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regular-article-logo Wednesday, 09 October 2024

GCPL suffers loss after business restructuring in US, Africa and West Asia

The company reported a consolidated loss of ₹1,893.21 crore in the January-March quarter compared with a profit of ₹451.14 crore in the year-ago period

Our Special Correspondent Mumbai Published 07.05.24, 07:43 AM
Representational image.

Representational image. File Photo

Godrej Consumer Products Ltd (GCPL) posted a surprise loss in the quarter ended March 31 as it took an exceptional charge after restructuring its businesses in Africa, the US and West Asia.

The company reported a consolidated loss of 1,893.21 crore in the January-March quarter compared with a profit of 451.14 crore in the year-ago period.

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Sales rose to 3,365.11 crore against 3,172.21 crore in the corresponding period of the previous year.

The one-time exceptional loss stood at 2,375.65 crore against 22.17 crore last year.

GCPL said in its notes to accounts that during the quarter, the group reviewed its long-term strategy for Africa and undertook some reorganisation during the period.

For the year ended March 31, exceptional items included impairment loss of 1,390.8 crore towards brand and goodwill for Africa, 927.2 crore relating to a loss on sale of subsidiaries and business in East Africa pursuant to changes in the business model and long-term strategy for Africa.

Another 71 crore loss was incurred on account of other group restructuring costs, including employees’ severance pay and inventory-related costs necessitated by the restructuring.

The exceptional items also included stamp duty payment and other costs in relation to the acquisition of Raymond Consumer Care for 87.8 crore.

For the year ended March 31, 2023, exceptional items comprised impairment loss of 6 crore towards brands, restructuring costs of 29.3 crore and 18.8 crore on
account of litigation settlement under VAT amnesty scheme in the consolidated
financial results.

Lupin profit rises

Lupin posted a consolidated net profit of 359.43 crore in the fourth quarter ended March 31 against 235.96 crore in the same period of the previous year. It came on the back of sales increasing to 4,895.11 crore from 4,330.30 crore in the March quarter of 2023.

Marico net up 4.9%

Marico has posted a 4.9 per cent rise in consolidated net profit at 320 crore in the fourth quarter ended March 2024. It had clocked a consolidated net profit of 305 crore in the same quarter of the previous fiscal. Consolidated revenue from operations stood at 2,278 crore against 2,240 crore in the year-ago period.

Arvind profit jumps

Arvind reported a standalone net profit of 71.85 crore, up from 48.81 crore in the same period of the previous year. During the quarter, its revenues increased to 1,899.57 crore against 1,707.08 crore in January-March 2023.

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