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Billionaire Godrej’s Consumer Unit to Double Sales in 3 Years

Sept. 20 (Bloomberg) -- Godrej Consumer Products Ltd., India’s third-biggest personal products maker by market value, aims to double sales in three years, helped by acquisitions in its three main businesses of hair color, soaps and insecticides.

The company would look to buy businesses in Asia, Latin America and Africa, P. Ganesh, executive vice-president of finance at Godrej Consumer, said in an interview in New Delhi today. “The play really is on emerging markets.”

Godrej Consumer, which has acquired seven businesses since January 2010 boosting its share of overseas revenue to 39 percent in the year ended March, aims to generate about two-thirds of its sales from India, Managing Director A. Mahendran said today. Sales at the maker of Renew hair color and Cinthol soap jumped 78 percent, the fastest pace in at least five years, to 36.4 billion rupees ($757 million) in the last fiscal period.

The Mumbai based company, controlled by billionaire Adi Godrej, completed its purchase of Johannesburg-based wig and hair extensions maker Darling Group Holdings earlier this month, and paid 185 million euros ($253 million) to buy out Sara Lee Corp.’s stake in their Indian home insecticides joint venture.

Godrej Consumer fell 0.5 percent to 424.20 rupees at the 3:30 p.m. close in Mumbai trading. The stock has gained 9.6 percent this year outperforming the benchmark BSE India Sensitive Index, which has declined 17 percent in the period.

Net income almost doubled to 2.39 billion rupees in the three months ended June, Godrej Consumer reported in July.

To contact the reporter on this story: Malavika Sharma in New Delhi at msharma52@bloomberg.net.

To contact the editor responsible for this story: Frank Longid at flongid@bloomberg.net.

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