Godrej Consumer Products (GCPL) mentioned on Tuesday that Sudhir Sitapati will join the organization as managing director and chief executive officer efficient October 18. Nisaba Godrej, at the moment the chairperson and managing director, will continue to serve as executive chairperson.
Sitapati comes to GCPL just after a tenure of 22 years at Hindustan Unilever (HUL), exactly where he led teams across categories and functions in India, Europe, South East Asia and Africa.
He was appointed to the HUL management committee as an executive director in 2016, creating him one of its youngest-ever members. Under his leadership, HUL constructed up its foods and refreshments company as one of the biggest in India. This incorporated the $5 billion merger and integration of GlaxoSmithKline Consumer Healthcare with HUL, the biggest deal of its sort in the FMCG sector in India.
Sitapati is at the moment the co-chair of the CII National Committee of Food Processing and is a previous co-chair of the FMCG Committee. He has an MBA from the Indian Institute of Management, Ahmedabad, and a BSc in Maths with Economics Honours from St Xavier’s College, Mumbai.
Nisaba Godrej mentioned, “I am delighted to be welcoming Sudhir to Godrej. His significant experience and passion for building sustainable and profitable brands and businesses aligns very strongly with our purpose at GCPL. Sudhir’s values-based leadership style also makes him a great fit with the Godrej culture. I look forward to his partnership in unlocking the amazing potential of our company and leading its next phase of growth.”
Sitapati mentioned, “I am very inspired by the legacy of the Godrej Group, and GCPL’s purpose of bringing the goodness of health and beauty to consumers across emerging markets. I am excited about working closely with the talented GCPL team to build on the incredible work they are doing and create sustainable, long-term value for our company.”
Net profit up 59%
GCPL, on Tuesday reported a 59% year-on-year (y-o-y) rise in net profit at Rs 366 crore for the quarter ended March 31, 2021, but remained beneath Bloomberg consensus estimates. The income in the course of the quarter improved 27% y-o-y to Rs 2,730 crore. The India company saw net profit development of 13% y-o-y without having exceptions and one-off to Rs 251 crore. India sales improved 35% y-o-y to Rs 1,466 crore, even though the Ebitda (earnings prior to interest, tax, depreciation and amortisation) improved 10% y-o-y to Rs 331 crore. In terms of the categories, the organization witnessed continued robust development momentum in the household insecticides and hygiene categories. Hygiene grew by 38%, household insecticides 28%, and worth for revenue goods grew 27%.