Indian consumer goods companies Dabur and Godrej Consumer Products Limited (GCPL) have reported strong Q2 results, with both companies outperforming estimates for FY23-24.
Dabur announced a Q2 profit of Rs 515.05 crore ($6.9 million), marking a 5.1% increase from the Rs 490.06 crore reported in Q2 of FY23. Revenue from operations saw a rise of 7.3% to Rs 3,203.84 crore, with total income for the quarter reaching Rs 3,320.25 crore and expenditure at Rs 2,669.43 crore. The company's EBITDA stood at Rs 661 crore. In addition to its financial results, Dabur declared an interim dividend of Rs 2.75 per equity share, with the record date set for November 10, 2023.
Meanwhile, GCPL reported a net profit rise of 20.6% to Rs 432.77 crore, up from last year's Rs 358.86 crore, driven by double-digit volume growth and improved margins from brands such as Good Knight, Cinthol and HIT. The company's revenue from product sales rose by 6.06% to Rs 3,568.36 crore while total income reached Rs 3,667.88 crore, marking a 6.87% increase.
Sudhir Sitapati, MD and CEO of GCPL, noted a 9.22% rise in India revenue to Rs 2,168.21 crore due to an 11% volume growth. Despite challenges such as poor monsoons impacting the household insecticides segment and naira devaluation affecting the African market, sales in constant currency terms grew by 16%. Revenue from Indonesia rose by 15.73% to Rs 472.96 crore, supported by media investments and a GT distribution strategy. The company's FMCG categories outperformed, and newly acquired brands Park Avenue and KamaSutra improved their sales run-rate. GCPL also declared an interim dividend with a payout of Rs 511 crore.
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