Mumbai, November 10, 2022: Godrej Consumer Products Limited (GCPL), a leading emerging
markets FMCG company, today announced its financial results for the quarter ending September 30,
2022.
FINANCIAL OVERVIEW
2Q FY 2023 FINANCIAL PERFORMANCE SUMMARY:
2Q FY 2023 consolidated sales grew by 7% year-on-year; 3-year CAGR 9%
– India business sales grew by 8% year-on-year, 3-year CAGR 9%
– Indonesia sales declined by 8% in INR and 11% in constant currency terms, year-on-year; Exhygiene growth of 12% in INR and 8% in constant currency
– Africa, USA and Middle East sales grew by 15% in INR and 13% in constant currency terms, yearon-year; 3-year CAGR 13% in constant currency
– Latin America & SAARC sales declined by 1% in INR and grew 34% in constant currency terms,
year-on-year; 3-year CAGR 30% in constant currency
2Q FY 2023 consolidated EBITDA declined by 15% year-on-year
2Q FY 2023 consolidated net profit declined by 21% year-on-year (without exceptional items and
one-offs)
Press Release – November 8, 2022 2
MANAGING DIRECTOR AND CEO’S COMMENTS
Commenting on the business performance of 2Q FY 2023, Sudhir Sitapati, Managing Director
and CEO, GCPL, said:
We delivered a steady performance in 2Q FY 2023. Overall sales grew by 7% with 3-year CAGR of 9%.
However, this growth was driven by pricing. We continue to believe that with the relatively nondiscretionary, mass pricing of our portfolio and good performance on market shares, volume growth
will return in the short term. Our overall EBITDA declined by 15% driven by consumption of high-cost
inventory, upfront marketing investments and a weak performance in our Indonesia and Latin America
& SAARC businesses. PAT without exceptional items and one-offs declined by 21%.
From a geography perspective, India grew steady at 8%. Our Africa, USA and Middle East business
continued its robust growth trajectory, growing at 15% in INR and 13% in constant currency terms.
Performance in our Indonesian business was weak, declining by 8% in INR and 11% in constant currency
terms. Indonesia growth ex-hygiene category in the base 8% in constant currency. From a category
perspective, in India, we saw continued momentum in Personal Care, which grew by 18%. Home Care
grew by 2%.
With inflationary pressures abating, we expect recovery in consumption and gross margins alongside
continued higher marketing investments with a significant focus on reducing controllable costs.
We continue to have a healthy balance sheet and our net debt to equity ratio continues to drop. We are
on a journey to reduce inventory and wasted cost and are deploying this to drive profitable and
sustainable volume growth across our portfolio through category development.
We remain committed to our purpose of bringing the goodness of health and beauty to consumers in
emerging markets.
