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Godrej on acquisition mode, to pick on personal care firms

26-October-2002
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Godrej on acquisition mode, to pick on personal care firms

Godrej Consumer Products is eyeing acquisitions worth Rs 150 crore in the personal and household care segments. The personal care division of the company comprises toilet soaps, deodorants, cosmetics, shaving cream and talcum powder, and the household segment has the Godrej liquid cleaner.

The other two consumer product segments are hair care and fabric care. The company also disclosed acquisitions as an option for growth at its recently held analysts’ meet.

According to industry sources, the company had bid for some products earlier but talks did not fructify due to pricing. The market also expects topline and bottomline growth for the second half of the year to be greater than the first half.

For the half year ended September 30, sales grew by 2 per cent to Rs 233.5 crore and the company registered a profit after tax of Rs 26.8 crore, up by 35 per cent.

The company has achieved an EVA of Rs 20.2 crore for the half year as against Rs 13.7 crore for the corresponding period of the previous year, up 47 per cent.

Godrej has also recently announced that the company has decided to go in for a third round of buyback. The company will acquire shares at a price not higher than Rs 175 per share and the outlay for the buyback is Rs 10 crore.

The last buyback was completed a few weeks back at an average market price of Rs 111 per share, which was in spite of the company’s proposal to buyback at a maximum price of Rs 175 per share at a maximum outlay of Rs 4.6 crore.

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