FMCG firm Godrej Consumer Products Ltd (GCPL) on monday logged a 4.34 per cent decline in consolidated net profit at Rs 351.78 crore for the December 2016 quarter partly due to the impact of demonetization.
Its net profit for October-December last year stood at Rs 367.75 crore.
GCPL’s total income was up 8.75 per cent during the period under review at Rs 2,485.77 crore as against Rs 2,285.74 crore a year earlier, it said in a BSE filing.
Chairman of Godrej Group, Adi Godrej was quoted by PTI: “In India, while demonetization has resulted in some near-term disruptions, we have outperformed the overall market with secondary sales growth of 2 per cent during the quarter…Through our focus on operating efficiencies and judicious cost management, our Ebitda, too, has increased by 15 per cent.”
He further told PTI, “Going forward, remonetisation should result in growth normalising in India over the next few months. In financial year 2018, implementation of GST will provide strong momentum for a much better economic environment and stronger consumer demand.”
During the quarter, GCPL’s India business primary sales came in flat due to demonetization.
Meanwhile, in a separate filing, GCPL said its board in a meeting today declared a third interim dividend of Rs 1 per share for 2016-17.