Homegrown FMCG firm Godrej Consumer Products Ltd (GCPL) on Monday reported a 7.6 percent year-on-year (YoY) fall in net profit at Rs 318.8 crore for the first quarter that ended June 30, 2023.

In the corresponding quarter last year, Godrej Consumer Products posted a net profit of Rs 345.1 crore, the company said in a regulatory filing. A CNBC-TV18 poll had predicted a profit of Rs 428 crore for the quarter under review.

The total revenue stood at Rs 3,448.9 crore during the period under review, increased 10.4 percent against Rs 3,124 crore in the corresponding period of the preceding fiscal. The CNBC-TV18 poll had predicted a revenue of Rs 3,600 crore for the quarter under review.

At the operating level, EBITDA jumped 23.4 percent to Rs 642.8 crore in the first quarter of this fiscal over Rs 520.8 crore in the corresponding period in the previous fiscal.

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EBITDA margin stood at 18.6 percent in the reporting quarter as compared to 16.7 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

For the first quarter of FY24, consolidated sales grew by 10 percent in rupee led by volume growth of 10 percent and constant currency growth of 15 percent year-on-year, it said.

The company's India business sales grew by 9 percent year-on-year led by volume growth of 12 percent. Also, Indonesia's sales grew by 20 percent in rupee terms and 15 percent in constant currency terms, year-on-year.

Africa, USA, and Middle East sales grew by 9 percent in rupee terms and 16 percent in constant currency terms, year-on-year. The Latin America and SAARC sales grew by 18 percent in rupee terms and grew by 79 percent in constant currency terms, year-on-year, Godrej Consumer Products said.

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Sudhir Sitapati, managing director and CEO of GCPL, "Our quality of profits has been improving consistently over the last few quarters with reported consolidated gross margin seeing the sharp improvement of 730 bps year-on-year and 80 bps quarter-on-quarter.

"Our EBITDA margin, too, improved by 270 bps year-on-year along with continued working media investments which increased by 79 percent year-on-year," the company said.

The results came after the close of the market hours. Shares of Godrej Consumer Products Ltd ended at Rs 1,030.70, up by Rs 13.95, or 1.37 percent on the BSE.