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25 July 2011

Godrej Consumer -- 1QFY2012 Result Review ::: Angel Broking,

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Godrej Consumer
For 1QFY2012, Godrej Consumer (GCPL) posted a mixed performance. Consolidated
top-line growth was strong at 39.6% yoy to `997cr, led by recent acquisitions; domestic
revenue growth stood at 21% yoy. Recurring earnings declined by 22.6% yoy to `64cr,
despite strong top-line growth due to a 346bp yoy contraction in OPM. The OPM
contracted due to increased staff cost, ad spends and other expenses. However, reported
earnings grew strongly by 94.2% yoy due to extraordinary income of `175.2cr to `239cr.
The stock is under review.

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