This update seeks to provide an overall summary of the operating performance and demand trends witnessed during the quarter ended 30th Sep 2019. This will be followed by a detailed performance update, post the approval of 2QFY20 financial results by the Board of Directors.
During the quarter, we witnessed relatively mixed demand across our geographies of operations.
In India, demand continued to be challenging, impacted by a general consumption slowdown. Despite sluggish demand conditions, we recorded higher than mid single digit volume growth. The uplift in volume growth was led by recovery in household insecticides, new product launches, effective marketing campaigns and tactical consumer offers. The sales value growth will be very close to the last quarter's sales value growth. We look forward to a gradual improvement in consumer demand in the quarters ahead, aided by a good monsoon and government efforts to stimulate the economy.
In Indonesia, we recorded low double digit constant currency sales growth, driven by new product launches and several go-to-market initiatives.
In GAUM (Godrej Africa, USA, Middle East), we recorded a low single digit decline in constant currency sales growth. The performance was impacted by downtrading in hair extensions and adverse macros in few countries, thus resulting in mixed performance across the sub clusters. We continue to drive scale up of wet hair care and the relaunch of Darling brand in dry hair category along with expansion in distribution to deliver profitable sales growth for the full year.
Within the "others" geographies, in Latin America, despite currency depreciation in Argentina, volume and value growth have been robust. In INR terms also, we expect Latam to have robust value growth.
2QFY20 will be the last quarter with the UK business in the base quarter for close to two months of the operations.
Shares of GODREJ CONSUMER PRODUCTS LTD. was last trading in BSE at Rs.657.35 as compared to the previous close of Rs. 679.5. The total number of shares traded during the day was 36807 in over 1338 trades.
The stock hit an intraday high of Rs. 680.4 and intraday low of 656.05. The net turnover during the day was Rs. 24449435.