Godrej Industries (GIL), which has a diversified business portfolio spanning several industries, reported a 46 per cent rise in its net profit at Rs 78 crore for the first quarter of 2014-15. The company’s total income for the period rose 23 per cent to Rs 2,394 crore with operating profit up 32 per cent at Rs 193 crore.
“All our constituent units have done well during the quarter,’’ Adi Godrej, Chairman, GIL told The Hindu , adding, “We saw robust growth across all our businesses.’’
Innovation drove results in Godrej Agrovet (GAVL), which reported a 16 per cent growth in total income at Rs 1,096 crore. “We introduced several R&D-based products during the quarter,’’ Mr. Godrej said.
The Agri business now has a dedicated R&D centre on animal agriculture in Nashik. GAVL’s total income grew 16 per cent to Rs 1,096 crore.
The consumer products division did well outperforming the industry and reported a 12 per cent growth in net sales.
During the quarter, GIL’s oleochemicals unit at Ambernath near Mumbai came on stream, operating at full capacity.
GIL has moved its Vikhroli (Mumbai) facility operations to Ambernath and is redeveloping the 35-acre Vikhroli property. “It will take 3-4 years to come on stream and will be a mixed use development with one office building and residential buildings. We will lease out space and also plan to set up a hotel and a high street shopping complex in the area,’’ Mr. Godrej said.
“Despite the real estate industry not doing too well, our business (Godrej Properties) outperformed the industry,’’ Mr. Godrej said, adding that the company would continue to focus on residential segment. The business added a new project of 1.6 million square feet saleable area during the quarter in Gurgaon.
Mr. Godrej said Godrej Industries was mainly focusing on growth and looking at the inorganic route to expand its consumer products business overseas. “We already have operations in Asia, Africa and South America and are looking at those areas for further opportunities,’’ Mr. Godrej said.
