Godrej Industries Share Price Spikes On Over Twofold Rise In Q2 Profit
Godrej Industries share price rose as much as 9.50% to Rs 1,021.45 apiece.
Shares of Godrej Industries Ltd. surged nearly 10% in early trading on Thursday following the company's strong financial results for the quarter ending September.
The holding company of the Godrej Group reported a consolidated net profit of Rs 488.86 crore for the period, a significant jump from Rs 164.5 crore in the same quarter last year, marking over a twofold increase.
This result represents the second consecutive quarter of more than double growth in the company's bottom line.
Revenue for Godrej Industries also saw a 22% year-on-year increase, reaching Rs 4,804.96 crore for the quarter. Operating income, or Ebitda, surged by 116% to Rs 574.72 crore, with the Ebitda margin expanding to 12% from 6.7% in the previous year.
In terms of business segments, the consumer products division posted sales of Rs 3,647 crore during the quarter, driven by a 12% growth in the home care segment and a 3% rise in personal care sales.
The chemical business saw its revenue increase to Rs 819 crore, while the real estate arm recorded income of Rs 1,343 crore.
Godrej Industries Share Price
Godrej Industries share price rose as much as 9.50% to Rs 1,021.45 apiece. The stock pared gains to trade 3.66% higher at Rs 967 apiece, as of 09:33 a.m. This compares to a 0.12% advance in the NSE Nifty 50 Index.
It has risen 30.37% on a year-to-date basis. Total traded volume so far in the day stood at 1.94 times its 30-day average. The relative strength index was at 37.87.
ICICI Securities (Institutional) maintains a 'buy' call on the stock, with a target price of Rs 1,090, according to Bloomberg data. The average 12-month consensus price target implies an upside of 12.3%