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NEW DELHI :
Mumbai based packaged goods company Godrej Consumer Products Ltd., on Tuesday announced the restructuring of the wholly owned overseas subsidiaries of the company.
“Pursuant to Regulation 30 of Securities and Exchange Board of India Regulations, 2015, we would like to inform that the Board of Directors of the Company at its meeting held today i.e. November 8, 2022, has granted in-principle approval for restructuring the wholly owned overseas subsidiaries of the company,” the company said in a filing to the exchanges on Tuesday.
The proposed restructuring is to be carried out to ensure streamlining of the entities by reducing number of entities and layers, it said. To be sure, GCPL sells hair colours, soaps, insecticides and air care products.
The restructuring will not have any impact on the stake held by the company in these subsidiaries, which shall continue to remain at 100%, the company added.
“GCPL will make appropriate disclosures in accordance with the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and other applicable laws as and when there is an occurrence requiring disclosure on the above matter,” it said in its filing.
To be sure, the company has presence in Asia, Africa, and Latin America. GCPL also has manufacturing plants in India, Africa, Indonesia, Latin America, and the USA.
In fiscal year 2021-22, 44% of the company’s overall revenues came from international businesses.
On Tuesday, the company reported a 25% drop in September quarter consolidated profit to ₹358.86 crore. Total revenue from operations grew 7.1% to touch ₹3,391.92 crore year-on-year.
India business sales grew by 8% year-on-year, it said.
“Indonesia sales declined by 8% in Indian rupees and 11% in constant currency terms, year-on-year; excluding-hygiene growth of 12% in Indian rupees and 8% in constant currency. Africa, USA and Middle East sales grew by 15% in Indian rupees and 13% in constant currency terms, year-on-year; 3-year CAGR 13% in constant currency. Latin America & SAARC sales declined by 1% in Indian rupees and grew 34% in constant currency terms, year-on-year; 3-year CAGR 30% in constant currency,” it said.
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John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
