Godrej Industries Ltd's consolidated revenue from operations for Q2FY19 came in at Rs2,624cr, up 14.8% yoy. The operating EBITDA for the quarter stood at Rs135.8cr (excluding other incomes and share of profits from joint ventures and associates). The operating EBITDA margin declined by ~176bps to 5.2% in Q2FY19. The EBITDA (including other income and share of profits of equity in associates and joint venture) increased by 27% yoy to Rs394cr in Q2FY19. The net profit after tax (attributable to the owners) stood at Rs135.6cr in Q2FY19, up 72.1% yoy.
• The overall performance of the company is driven by estate and property development, chemicals and crop protection segment.
• Revenue under chemicals segment increased by 18.5% yoy to Rs445.8cr in Q2FY19. The healthy growth in revenue under this segment is likely combination of higher volumes, improvement in realizations and product mix. Segment EBIT increased significantly by 137.5% yoy to ~Rs36cr during the quarter, indicating higher operating leverage and favorable product realizations. Exports for Q2FY19 stood at Rs139cr during the quarter, up 11% yoy.
• Natures Basket’s (NBL) revenue stood at Rs86cr in Q2FY19. Online business clocked sales of ~Rs7cr in Q2FY19, a growth of 26% yoy. As at September 30, 2018, the company had 30 operating stores across three cities viz. Mumbai, Pune and Bangalore.
• The decline in operating EBITDA and EBITDA margin is attributable towards flattish operating performance under ‘Godrej Agrovet’ during the quarter.
• The increase in adjusted net profit of the company to Rs135.6cr in Q2FY19 is also on account of significantly higher other incomes of Rs133.1cr vs. Rs65.7cr in Q2FY18. The other income includes profit on sale of land by the subsidiary company of ~Rs30.5cr.
• The tax write-back of ~Rs37.6cr, pertaining to previous period, during the quarter has also aided the net profit during the quarter.
• The consolidated finance cost of the group increased by 20.9% yoy to Rs132.3, leading to a drag in the net profits of the company.
• Total debt (long and short term) declined to Rs6,143.2cr as on September 30, 2018 vs. Rs6,264.1cr as on March 31, 2018.
Godrej Industries Ltd is currently trading at Rs. 462, down by 8.6 points or 1.83% from its previous closing of Rs. 470.60 on the BSE.
The scrip opened at Rs. 470.20 and has touched a high and low of Rs. 474.40 and Rs. 460.50 respectively. So far 3,49,135 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.
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