Godrej Consumer Products has doubled (109.24%) its profit from 116.72 Crs in Q1FY16 to Rs 244.27 Crs in Q1 FY17. The remarkable feat was achieved mainly because of its foreign subsidiary as the standalone revenue saw no growth YoY.
The foreign subsidiaries’ revenue increased by 55.20% YoY. The interesting thing to note here is the foreign subsidiaries are doing better than the Indian company. The operating profit of foreign subsidiaries increased by 30.23%. On stand alone basis the company increased its operating profit by only 6.31%.
Godrej Consumer Products has approved the amalgamation of its wholly owned subsidiaries Godrej Consumer Products Mauritius Limited (“GCPML“) and Godrej Consumer Products US Holdings Limited (“GCPUSHL“) with the parent company Godrej Consumer Products Limited (GCPL).
The board has also announced an interim dividend of Rs 1/share.
Godrej Consumer Products closed 2.72% down.
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