Godrej Industries posted a stellar 112 percent growth in net profit to Rs 179 crore during the December quarter on the back of a one-time gain. The company had exceptional income of Rs 131 crore from the divestment of stake in subsidiary Godrej Agrovet in the quarter.
“The reasons for the excellent results were mainly two: 1) finance strategic business unit (SBU) of the company did very well because of the Temasek investment in Godrej Agrovet and 2) this was the first quarter in which the losses of the Godrej Hershey joint venture did not get consolidated because we had sold our shares in Godrej Hershey to Hershey in the previous quarter,” chairman Adi Godrej told reporters.
However, Godrej’s chemical and poultry business did not do well in the quarter gone by. Godrej expects a turnaround in the chemical business by February-March period. “We expect the Indian economy to now start doing better and that all the businesses in Godrej Industries will benefit. We see good quarters going ahead,” he assures.