Godrej Consumer Product shares continued to make gains for the fifth straight session on Thursday as the company reported its earnings for the quarter ended March.
What Happened: The company’s consolidated sales jumped close to 10% at ₹3,172.21 crore as compared to the ₹2,894.15 crore worth of sales it managed in the same quarter last year. Domestic revenue grew 11.4% to ₹1,822.92 crore compared to the ₹1,635.34 crore revenue it reported in the year-ago period.
The company’s net profits for the review quarter grew by 24.47% YoY to ₹452.14 crore, beating consensus estimates of around ₹400-₹425 crore. Earnings per share for the quarter stood at ₹4.42.
Analysts were also impressed by the company’s strong numbers. Morgan Stanley maintained its ‘overweight’ rating for the stock with a price target of ₹1,129. JP Morgan also maintained the ‘overweight’ rating for the stock with a price target of ₹990. Domestic brokerage firm ICICI Securities also maintained its ‘add’ rating for the stock raising the target price to ₹1,050 from ₹1,000.
The company also announced that its board also approved the raising of funds by way of issuance of Unsecured Non-Convertible Debentures (NCDs), listed and or unlisted, aggregating to an amount up to Rs. 5,000 crore. The company had last month announced that it would be acquiring the fast-moving consumer goods business of Raymond Consumer Care for ₹2,825 crore.
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Price Action: GCPL share price was up 2.27% to trade at ₹984.30 in the early hours of trading on Thursday.
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