Godrej Industries today posted a consolidated net profit of Rs 179.44 crore for the third quarter ended December 31, 2012, driven by robust growth in its agri-business segment.
The company had posted a net profit of Rs 84.73 crore in the same period last fiscal.
Total income during the period under review stood at Rs 1,713.14 crore as against Rs 1,453.79 crore in the year-ago period, Godrej Industries said in a filing to the BSE.
In view of the changes in the company's shareholdings during the period in some of the subsidiaries, joint ventures and associates, the consolidated results for the period are not strictly comparable with those of the previous period, the company said.
Commenting on the results, Godrej Industries Chairman Adi Godrej said: "...we have performed well despite a challenging macro-economic environment. Our agri business continue to report healthy numbers with animal feed segment supporting strong growth in the quarter".
The animal feed business had the largest revenue during the third quarter at Rs 622.48 crore as compared to Rs 453.52 crore in the same period last fiscal.
Revenue from the chemicals business was down to Rs 301.63 crore from Rs 332.19 crore in the year-ago period. Estate and property development business had revenue of Rs 283.55 crore during the quarter as against Rs 177.30 crore.
Godrej said during the third quarter, a strategic development took place with the introduction of Temasek at Godrej Agrovet Ltd (GAVL) as an investor and a partner.
"We believe that this will prove to be highly beneficial given their global credentials, knowledge of agribusiness and excellent track record," he said.
Shares of Godrej Industries ended the day at Rs 301.65 apiece, down 0.72 per cent from the previous close on the BSE.