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Personal Products company Godrej Consumer Products announced Q3FY24 results:
- Sales grew by 9% to Rs 2,160 crore; volume grew by 12%
- EBITDA grew by 18% to Rs 641 crore
- Consolidated volume grew at 8%, sales grew by 2% in INR terms impacted by devaluation, constant currency growth of 19% year-on-year
- India business volume grew by 12%, sales grew by 9% year-on-year
- Indonesia volume grew by 9%, sales grew by 8% in INR terms and 7% in constant currency terms, year-on-year
- Africa, USA, and Middle East sales declined by 8% in INR terms and grew by 14% in constant currency terms, year-on-year
- Latin America and SAARC sales declined by 45% in INR terms and grew by 181% in constant currency terms, year-on-year
Commenting on the business performance of Q3FY24, Sudhir Sitapati, Managing Director, and CEO, GCPL, said: We continue to deliver steady performance in Q3FY24 despite challenging market conditions. Our Consolidated volumes grew by 8%, led by the India business growing volumes at 12% and Indonesia growing volumes at 9%. Our Consolidated revenue growth was significantly impacted by the devaluation of the Naira and the Argentine Peso with sales growing at 2% in INR terms and 19% in constant currency terms.
Our quality of profit continues to improve consistently on the back of superior growth in higher-margin countries and categories. Our reported Consolidated gross margin improved sharply by 470 bps year-on-year and 100 bps quarter-on-quarter. Our EBITDA margin, too, improved by 280 bps year-on-year despite continued media investments, which increased by 32% year-on-year.
We continue to remain focused on driving volume-led growth along with healthy investments in our brands and improvement in profitability. We have launched two new products in the Indian market. (1) Godrej Fab Liquid Detergent, at a category-defining price of 99 per litre. (2) We have entered the ~ Rs 1,200 crore market of the Anti-Mosquito Incense Sticks segment that is dominated by illegal players. Goodknight Agarbatti is India's only government-registered active-based anti-mosquito Agarbatti with our new and exclusive molecule RNF (~2x more effective than other molecules used in India).
We continue to have a strong balance sheet. We are on track in our journey to reduce wasted costs and are deploying this to drive profitable and sustainable volume growth across our portfolio through category development.
We continue to have a strong balance sheet. We are on track in our journey to reduce wasted cost and are deploying this to drive profitable and sustainable volume growth across our portfolio through category development."
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