For the March quarter, Godrej Industries reported 28% rise in net sales to Rs.2972 crore and 7% rise in net profits to Rs.298 crore. The profit in the March quarter has shown a substantial turnaround compared to the December quarter. The company at the price of Rs.492 is quoting at above 30 X P/E ratios. Considering its wide range of product interests, the valuation appear to be OK, but the stock has been an underperformer over the last 1 year and has hardly moved in the last 6 months. You need to invest in the stock from a long term view and have a neutral to positive approach to the stock.