Godrej Industries on Tuesday (June 2) announced its entry into the wealth management business under its financial services segment, expanding beyond its existing lending operations housed under Godrej Financial Services.The company reported its fourth quarter earnings last week. Its consolidated net profit increased 142.6% to ₹444 crore from ₹183 crore in the previous year.
The company’s revenue was up 33.1% in the March quarter at ₹7,694 crore from ₹5,780 crore last year.
It also approved raising up to ₹1,500 crore via issuance of unsecured non-convertible debentures (NCDs), bonds or other instruments on a private placement basis, in one or more tranches, over a year, subject to shareholder approval.The company’s board also approved an investment of up to ₹1,000 crore in its wholly-owned subsdiairy Godrej Investment Ltd.
Shares of Godrej Industries declined 3.2% to hit an intraday low of ₹1,056.5 apiece on Tuesday (June 2). The stock was down 2.6% at ₹1,063.8 apiece at 12.30 pm. It has gained 9.7% in the past month.
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