Godrej Industries enters wealth management after profits jump 143%
Business
Godrej Industries is switching things up by entering the wealth management space, moving beyond just lending through its financial arm.
This big step follows a strong quarter: profits soared 143% to ₹444 crore and revenue climbed 33% to ₹7,694 crore compared to last year.
Despite the good numbers, the stock dipped 2.6% today, though it's still up nearly 10% this past month.
Godrej Industries plans ₹1,500/₹1,000 cr funding
To fuel its new direction, Godrej Industries plans to raise up to ₹1,500 crore by issuing debentures and similar instruments (pending shareholder approval).
The board also okayed investing up to ₹1,000 crore in its subsidiary Godrej Investment Ltd., all part of a bigger push to grow and diversify their financial services game.