Missing market expectations, FMCG player Godrej Consumer Products recorded a dip in its net profit growth (consolidated) by 7.3 per cent to Rs 40 crore for the third quarter ended December 2008, from Rs 43 crore for the corresponding quarter in the previous year.
The revenue of the group, which is the second-largest toilet soaps player, with a market share of 9.7 per cent, grew 20 per cent to touch Rs 342 crore, compared to Rs 273 crore for the same quarter a year ago, according to The Nielsen Company.
Adi Godrej, chairman and managing director, GCPL, said, “Despite a challenging economic environment, GCPL is doing well and we will continue to introduce interesting and exciting products in future keeping in mind consumer preferences and needs.” GCPL had introduced a new strawberry and walnut variant of its Godrej No 1 soap.
On a sequential basis, the company’s net profit grew 12.5 per cent from Rs 35 crore. However, its revenues dipped by 1.16 per cent QoQ from Rs 346 crore for the July to September quarter of 2008-09 to Rs 342 crore for the quarter-ending December 2008.
On a standalone basis, the company’s net profit for the quarter ended December 2008 fell by 5 per cent to Rs 40 crore, compared to Rs 42 crore during the same period a year ago. Total income increased by 18.8 per cent to Rs 272 crore from Rs 229 crore in the same period a year ago.
During the quarter, the board of directors of Godrej Consumer Products had given its in-principle approval for the acquisition of 50 per cent stake of its joint venture partner SCA Hygiene Products in Godrej SCA Hygiene Limited.
The company had also issued a public announcement in November 2008, for buyback of its shares from the open market at a price not exceeding Rs 150 per share for an aggregate amount not exceeding Rs 15 crore. Under the buyback programme, GCPL has till December 31, 2008, bought back 2.38 lakh equity shares at a consideration of Rs 3 crore.
Torrent Power Q3 net rises 71%
Mumbai: Torrent Power has posted a net profit of Rs 101.90 crore in the third quarter ended December 2008, a 71 per cent rise from Rs 59.29 crore recorded during the same period last year.
The power generation company’s total income rose 21 per cent to Rs 1,093.16 crore during the reporting quarter, compared with Rs 897.58 crore registered during the same period of previous financial year.
Kamat Hotels net loss at Rs 1.5 crore
Mumbai: Mumbai-based Kamat Hotels recorded a net loss of Rs 1.52 crore for the third quarter ended December 2008, as against a net profit of Rs 10.78 crore in the corresponding quarter last year. Net sales of the company dropped to Rs 28 crore, a fall of 30 per cent over Rs 40 crore in the same period a year ago.
