Mumbai: Godrej Industries Ltd on Tuesday said consolidated net profit in the September quarter rose 53% from a year ago to Rs95 crore on the back of growth in the agriculture, consumer and property business.
Total income during the period rose 11% year on year to Rs2,523 crore. This came as Godrej Consumer Products Ltd — the consumer business — posted a 11% sales growth year on year in India and 9% abroad, after a slowdown induced by the newly introduced goods and services tax regime disrupted trade margins.
Subsidiary Godrej Agrovet Ltd also listed on the stock exchanges this quarter and declared a 13% growth in net profit for its September 2017 quarter.
“I wouldn’t say they (the disruptions post GST) are totally gone away, but GST is doing very well, especially the latest announcement of reducing the tax slab of lowering from 28% to 18%,” said Godrej Industries chairman Adi Godrej.
“The second quarter has gone very well. GST is catching on well and all our companies have done very well in quarter 2 and we expect to do very well in quarter 3 and 4. I think Godrej Agrovet will drive the growth of GIL very considerably, and we are making several investments in R&D there. Nature’s Basket will also continue to grow and we will keep nurturing it.”