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Godrej Industries gains 6% on robust Q2 earnings; Board approves raising Rs 1,500 crore

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Shares of Godrej Industries rallied over 6 percent on Wednesday after it posted robust earnings for the second quarter of fiscal 2020.

Shares of Godrej Industries rallied over 6 percent Wednesday after it posted robust earnings for the second quarter of fiscal 2020.
The company reported 95.7 percent jump in net profit in Q2FY20 at Rs 371.46 crore as against Rs 189.76 crore in the same period last year.
Total revenue from operations rose 3.6 percent to Rs 2,628.71 crore versus Rs 2,538.39 crore, YoY.
Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 1.6 percent at Rs 151.1 crore versus Rs 148.7 crore, while EBITDA margin remained flat at 5.8 percent versus 5.9 percent, YoY.
Godrej’s board has approved raising of funds by way of issuance of unsecured non-convertible/debentures/bonds/Other Instruments aggregating to Rs 1,500 crore in one or more tranches.
The board also approved further investment of up to Rs 750 crore by way of subscription/purchase of securities or otherwise in its subsidiary Godrej Properties.
At 12:30 PM, shares of Godrej Industries were trading 2.51 percent higher at Rs 441.90 on the BSE.
Shares of Godrej Industries ended at Rs 430.75, down 430.75 , or 0.13 percent on the BSE.