Godrej Consumer Products Ltd, one of the leading companies in the FMCG sector with a presence in the Personal & Household Care segment, today announced its unaudited financial results for the second quarter and half year ended 30 September 2009. The consolidated results include results of Godrej Sara Lee Ltd, 49% share of which is held by the Company with effect from 1st June 2009.
Consolidated Q2 FY2009-10 Highlights
* Sales revenues (net of excise) higher by 65% at Rs. 576 crore
-Robust domestic demand drives growth- strong performance across both soap and hair colour businesses
-International businesses too perform encouragingly
* GCPL toilet soap at highest ever share at 10.9 % in September'09
* Hair colour market share also expands to 34.7% in Sep 09 from 33.7% in March 09
* PBIDT up 163% to Rs. 113 crore
- Superior sales mix drives profitability
- Lower input prices, enhanced efficiencies also contribute to improved profitability
* PBT increases by 172% to Rs. 116 crore
* Profit After Tax up by 168% to Rs. 93 crore
* EPS (not annualized): Rs.3.02
* Board of Directors recommend an interim dividend of Re.1 per share
* Honb'le High Court has approved the Scheme of Amalgamation of Godrej ConsumerBiz Limited and Godrej Hygiene Care Limited into Godrej Consumer Products Limited
Commenting on the results, Mr. Adi Godrej, Chairman, GCPL, said,
“Our results are a reflection of the numerous initiatives we have taken across our businesses as well as a gradual stabilization in the macro environment. We are witnessing healthy demand growth for all our products. We have undertaken several initiatives to augment our rural reach and enhance rural demand. These initiatives have started to show encouraging results .As reflected by the high level of A&P spends during the quarter, we would continue to invest behind our brands to drive growth that will help us strengthen our competitive position”
Financial Overview (Consolidated):
Q2 FY2009-10 (July – September 2009) v/s Q2 FY2008-09 (July - September 2008)
* Sales revenue (net of excise) increased by 65% to Rs. 575.6 crore from Rs. 348.1 crore
* Board of Directors recommended an interim dividend of 100% and resulting in total outflow of Rs 36.1 crore including dividend distribution tax
* Profit before Interest, Depreciation and Tax (PBIDT) up 163% at Rs. 112.9 crore compared with Rs. 42.9 crore
* Advertisement and Publicity increased by 109% to Rs. 50.9 crore from Rs. 24.4 crore.
- Advertisement and Publicity spend at 9% of sales
* Employees' cost was up by 150% to Rs. 57.6 crore compared to Rs. 23.0 crore in Q2FY2008-09.
- Increase in employee cost is in line with Company's Performance Linked Variable Remuneration (PLVR) scheme, rewarding strong performers
* Other income was up 42% to Rs. 12.9 crore from Rs. 9.1 crore.
* Profit Before Tax (PBT) was up by 172% at Rs. 116.4 crore as compared to Rs. 42.8 crore
* PAT increased by 168% to Rs. 93.0 crore from Rs. 34.7 crore
* EPS at Rs. 3.02 compared to Rs. 1.35 (Both figures not annualized)
HI FY2009-10 (April- September 2009) v/s HI FY2008-09 (April-September 2008)
* Sales revenue (net of excise) increased by 43% to Rs. 1,014.4 crore from Rs. 711.0 crore
* Profit before Interest, Depreciation and Tax (PBIDT) up 109% at Rs. 200.1 crore
* Advertisement and Publicity increased by 61% to Rs. 94.3 crore from Rs. 58.7 crore
* Employees' cost was up by 110% to Rs. 95 crore compared to Rs. 45.2 crore in H1FY2008-09
* Other income was up 49% to Rs. 22.3 crore from Rs. 15.0 crore
* Profit Before Tax (PBT) up 123% at Rs. 204.1 crore as compared to Rs. 91.5 crore
* PAT increased by 120% to Rs. 162.7 crore from Rs. 73.8 crore
Financial Overview (Standalone):
Q2 FY2009-10 (July – September 2009) v/s Q2 FY2008-09 (July - September 2008)
* Sales revenue (net of excise) increased by 27% to Rs. 329.7 crore from Rs. 258.7 crore
* Profit before Interest, Depreciation and Tax (PBIDT) up 107% at Rs. 65.7 crore
* Other income was up 68% at Rs. 19.9 crore from Rs. 11.8 crore
* Profit Before Tax (PBT) was up by 115% to Rs. 81.0 crore as compared to Rs. 37.7 crore
* PAT was up by 112% at Rs. 68.5 crore compared to Rs. 32.3 crore in Q2 FY2008-09
* EPS at Rs. 2.22 compared to Rs. 1.25
HI FY2009-10 (April- September 2009) v/s HI FY2008-09 (April-September 2008)
* Sales revenue (net of excise) increased by 25% to Rs. 669.5 crore from Rs. 536.0 crore
* Profit before Interest Depreciation and Tax (PBIDT) was up by 91% at Rs.133.8 crore compared with Rs.70.0 crore
* Other income was up 55% at Rs. 30.4 crore from Rs. 19.6 crore
* Profit Before Tax (PBT) up 100% at Rs. 154.0 crore as compared to Rs. 77.0 crore
* PAT increased by 94% to Rs. 128.8 crore from Rs. 66.5 crore
Operations
Domestic Business
Soaps
* Soap sales expanded by 28% to Rs.235.1 crore from Rs. 183.4 crore during the quarter.
* Improved sales mix enables higher profitability
* Healthy demand across all brands
* GCPL's market share increases to 10.9% in September 2009 as against 9.6% in March 2009. This is the highest market share for GCPL.
* Godrej No. 1 exceeds Rs. 500 crore and continues to be the country's third largest soap brand. During the quarter Godrej No 1 achieved leadership in Volume & Value in Uttar Pradesh .With this Godrej No. 1 has achieved leadership in volume & value market share in Uttar Pradesh , Punjab, Haryana, Uttaranchal and HImachal Pradesh . It also continues to enjoy volume leadership in Delhi and Gujarat
Cinthol Regular launched in small packs. Priced at Rs. 6/-
Hair Colorants
Overall market share of the Company stood at 34.7% for September 2009, higher by 100 bps compared to March 2009
Godrej Expert Powder & Liquid Hair Colours and Renew perform well
* Revenues for the quarter improved by 13% from Rs.63.3 crore (GBP 7.7 million) to Rs.71.3 crore (GBP 9.1 million).
* PAT increased 227% to Rs.8.1 crore. On a GBP basis, PAT for the quarter stood at GBP 1.1 million compared to GBP 0.4 million, in Q2FY 2008-09 with growth of 175%
* Encouraging performance across all brands aided by the Cuticura Hand Hygiene range which has received strong demand on the back of swine flu fears
Rapidol Pty Ltd.
* Sales for the quarter were 38% higher at Rs.16.6 crore compared to Rs.12 crore (ZAR 26.6 million as compared to ZAR 21.2 million) in the same quarter of the previous year.
* PAT for the quarter was Rs.2.5 crore compared to Rs.1.5 crore (ZAR 3.9 million compared to ZAR 2.5 million) in Q2 FY2008-09.
* The “Inecto” Powder Hair Colors (PHC) range has been well accepted.
* “Renew” Hair Colors marketed and distributed by Rapidol in South Africa for GCPL continues to do well
Kinky Group (Proprietary) Ltd. (Kinky)
* Sales for the quarter were 45% higher at Rs.18.5 crore compared to Rs.12.8 crore (ZAR 29.5 million as compared to ZAR 22.5 million) in the same quarter of the previous year.
* Kinky sells a variety of products which include hair braids, hair pieces, wigs and wefted pieces along with hair accessories like styling gels, hair sprays and oil free shampoo.
Godrej Global Mideast FZE (GGME)
* Sales for the quarter was AED 3.2 million and on a rupee basis it was Rs.4.3 crore compared to Rs.2.9 crore
Godrej Sara Lee Limited
* In July 2009, the equity shareholders approved the Scheme (amalgamation of Godrej ConsumerBiz Limited and Godrej Hygiene Care Limited with the Company) without any modifications with the requisite majority.
* In October 2009, Honb'le High Court of Judicature at Bombay has approved the Scheme of Amalgamation of Godrej ConsumerBiz Limited and Godrej Hygiene Care Limited into Godrej Consumer Products Limited. With this, the Scheme has become effective from October 15, 2009 i.e. ("the Effective Date") and accordingly GCBL and GHCL has been amalgamated with the Company and stands dissolved without being wound up. The Appointed Date of the Scheme is June 1, 2009. Pursuant to merger, GCPL holds 49% stake in Godrej Sara Lee Limited.
* GCPL's share in Godrej Sara Lee's sales for the quarter under review stood at Rs. 139.7 crore and PAT was at Rs. 21.6 crore.
* Godrej Sara Lee has under its portfolio several leading brands such as GoodKnight, JET, HIT, AmbiPur , Brylcreem and KIWI.
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