India’s Godrej Consumer Products Expects Double-Digit Q1 Sales Growth
Mumbai-based company, Godrej Consumer Products, has projected a double-digit increase in sales for the first quarter of 2023, driven by strong demand for its home care and personal care products. The company’s India home care division, responsible for the renowned Goodknight and HIT brands, witnessed a double-digit surge in volume growth during the three months ending June 30. Additionally, its personal care unit, housing the popular Cinthol soaps, experienced volume growth exceeding mid-single digits.
Despite the challenges posed by the ongoing pandemic, Godrej Consumer has managed to maintain steady consumer demand in India, as evidenced by previous quarters. In fact, this business segment accounted for almost 57% of the company’s total revenue in the last quarter.
In terms of overall sales volumes, including international markets, Godrej Consumer estimated a high-single digit percentage increase. The company also commented on the sustained improvement in the quality of its profits, attributing it to robust gross margin expansion.
Shares of Godrej Consumer rose by 1.4% to INR 1,076.95 ($13.08), adding to an impressive 21.5% gain so far this year.
Godrej Consumer also anticipates certain expenses relating to its acquisition of the Park Avenue and KamaSutra brands.
Navamya Ganesh Acharya in Bengaluru and Praveen Paramasivam in Chennai reported this news. It has been edited by Savio D’Souza and Nivedita Bhattacharjee.
