MUMBAI (NewsRise) -- Godrej Consumer Products, controlled by billionaire Adi Godrej, reported a 5% increase in third-quarter profit, as strong demand in overseas markets outpaced the slowing consumption in India.
Godrej and other Indian consumer goods companies have been grappling with weakening demand since last year as Asia's third-largest economy slipped into a prolonged slowdown after banks tightened lending amid ballooning bad debt. The country's economic growth has decelerated for six consecutive quarters even after the central bank steadily cut interest rates to the lowest in almost a decade.
