Godrej Industries Ltd on Thursday reported a consolidated net profit of Rs 216.32 crore in the third quarter ended December 31, 2019. The company, which announced reappointment of Nadir Godrej as its managing director for a period of three years, had posted a consolidated net profit of Rs 156.42 crore in the year-ago quarter.
Revenue from operations during the third quarter this fiscal stood at Rs 2,696.31 crore. It was Rs 2,417.58 crore in the same period a year ago.
The company said during the previous year, one of its subsidiaries had acquired control of Godrej Tyson Foods Ltd and Godrej Maxximilk Pvt Ltd and they became subsidiaries with effect from March 27, 2019.
Accordingly consolidated financial results of the current quarter and nine months ended December 31, 2019 include results of these acquired firms. Hence, the consolidated financial results of the current quarter and nine months ended December 31, 2019 are not comparable with the financial results of the corresponding previous periods, the company said.
On Godrej's reappointment, the company said the Nomination and Remuneration Committee of the Board of Directors had recommended the proposal.
The board approved the re-appointment of managing director of the company for a further period of three years commencing from April 1, 2020 upto March 31, 2023 subject to approval of the shareholders.
Godrej Industries also said its board has approved investment of up to Rs 5OO crore by way of subscription or purchase of securities or otherwise in Godrej Agrovet Ltd, its subsidiary company subject to shareholder approval.
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