Godrej Industries (GIL), an entity with diverse range of businesses and products recorded an 81 per cent dip in its consolidated net profit at Rs 5 crore for the third quarter ended December 31, 2008, from Rs 27 crore for the corresponding quarter in the previous year.
The revenue of the group for the quarter under review grew by 20 per cent at Rs 793 crore, as compared to Rs 659 crore for the same quarter a year ago.
On a sequential (compared to the trailing quarter) basis, the company's net profit fell by 73 per cent to Rs 5 crore from Rs 19 crore for the quarter-ending September 2008. Additionally, its revenues also dipped by 20 per cent Q-o-Q from 930 crore for the July-September quarter to Rs 793 crore in the quarter-ending December 2008.
On a standalone basis, the company's net profit for the quarter-ending December 2008, fell 91 per cent as the company posted a net loss of Rs 3 crore, as compared to a net profit of Rs 33 crore during the same period the year ago period. Total income decreased 5.7 per cent to Rs 179 crore from Rs 190 crore.
Adi Godrej, chairman and managing director, Godrej Industries told Business Standard: "The properties and the chemicals businesses have taken a beating this quarter due to the economic environment. However, the FMCG business is showing good demand and we expect an exceptionally good profit in the next quarter for the FMCG business on account of improved/ decreasing raw material prices."
The results include consolidated financials of Godrej Agrovet, Godrej Properties, Ensemble Holdings & Finance, Godrej HiCare, and Godrej International, which are subsidiaries of Godrej Industries. The results also include proportionate share of Godrej Sara Lee and Godrej Hershey as joint ventures and Godej Consumer Products, Swadeshi Detergents and Compass BPO as associates. The financial results of certain joint ventures and associates have been included in the consolidated results on the basis of management accounts not reviewed by the auditors.