Godrej Consumer Products gains as firm expects to deliver double-digit sales growth in Q3

“The quality of our profits should see meaningful improvement, led by gross margin recovery” the company said in an exchange filing

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Share price of Godrej Consumer Products gained 2.7 percent intraday on January 5 after the company said it is expecting to deliver double-digit sales growth backed by low single-digit volume growth in October-December quarter.

At 11:30 am, the stock quoted at Rs 913.50 on the NSE, up 2.8 percent. Trading volumes of 1,178,096 on the NSE were significantly higher than 20-day average volume of 897,853.

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In its Q3 business update, the company said that there has been a sequential improvement from high single-digit sales growth and mid single-digit volume decline seen in the previous quarter.

“The quality of our profits should see meaningful improvement, led by gross margin recovery and continued marketing investments translating to high single-digit EBITDA growth,” it added.

The company’s Indonesia business has started to see gradual recovery in performance, with constant currency sales decline in low single digits.

“Godrej Africa, USA, and Middle East (GAUM) continues its strong sales growth momentum, clocking double-digit sales growth in constant currency terms,” the company said.

At a consolidated level, Godrej Consumer Products expects to deliver sales growth in mid-teens in constant currency terms with flattish volumes.

Also Read: Godrej Consumer Products: Volumes making a comeback, will margins follow?

In Q2FY23, the firm had reported a decline of 25.06 percent in its consolidated net profit at Rs 358.86 crore. Revenue from the sale of products was up 7 percent YoY at Rs 3,364.45 crore.