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  • Jan 29, 2016 - Godrej Consumer: Forex fluctuations impacting Intn'l Biz

Godrej Consumer: Forex fluctuations impacting Intn'l Biz

Jan 29, 2016 | Updated on Oct 30, 2019
Godrej Consumer Products (GCPL) declared results for the quarter ended December 2015. The company's consolidated revenues were up by 5% YoY during the quarter, while profits grew by 23% YoY. Here is our analysis of the results:

Performance summary

  • Revenues rise by 5% YoY during quarter ended December 2015.
  • Operating profits rise by 15% YoY as margins expand to 19.4% from 17.8% last year.
  • Net profits up by 23% YoY.
  • Board declares third interim dividend of Re 1 per share. Record date for the same is fixed at February 4, 2015.

Standalone financials: A snapshot

(Rs m) 3QFY15 3QFY16 Change 9mFY15 9mFY16 Change
Net sales 22,357 23,561 5.4% 61,843 66,987 8.3%
Expenditure 18,373 18,981 3.3% 52,026 55,182 6.1%
Operating profit (EBIDTA) 3,984 4,580 15.0% 9,817 11,806 20.3%
EBDITA margin (%) 17.8% 19.4%   15.9% 17.6%  
Other income 121 167 38.4% 741 526 -29.0%
Depreciation 230 264 14.4% 679 741 9.2%
Interest cost 253 242 -4.4% 761 757 -0.5%
Forex gains/ (losses) 15 81 459.3% (52) 94 -280.4%
Exceptional items (1) (6)   (173) (240) 38.8%
Profit before tax 3,635 4,317 18.8% 8,893 10,688 20.2%
Tax 738 910 23.2% 1,900 2,195 15.6%
Effective tax rate 20% 21%   21% 21%  
Profit after tax/(loss) 2,897 3,407 17.6% 6,994 8,492 21.4%
Minority interest/ share in profit of associates (261) (178)   (578) (399)  
Net profit after tax 2,636 3,230 22.5% 6,416 8,093 26.2%
Net profit margin (%) 11.8% 13.7%   10.4% 12.1%  
No. of shares (m)       340.4 340.5  
Diluted earnings per share (Rs)*         32.3  
Price to earnings ratio (x)         37.5  

(*On a trailing 12-month basis)

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