Colgate Q3 Results Review - Unchanged Volume Trend; Margins At All-Time High: Motilal Oswal

Motilal Oswal Report

Colgate-Palmolive India Ltd.'s delivered a healthy price-led 8% YoY revenue growth (estimate: 6%). However, overall volumes experienced a marginal decline (estimate: plus 2%). The growth of toothpaste was in double-digits, while toothbrushes posted YoY decline (weak volume, unfavorable mix).

Volume growth for toothpaste was flat to positive. Despite numerous product innovations and marketing efforts, the rebound in volume remains uninspiring.

The divergence between naturals and traditional oral care products was negligible industry-wide.

Despite oral care being less price-sensitive compared to other categories, Colgate implemented a price hike, particularly in the premium segment, by the end of Q2 FY24 (mainly in premium) in this market environment.

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