Godrej Industries fell 3.93% to Rs 800.55 after the diversified company's consolidated net profit tumbled 66.17% to Rs 160.41 crore in Q3 FY24 as against Rs 314.58 crore recorded in Q3 FY23.
Revenue from operations declined 6.57% year on year (YoY) to Rs 3,590.08 crore during the quarter ended 31 December 2023.Profit before tax stood at Rs 215.83 crore in third quarter of FY23, down by 53.11% from Rs 460.33 crore posted in same quarter last year.
On nine month basis, the companys net profit declined 44.9% to Rs 371.75 crore on 1.22% increase in revenue from operations to Rs 12,033.35 crore in 9M FY24 over 9M FY23.
Meanwhile, the board has approved further investment of upto Rs 900 crore by way of subscription or purchase or otherwise in Godrej Capital, subsidiary company, notwithstanding that the aggregate of the investments so far made or to be made, in terms of the already sanctioned limits, exceeds the limits or will exceed the limits laid down by the Act, subject to the approval of the shareholders of the company.
Further, the board of directors has approved the appointment of Vishal Sharma as whole time director of the company, to be designated as executive director & chief executive officer (chemicals), with effect from 1 May 2024 to 31 March 2027, subject to shareholders approval.
Godrej Industries, a Godrej Group Company, is a conglomerate with a significant presence in home and personal care, animal feeds, dairy and agri-products, poultry, oil palm plantation and real estate.
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