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Nirmal Bang Report
Colgate-Palmolive India Ltd.’s Q3 FY24 results were largely in line with our estimates. Gross margin was at the highest level since Q4 FY10, led by softer material costs and strong premiumisation in toothbrush segment.
Four-year compound annual growth rate in sales and volume continued to be tepid at ~5% and ~2%, respectively.
We have marginally raised our earnings per share estimates for FY24E and FY25E. The stock is currently trading at an expensive valuation of 48 times FY25E EPS given the unexceptional earnings growth track record and outlook beyond the current recovery phase in FY24.
We have assigned a target multiple of 45 times to December 25E EPS and have arrived at a target price of Rs 2,510.
We maintain our 'Accumulate' rating.
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