Godrej Group Chairman Adi Godrej is pinning hopes on the implementation of Goods and Services Tax (GST) to help the group companies better their FY17 performance in the next fiscal.
Going ahead, remonetisation will spur the company’s earnings in the fourth quarter ending March 2017, Godrej said, adding that GST rollout will fuel the company’s growth in FY18.
THE GST Council led by Finance Minister Arun Jaitley had in January hinted at a likely countrywide GST rollout from July 1, three months behind the original April 1 schedule.
“We expect Indian economy to do very well in the next few years. Personally, I expect that once GST comes in it is quite likely that India might enjoy double-digit GDP growth. I am very bullish on the future of the Indian economy and our businesses,” Godrej told CNBC-TV18.
Godrej Industries on Tuesday posted a Rs 42.31 crore standalone loss for the December quarter against Rs 49.42 crore profit a year ago. Total revenue increased 30.34 percent to Rs 410.52 crore from a year ago.Realty arm Godrej Properties saw a healthy growth in Q3FY17, while chemicals business saw a revenue growth of 30 percent in the third quarter, Godrej said. The company is conducting a strategic study to position Nature’s Basket better, he added.