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ICICI Securities Report
Bajaj Consumer Care Ltd. posted a weak quarter – margin pressure continues with a reported revenue print in red (down 7.6%) for the second straight quarter.
We note that gross margin print of 56% is below the normalised level of 66-67% while Q3 Ebitda margin came in at 17.6%. The company highlighted-
significant slowdown in rural,
weak wholesale and
good recovery in modern trade and increasing salience of e-commerce.
While the building blocks of-
expanding in popular hair categories of Amla and Coconut and
developing premium brand/products are steps in the right direction, there appear challenges in (overall) execution.
We like Bajaj Consumer Care's focus on investing in both brand building and distribution expansion.
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