The group expects Godrej Agrovet also to perform well as it is mainly in the palm oil sector and the prices have risen a lot globally in the last month.
As per the report, Godrej's total remuneration in FY19 stood at Rs 6.07 crore, down 20 percent from the previous year.
Adi Godrej and Jamshyd Godrej said that they have been working on a long-term strategy plan for the group for several years.
"In India, our experience has been that lower rates of taxes have led to higher collection of taxes and higher rates of growth. So, we need to have a tax system that is optimal," Godrej said at the Economist India Summit.
The corporate tax rate for larger companies should be brought down to 25 percent, said Adi Godrej, Chairman, Godrej Group.
At the same time Godrej acknowledged that there are certain teething problems under the new tax regime.
Veteran industrialist Adi Godrej today said the Goods and Services Tax (GST) will lead to considerable increase in the GDP in the next six months.
Both were honored for creating inclusive business environments, integrating India in the global supply chain and advancing core values such as manufacturing, innovation and scale in tough market conditions, the USIBC said.
The FY19 growth will be better than FY18 and will hopefully be double digit, said Adi Godrej, Chairman of Godrej Group.
In an interview to CNBC-TV18's Priya Sheth, Adi Godrej, Chairman of the Godrej Group spoke about his outlook and impact of GST rollout for the company and Indian economy.
Adi Godrej, 75, will become Chairman Emeritus after leading the company for 17 years as Nisaba, currently Executive Director of the company, assumes the new role of Executive Chairperson on May 10, 2017.
"They (e-tailers in India) are not making much progress, even modern retail in India is not making much progress," the Chairman of the Godrej Group told PTI, while talking about the scene in this space.
The Chairman of the Godrej Group termed as "ridiculous" suggestions in some industry and business quarters that the GST roll out be pushed to October one from July one.
As Indian family-owned firms grow in size, their need for external investors and talent will rise in tandem, leading to diverse ownerships and professional managements, says Adi Godrej
Godrej Group's FMCG unit Godrej Consumer Products has left demonetisation behind in and expects a better show in the fourth quarter ending March 2017. Adi Godrej, Chairman, Godrej Group, said consumption has picked up and FMCG business is doing good.
Going ahead, remonetisation will spur the company‘s earnings in the fourth quarter ending March 2017, Godrej Group Chairman Adi Godrej said, adding that GST rollout will fuel the company‘s and India's growth in FY18.
The strength of the US dollar will decide the fate of the emerging markets (EMs), said Sanjeev Prasad, Senior ED & Co-Head at Kotak Institutional Equities.
The implementation of the Goods and Services Tax (GST) can add 1.5-2.0 percent to the country‘s GDP feels Adi Godrej, Chairman of Godrej Group.
Realty firm Godrej Properties Ltd expects to monetise commercial properties worth about Rs 1,500 crore at Mumbai, Kolkata and Chandigarh over the next six months and reduce net debt, which now stands at Rs 3,278 crore.
Pirojsha Godrej becomes Executive Chairman while Executive Director Mohit Malhotra takes over from Pirojsha as Managing Director and Chief Executive.
Mumbai-based real estate firm Godrej Properties reported healthy growth in third quarter earnings despite currency demonetisation. Profit on consolidated basis increased nearly 3-fold year-on-year to Rs 77.2 crore on strong response to new launches despite demonetisation.
GCPL's total income was up 8.75 percent 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.
Adi Godrej, Chairman, Godrej Group, feels that cutting individual and corporate taxes is quintesential to stimulating the economy after the demonetisation led to consumption plummeting in the economy.
"No. Nothing," he replied when asked if he thought that the government needs to do something as some argue that real estate and gold are among the biggest generators of unaccounted wealth.