FMCG major Godrej Consumer Products Ltd on Wednesday said it expects mid-single digit consolidated volume growth and double-digit operating profit growth for the quarter ended March 2023.
Growth trends continue to improve sequentially, the company said in its regulatory filing. Godrej Consumer Products said it expects profit quality to improve, with gross margin recovery and continued marketing investments driving double-digit EBITDA growth.
gcpl said it saw steady demand in the quarter, with growth expected to gradually improve in India in the FMCG sector.
“The performance of our India business has exceeded expectations especially on the volume front. We expect to deliver double digit volume and value growth,” GCPL said in its regulatory filing.
It added that home branded business growth in teens was the strongest recorded volume and value growth.
“This is in line with our strategy of volume-driven category growth. Overall, growth was broad-based and led by double-digit volume and value growth in both Home Care and Personal Care.”
In the international business, Indonesia, one of the company’s key markets, has begun to see a gradual improvement in performance with mid-single digit constant currency sales growth.
“Development pre-cleanliness is close to double digits. We believe the building blocks are in place in Indonesia for stable to strong performance in the next fiscal year.”
Godrej Africa, USA and Middle East (GAUM) saw a temporary pause in its strong double-digit sales growth momentum, exceeding mid-single digit sales growth in constant currency terms.
Godrej Consumers reports 3.5 percent rise in consolidated profit 546.3 crore in the December 2022 quarter. it is against the net profit of 527.6 crore in the year-ago period.
The company’s stock closed at a gain of 0.77 per cent on Wednesday. 972 on BSE.
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