Q1FY24 Quarterly Result Announced for Godrej Consumer Products Ltd.
Personal products company Godrej Consumer Products announced consolidated Q1FY24 results: Sales grew by 10% INR led by volume growth of 10%; constant currency growth of 15% YoY India business sales grew by 9% YoY led by volume growth of 12% Indonesia sales grew by 20% in INR terms and 15% in constant currency terms, YoY Africa, USA, and Middle East sales grew by 9% in INR terms and 16% in constant currency terms, YoY Latin America and SAARC sales grew by 18% in INR terms and grew by 79% in constant currency terms YoY EBITDA grew by 28% YoY Net profit grew by 19% YoY (without exceptional items and one-offs) Commenting on the business performance of Q1FY24, Sudhir Sitapati, Managing Director and CEO, GCPL, said, "We started the year on a positive note and achieved healthy volume-led sales growth. In organic terms, our consolidated sales increased by 9% YoY driven by healthy volume growth of 8%. Sales in constant currency terms increased by 13%. In India, we continued to stay the course of our strategy of volume-driven category development and delivered double-digit volume growth of 10%. This performance was broad based with Home Care delivering double-digit volume growth and Personal Care in mid-single digits. Our value growth was lower than volume growth as we passed on the benefits of lower input costs to our consumers. In Indonesia, our performance has continued to improve aided by structural improvements implemented last year, with a 15% growth in constant currency terms. Africa, the USA, and the Middle East continue to grow in double-digits in constant currency terms. Our quality of profits has been improving consistently over the last few quarters with the reported Consolidated Gross Margin seeing a sharp improvement of 730 bps YoY and 80 bps QoQ. Our EBITDA Margin, too, improved by 270 bps YoY along with continued working media investments which increased by 79% YoY. We remain focused on driving volume-led growth along with healthy investments in our brands and improvement in profitability. We continue to have a strong balance sheet. We are on track in our journey to reduce wasted costs and are deploying this to drive profitable and sustainable volume growth across our portfolio through category development. We remain committed to our purpose of bringing the goodness of health and beauty to consumers in emerging markets." Result PDF07-08-2023