A Project Report

Showing the

Financial Statements Analysis of

Godrej Consumer Products

Limited

Submitted to: Prof. Megha Shah

Date: 24-12-10

Submitted By:

Malhar Bhatt (NR10011)

 Hardik Patel ()

Vishal Shah ()

Manish Modi ()

Kunal Maheria ()

Acknowledgement

Through this acknowledgement, I express my sincere gratitude towards

all those who have helped me in the preparation of this project, which was a
learning experience.

My Sincere Thanks to Prof. Megha Shah for initiating the project for the
betterment of the students.

Also thanks to internet for making information accessible on the touch of

fingers.

Thanks to Godrej Consumer Product Limited for making its annual

reports available on internet.
 Preface

Our project is on the analysis of the financial statements of the Godrej

Consumer Products Ltd. It is a company dealing mainly in consumer products.
The source of the information is the annual reports of Godrej consumer products
Ltd downloaded from www.godrej.com and the extracts of the information in
this analysis is wholly based on the information from the above mentioned
source.

The analysis is important as financial statement analysis is the collective

name for the tools and techniques that are intended to provide relevant
information to decision makers. The purpose of financial statement analysis is to
access a company’s financial health and performance. Financial statement
analysis consists of comparisons for the same company over a period of time.
Financial statement analysis enables investors to evaluate past performance and
financial position of business.
 Executive Summary

This project is all about analysis of financial reports of Godrej consumer

products Ltd. with the help of different techniques such as (1) Horizontal
Analysis (2) Trend Analysis (3) Vertical Analysis (4) Analytical Balance sheet

1. Horizontal Analysis – It is to calculate amount changes and percentage

changes from the previous year to the current year.

2. Trend Analysis – Trend analysis involves calculations of index changes in

financial statement items for a number of successive years.

3. Vertical Analysis – Vertical analysis is the proportional expression of each

item on a financial statement total.
4. Analytical Balance Sheet – The balance-sheet is made horizontally and
further analytical from the angle of the equity shareholders.

Contents

07 Chapter # 1

09 Chapter # 2

12 Analysis of the financial statements of Godrej consumer products ltd

12 Multi-step profit & loss account

14 Horizontal Profit & loss account

15 Interpretation of Horizontal profit and loss account

16 Horizontal balance-sheet

18 Interpretation of Horizontal balance sheet

20 Vertical Profit & loss account

21 Interpretation of vertical profit & loss account

22 Vertical balance-sheet

23 Interpretation of vertical balance sheet

25 Analytical balance-sheet

26 Trend analysis of past 4 years

26 Interpretation of trend analysis

28 References
List of annexure
 Chapter # 1 - Introduction to company

Times gone by:

Established in 1897, the Godrej group has grown in India from the days
of the charkha to nights at the call centres. The founder, Ardeshir Godrej,
lawyer-turned-locksmith, was a persistent inventor and a strong visionary who
could see the spark in the future. His inventions, manufactured by his brother
Pirojsha Godrej, were the foundation of today’s Godrej Empire.

Contemporary:

Godrej Consumer Products (GCPL) is a leader among India's Fast

Moving Consumer Goods companies, with Personal and Home Care Products.
Our brands, which include Cinthol, No. 1, Expert and Ezee, among others, are
household names across the country.

Branch Offices in Mumbai, Delhi, Kolkata and Chennai ensure pan-India

coverage, while factories located at Malanpur (Madhya Pradesh), Thana
(Himachal Pradesh), Katha (Himachal Pradesh), Guwahati (Assam) and Sikkim
cater to the diverse requirements of our product portfolio.

With the acquisition of Keyline Brands in the United Kingdom, Rapidol

and Kinky Group, South Africa and Godrej Global Mideast FZE, a 100%
subsidiary of Godrej International, GCPL now owns international brands and
trademarks in Europe, Australia, Canada, Africa and the Middle East.
 At GCPL, they are driven by their mission to continuously enhance the
quality of life of consumers in high-growth markets with superior-quality and
affordable personal care and hygiene products.

At Godrej Consumer Products Limited (GCPL) they have during the year
under review, endeavoured to put in place all the building blocks so that they
are optimally prepared for the future and ensure that they are best placed to
strengthen their growth and create value for all their stakeholders.
“We are dedicated to Deliver Superior Stakeholder Value by providing
solutions to existing and emerging consumer needs in the Household &
Personal Care Business. We will achieve this through Enduring Trust and
Relentless Innovation delivered with Passion and Entrepreneurial Spirit.” is
the vision of the company.

Corporate Information:

• Board of Directors
i. Rama Bijapurkar
ii. D. Shivakumar
iii. Bharat Doshi
iv. Nadir Godrej
v. Hoshedar Press
vi. Adi Godrej
vii. Jamshyd Godrej
viii. Aman Mehta
ix. A. Mahendran
x. Dr. Omkar Goswami
xi. Dalip Sehgal
xii. Bala Balachandran

• Management Committee
i. Jimmy Anklesaria
ii. Sumit Mitra
iii. Dr. Rakesh Sinha
iv. Dr. Sunder Mahadevan
v. Dalip Sehgal
 vi. P. Ganesh
vii. Bhupendar Sodhi

• Company Secretary
P. Ganesh

• Auditors
Kalyaniwalla & Mistry
Chapter # 2 – Financial Statement Analysis

OBJECTIVES:

• Financial statement analysis is the collective name for the tools and
techniques that are intended to provide relevant information to decision makers.
• The purpose of financial statement analysis is to assess a company’s
financial health and performance.
• Financial statement analysis consists of comparisons for the same company
over periods of time and comparisons of different companies either in the same
industry or in different industries.
• Financial statement analysis enables investors and creditors to:
1. Evaluate past performance and financial position.
2. Predict future performance.

Standards of Comparison:

• In using the results of financial statement analysis, financial analysts look for
pertinent standards of comparisons to determine whether the results of their
analysis are favourable of unfavourable.
• For this purpose, comparisons are made with
1. General rule-of-thumb indicators/ benchmark.
2. Past performance of the company.
3. Industry standards.
Sources of Information:

1. Company Reports
2. Company Website
3. Business Periodicals
4. Information Services

Techniques of Financial Statement Analysis:

1. Horizontal Analysis
2. Trend Analysis
3. Vertical Analysis
4. Analytical Balance-sheet
5. Multi-step income statement

Horizontal Analysis:

It is to calculate amount changes and percentage changes from the

previous years to the current years.

Trend Analysis:

 Trend analysis involves calculation of percentage changes in financial

statement items for a number of successive years.
 It is carried out by first assigning a value of 1 to the financial statement
items in a past financial year used as a base year and then expressing
financial statement items in the following years as an index increase of
the base year value.
Vertical Analysis:

• Vertical analysis is the proportional expression of each item on a financial

statement to the statement total.
• The results of vertical analysis are presented in the form of common-size
statement in which all the elements within each statement are expressed
in percentage of some common number and always add up to 100 per
cent.
• The items in the profit and loss account are usually expressed as
percentage of sales.
• The items of balance sheet items are expressed as percentage of total
shareholders’ funds and liabilities or total assets.
• Vertical analysis helps in making comparisons of companies that differ in
size since the financial statements are expressed in comparable common-
size format.
• A comparison of common-size statements for several years may reveal
important changes in the components from one year to the next.

Analytical Balance-sheet:
Though the vertical balance-sheet itself is more analytical than its
horizontal counterpart, it can be made further analytical from the angle of
the equity shareholders. It shows the net assets possessed by the owners
of the company. It starts with the ‘Application of funds’ side as against
the vertical balance sheet that starts with ‘Sources of Funds’ side.

Multi-step Income Statement:

 The multi-step income statement is made to get hold of the information
concerning the profitability at different intermediate levels of business
operations.
 Analysis of the financial statements of Godrej
Consumer Products Ltd.

Multi-step profit & loss account of Godrej Consumers Product Ltd for the
year ended on 31 March, 2010

Particulars Current year amount Previous year amount

(Amt. In Lac) (Amt. In Lac)
Gross sales 129433.98 112660.41
Less: Excise Duty 2645.86 4226.17
Net Sales 126788.12 108434.23

Material Cost 56217.41 62208.93

Manufacturing Expenses 2385.94 2194.49
Cost of goods sold (COGS) 58603.35 64403.42
Gross Profit (GP) 68184.77 44030.81
Employee remuneration 12094.42 5843.6
(other than factory)
Admin, Selling & other 29495.46 22042.19
expenses
(+) Other income 2529.95 1278.84
(operating)
Profit before depreciation, 29124.84 17423.86
Interest and Tax (PBDIT)
Depreciation & 1374.94 1436.92
Amortization
Operating Profit (OP) 27749.9 15986.94
(PBIT)
Interest & finance charges 366.22 882.31
(+) Other income 2530.53 3487.73
(non operating)
Profit before tax and EO 29914.21 18592.36
items (PBTEOT)
Profit before tax (PBT) 29914.21 18592.36
Provision for tax:
Current income tax 4886.78 2106.67
(+)/(-) Deferred Income tax 215.80 320.74
liab/asset
(+) Fringe benefit tax -- 74
(+)/(-) Tax adjustments for
previous years
Total Income tax 5102.58 2501.41
Profit after Tax (NP) (PAT) 24811.64 16090.97
 140000
120000
100000
80000

60000 Current Year

PreviousYear
40000
20000
0
Net sales COGS GrossProfit Profit after
Tax

Horizontal Analysis:
Horizontal profit & loss account of Godrej Consumers Product Ltd for the
year ended on 31 March, 2010
Particulars Current year Previous year Increase or Increase or
amount amount Decrease Decrease
(Amt. In Lac) (Amt. In Lac) (Amt. In (Amt. In
Rs.) %)
Gross sales 129433.98 112660.41 16773.57 14.89
Less: Excise Duty 2645.86 4226.17 (1580.31) (37.39)
Net Sales 126788.12 108434.23 18353.89 16.93

Material Cost 56217.41 62208.93 (5991.52) (9.63)

Manufacturing 2385.94 2194.49 191.45 8.72
Expenses
Cost of goods sold 58603.35 64403.42 (5800.07) (9.01)
(COGS)
Gross Profit (GP) 68184.77 44030.81 24153.96 54.86
Employee 12094.42 5843.6 6250.82 106.97
remuneration
(other than factory)
Admin, Selling & 29495.46 22042.19 7453.27 33.81
other expenses
(+) Other income 2529.95 1278.84 1251.11 97.83
(operating)
Profit before 29124.84 17423.86 11700.98 67.15
depreciation,
Interest and Tax
(PBDIT)
Depreciation & 1374.94 1436.92 (61.98) (4.31)
Amortization
Operating Profit 27749.9 15986.94 11762.96 73.58
(OP) (PBIT)
Interest & finance 366.22 882.31 (516.09) (58.49)
charges
(+) Other income 2530.53 3487.73 (957.2) (27.44)
(non operating)
Profit before tax 29914.21 18592.36 11321.85 60.90
and EO items
(PBTEOT)
Profit before tax 29914.21 18592.36 11321.85 60.90
(PBT)
Provision for tax:
Current income tax 4886.78 2106.67 2780.11 131.97
(+)/(-) Deferred 215.80 320.74 (104.94) (32.72)
Income tax
liab/asset
(+) Fringe benefit -- 74 (74) (100)
tax
(+)/(-) Tax
adjustments for
previous years
Total Income tax 5102.58 2501.41 2601.17 103.99
Profit after Tax 24811.64 16090.97 8720.67 54.20
(NP) (PAT)
Interpretation:

• Sales & other income growth is 16.93%. Other income consists of

dividend and interest received which is increased compare to previous
year.

• Increase in expenses like manufacturing expenses is lower than growth in

sales and other income.

• Increase in expenses like Employee remuneration by 106.97% and

Administrative & Selling expenses by 33.81% compared to previous year.

• There is a decrease in expenses like Material consumed by 9.63%

compare to previous year.

• There is a decrease in Cost of goods sold by 9.01% compare to previous

year.

• Depreciation even down by 4.31% despite higher net sales.

• Growth of other income (operating) by 97.83% much more than growth

in net sales.
 • Growth in profit at every stage:

o PBDIT : 67.15%

o PBIT : 73.58%

o PBTEOI : 60.90%

o PBT : 60.90%

o PAT : 54.20%

• Tax provision increased by 103.99% whereas profit before tax increased

by 60.90%.

• Profit after tax increased by 54.20% compare with sales and other income
is increase by 16.93%.

Horizontal Balance-sheet of Godrej Consumers Product Ltd as on 31 March,

2010

Particulars Current Year Previous Increase or Increase or

Rs. in Lac Year Rs. In Decrease Decrease
Lac (Amt. In (Amt. In
Rs.) %)
SOURCES OF FUNDS:

Shareholder’s Funds

Share Capital 3081.90 2569.54 512.36 19.94

Reserves & Surplus 79664.63 51122.41 28542.22 55.83

 82746.53 53691.94 29054.59 54.11

Loan Funds

Secured Loans 1239.80 1489.03 (249.23) (16.74)

Unsecured Loans - 4800.00 (4800) (100)

1239.80 6289.03 (5049.23) (80.29)

Deferred Tax Liability 632.12 416.32 215.8 51.84

(Net)

TOTAL 84618.45 60397.29 24221.16 40.10

APPLICATION OF
FUNDS:

Fixed Assets

Gross Block 27379.54 26654.29 725.25 2.72

Less: Depreciation 10823.75 9675.20 1148.55 11.87

Net Block 16555.79 16979.08 (423.29) (2.49)

Capital Work-in-Progress 83.72 249.67 (165.95) (66.47)

16639.51 17228.75 (589.24) (3.42)

Investments 52188.17 9788.59 42399.58 433.15

Current Assets, Loans

and Advances

Inventories 16804.82 12667.41 4137.41 32.66

Sundry Debtors 3314.95 981.04 2333.91 237.90

Cash and Bank Balances 18570.42 34456.81 (15886.39) (46.11)

Other Current Assets 604.42 900.64 (296.22) (32.89)

Loans and Advances 15688.35 11483.99 4204.36 36.61

54982.97 60489.89 (5506.92) (9.10)

Less: Current Liabilities

and Provisions

Current Liabilities 37816.77 23816.19 14000.58 58.79

Provisions 1375.43 3293.75 (1918.32) (58.24)

 39192.19 27109.94 12082.25 44.57

Net Current Assets 15790.77 33379.96 (17589.19) (52.69)

TOTAL 84618.45 60397.29 24221.16 40.10

Interpretation:

• Total Assets and Liabilities increased by 40.10%.

• Net worth up by 54.11% as against lower growth in loan funds by (80.29)

%. This leads to the strong financial position.

• Gross block of fixed assets increased by 2.72% and Net block of fixed
assets decrease by 2.49% because there is an increase in depreciation
compare to previous year.

• There is a decrease of 66.47% in capital work-in-progress; the reason

behind the decrease may be the part of the capital work-in-progress asset
now converted into fixed asset.

• Around 238% increase in sundry debtors in 2009-10 indicates that

companies’ collection is not effective as compared to previous year.

• The significant decrease of 17% in secured loans in 2009-10 compared to

previous year is a good sign for the company.
• The increase in deferred tax liabilities to 52% in 2009-10 indicates the
company has to pay taxes in current year.

• Decrease in cash and bank balances of 46% but increase of 33% in

inventories in 2009-10 as compared to only 17% change in sales from
2008-09 and increase in expenses suggests that company has a large
amount of work in progress which needs to be moved faster for a good
cash movement cycle.

• Investments grew by 433.15%. Investments in absolute terms very high:

Rs. 52188.17 Lac and Rs. 9788.59 Lac respectively on 31-03-2010 and
2009 respectively. Higher than the net worth. A very unique feature.

• Current assets decreased by 9.10% compare to previous year.

• Current liabilities increased by 44.57% compare to previous year.

• So, net current asset also decreased in 2009-10 by 52.69% than previous
year 2008-09.
Vertical Analysis:

Vertical profit & loss account of Godrej Consumers Product Ltd for the year
ended on 31 March, 2010
Interpretation:

Particulars Current year Common Previous year Common

amount size % amount size %
(Amt. In Lac) (Amt. In Lac)
Gross sales 129433.98 102.09 112660.41 103.90
Less: Excise Duty 2645.86 2.09 4226.17 3.90
Net Sales 126788.12 100 108434.23 100

Material Cost 56217.41 44.34 62208.93 57.37

Manufacturing 2385.94 1.88 2194.49 2.02
Expenses
Cost of goods sold 58603.35 46.22 64403.42 59.39
(COGS)
Gross Profit (GP) 68184.77 53.78 44030.81 40.61
Employee 12094.42 9.54 5843.6 5.39
remuneration
(other than factory)
Admin, Selling & 29495.46 23.26 22042.19 20.33
other expenses
(+) Other income 2529.95 2.00 1278.84 1.18
(operating)
Profit before 29124.84 22.97 17423.86 16.09
depreciation,
Interest and Tax
(PBDIT)
Depreciation & 1374.94 1.08 1436.92 1.33
Amortization
Operating Profit 27749.9 21.89 15986.94 14.74
(OP) (PBIT)
Interest & finance 366.22 0.29 882.31 0.81
charges
(+) Other income 2530.53 2.00 3487.73 3.22
(non operating)
Profit before tax 29914.21 23.59 18592.36 17.15
and EO items
(PBTEOT)
Profit before tax 29914.21 23.59 18592.36 17.15
(PBT)
Provision for tax:
Current income tax 4886.78 3.85 2106.67 1.94
(+)/(-) Deferred 215.80 0.17 320.74 0.30
Income tax
liab/asset
(+) Fringe benefit -- 74 0.07
tax
(+)/(-) Tax
adjustments for
previous years
Total Income tax 5102.58 4.02 2501.41 2.31
Profit after Tax 24811.64 19.57 16090.97 14.84
(NP) (PAT)
 • Compared to net sales on basis of which operating cost, profit before tax
and net profit is calculated.

• Materials cost as a percentage of net sales is decrease from 57.37% in

2008-09 to 44.34% in 2009-10.

• Other income (operating) jumped to 2.00% in 2009-10 from 1.18% in

2008-09.

• Profit before tax is increasing constantly resulting at 24% in 2009-10

which shows that the profitability condition of the company is good.

• Net profit is also significantly increasing at a good pace from 14.84% in

2008-09 to 19.57% in 2009-10 which is also a good sign.

• It is reported a significant decrease from 3487.73 Lac in 2008-09 to

2530.53 Lac in 2009-10 which indicates that other income of the
company in form of interest income have been decreased drastically in
2009-10 which in turn affects the profitability of the business.

Vertical Balance-sheet of Godrej Consumers Product Ltd as on 31 March,

2010

Particulars Current Year Common Previous Year Common

Rs. in Lac Size % Rs. In Lac Size %
SOURCES OF
FUNDS:
Shareholder’s Funds

Share Capital 3081.90 3.64 2569.54 4.25

Reserves & Surplus 79664.63 94.15 51122.41 84.64

82746.53 97.79 53691.94 88.90

Loan Funds

Secured Loans 1239.80 1.47 1489.03 2.47

Unsecured Loans - - 4800.00 7.95

1239.80 1.47 6289.03 10.41

Deferred Tax Liability 632.12 0.75 416.32 0.70

(Net)

TOTAL 84618.45 100 60397.29 100

APPLICATION OF
FUNDS:

Fixed Assets

Gross Block 27379.54 32.36 26654.29 44.13

Less: Depreciation 10823.75 12.79 9675.20 16.02

Net Block 16555.79 19.57 16979.08 28.11

Capital Work-in- 83.72 0.10 249.67 0.41

Progress

16639.51 19.66 17228.75 28.53

Investments 52188.17 61.67 9788.59 16.21

Current Assets, Loans

and Advances

Inventories 16804.82 19.86 12667.41 20.97

Sundry Debtors 3314.95 3.92 981.04 1.62

Cash and Bank Balances 18570.42 21.95 34456.81 57.05

Other Current Assets 604.42 0.71 900.64 1.49

Loans and Advances 15688.35 18.54 11483.99 19.01

54982.97 64.98 60489.89 100.15

Less: Current Liabilities
and Provisions

Current Liabilities 37816.77 44.69 23816.19 39.43

Provisions 1375.43 1.63 3293.75 5.45

39192.19 46.32 27109.94 44.89

Net Current Assets 15790.77 18.66 33379.96 55.27

TOTAL 84618.45 100 60397.29 100

Interpretation:

• Vertical analysis of the company refers to share of one thing to Sources of

funds or Application of funds as 100. Company’s sources of funds are
divided in three equal parts.

• Share of Shareholder’s funds is increasing in the sources of the funds. It is

increased to 98% in place of last year’s 89% of total fund. This year
company was totally succeeded in maintaining or improving efficiency of
the company.

• Most of the funds of the company are engaged in Investment of the

company only. It forms about 62% of it in 2010. Inventories also one of
the major parts formed by 20% in 2010.This shows that company is
making investment of the profit of the company.

• This year share of the Fixed Assets of the company declined than
previous year. This year one can see the worried increment in the
inventories. It has been piled up more than 30% than last year.
 • This year company transfers more of the profit to reserves means to
increase share of the Shareholder’s fund in the total sources. In place of
last year’s only 85%, this year its increases to 95%. This shows that more
reserves are transferred to reserves.

• To get rid of piles of stock, company increase its sales on credit. That’s
why inventories share declined to 19% in place of last year’s 21%. And
debtors were increased to 3314.95 Lac in place of last year’s 981.04 Lac.

Analytical Balance-sheet:
 Analytical Balance Sheet as on March 31, 2010

Particulars Current Year Previous Year

(Rs. In Lacs) (Rs. In Lacs)
APPLICATION OF FUNDS:
4. Fixed Assets
a) Gross Block 27379.54 26654.29
b) Less: Depreciation 10823.75 9675.20
c) Net Block 16555.79 16979.08
d) Capital Work-in-Progress 83.72 249.57
16639.51 17228.75
6. Investments 52188.17 9788.59
7. Current Assets, Loans and Advances
a) Inventories 16804.82 12667.41
b) Sundry Debtors 3314.95 981.04
c) Cash and Bank Balances 18570.42 34456.81
d) Other Current Assets 604.42 900.64
e) Loans and Advances 15688.35 11483.99
54982.97 60489.89
8. Less: Current Liabilities and Provisions
a) Current Liabilities 37816.77 23816.19
b) Provisions 1375.43 3293.75
39192.19 27109.94
9. Net Current Assets 15790.77 33379.96
TOTAL 84618.45 60397.29
Less: 2. Loan Funds
a) Secured Loans 1239.80 1489.03
b) Unsecured Loans - 4800.00
1239.80 6289.03
3. Deferred Tax Liability (Net) 632.12 416.32
1871.92 6705.35
TOTAL ASSETS 82746.53 53691.94

SOURCES OF FUNDS:
1. Shareholders’ Funds
a) Share Capital 3081.90 2569.54
b) Reserves and Surplus 79664.63 51122.41
82746.53 53691.94
Less:
Miscellaneous Expenditure - -
EQUITY OWNERS’ FUND 82746.53 53691.94

Trend Analysis:
 Trend analysis for the Godrej Consumers Product Ltd from 2007 to 2010

Particulars 2006-07 2007-08 2008-09 2009-10

Results for the year
Sales and other income 75851.56 88668.44 108434.2 126788.12
3
Index 1.00 1.17 1.43 1.67
Profit before tax 13440.18 16923.61 18592.38 29914.22
Index 1.00 1.26 1.38 2.23
Profit after tax 11722.19 14811.61 16090.97 24811.64
Index 1.00 1.26 1.37 2.11
Gross block 24364.90 26556.21 26656.29 27379.54
Index 1.00 1.08 1.09 1.12
Net block 14812.81 15457.94 16979.08 16555.79
Index 1.00 1.04 1.14 1.12
Investments 7197.07 7760.93 9788.59 52188.17
Index 1.00 1.08 1.36 7.25
Net worth 11090.46 15049.92 53691.94 82746.53
Index 1.00 1.35 4.84 7.46
Net current assets (2799.28 (1247.28 33379.96 15790.77
) )

Interpretation:

Year 2006-2007 has been taken as the base year for the trend analysis.
 Sales and other income has increased since 2006-07 and has continued
the trend till 2009-10. This shows the company has gained popularity in
the market.

 Profit before tax has steadily increased since 2006-07 to 2008-09 and has
seen huge increase in 2009-10

 Profit after tax is following the same trend as profit before tax and it has
also seen gigantic boost in the year 2009-10. The company has doubled
its net profit in the given period.

 Gross block of the company has increased throughout the assessment

periods but at a slower pace.

 Net block of the company has increased since 2006-07 till 2008-09 and
has gone down in the year 2009-10

 The company has steadily increased its investments from 2006-07 to

2008-09 and it has added massive amount to the investments in the year
2009-10

 The net worth of the company is amplified by a huge amount throughout

the assessment period of the analysis.

 The net current assets of the company are less than the net liabilities of
the company for the initial phase but then company has increased it
hugely in 2008-09 and again it has seen a plunge in the year 2009-10.
References:

 Annual reports of Godrej consumer products limited

 www.godrej.com

 Financial accounting for managers by Mr. Ambrish Gupta