Copyright © 2019 FashionNetwork.com All rights reserved.