Godrej Consumer Products Q2 Results FY2023, PAT at Rs. 328.19 Crores

On 8th November 2022, Godrej Consumer Products announced its quarterly results for the second quarter of FY2023.
 

Q2FY23 Performance updates:

- India sales grew by 8% to Rs. 1,952.97 crore; volume declined by 5% Q2FY2023 
- PBT declined by 6.9% to Rs. 414.52 crore Q2FY2023
- Net Profit declined by 7.9% to Rs. 328.19 crore

Business Highlights:

- Home Care grew by 2%, Household Insecticides performance was impacted by the delayed monsoon in the Eastern and Northern parts of India
- Personal Care grew by 18%. Personal Wash & Hygiene maintained its growth momentum, delivering double-digit sales growth
- Indonesia business delivered a weak performance with a sales decline of 11% in constant currency terms. Sales excluding Hygiene (Saniter) saw a growth of 8% in constant currency terms. 
- Africa, USA and Middle East cluster delivered double-digit sales growth of 13% in constant currency terms (3-year CAGR of 13%).

Commenting on the business performance of 2Q FY 2023, Sudhir Sitapati, Managing Director and CEO, GCPL, said: “We delivered a steady performance in 2Q FY 2023. Overall sales grew by 7% with a 3-year CAGR of 9%. However, this growth was driven by pricing. We continue to believe that with the relatively non discretionary, mass pricing of our portfolio and good performance on market shares, volume growth will return in the short term. Our overall EBITDA declined by 15% driven by consumption of high cost inventory, upfront marketing investments and a weak performance in our Indonesia and Latin America & SAARC businesses. PAT without exceptional items and one-offs declined by 21%. From a geography perspective, India grew steady at 8%. Our Africa, USA and Middle East business continued its robust growth trajectory, growing at 15% in INR and 13% in constant currency terms. Performance in our Indonesian business was weak, declining by 8% in INR and 11% in constant currency terms. Indonesia growth ex-hygiene category in the base 8% in constant currency. From a category perspective, in India, we saw continued momentum in Personal Care, which grew by 18%. Home Care grew by 2%.”