Godrej Consumer expects recovery during the April-June quarter
Godrej Consumer Products Limited (GCPL) expects its business to recover during the April-June quarter, projecting mid-single-digit sales growth, driven by higher volumes.
The company has ramped up production after easing of the lockdowns and also resolving logistics issues to get its business back on track after the Covid-19 disruptions.
GCPL reported a 75 percent decline in its consolidated net profit at Rs 230 crore ($30.5 million) in the fourth quarter ended March 2020, as against last year’s Rs 935 crore, while its revenue dropped 12 percent to Rs 2,133 crore, as against Rs 2,430 crore in the corresponding period of the last fiscal.
“1QFY21 quarter was an unprecedented period due to the spread of coronavirus pandemic across the globe, impacting all the geographies of our operations in the early part of the quarter. While we did see the impact of lockdown in the early part of the quarter, we displayed strong agility in ramping up the production and resolving logistics challenges. We also leveraged technology, strong relationships with our channel partners and were agile with feet on the ground to meet the end consumer demand,” the company said in a statement.
“In India, the resurgence of the household insecticide category continued with strong underlying consumer demand. We did witness strong momentum in the hygiene category, however, saw muted demand in hair colour and air freshener, which were temporarily impacted by the lockdown,” it added.
Godrej Consumer Products Ltd is owned by the billion-dollar firm Godrej Group and has a strong presence in the personal care and cosmetics market.
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