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Centrum Broking Report
We recently met Bajaj Consumer Care Ltd. to check the business momentum. The management cited hair oil category has seen persistent decline till May 2022 in volume (down 4.5%) and value (down 3.1%).
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However slower growth in value add hair oils segment resulted in weak rural performance, yet coconut hair oils remained flat. That said, Bajaj Consumer's secondary sales was higher than primary as company maintained its ad-spends and added new products such as Coco-onion, Natyv Soul, and moisturizing soap.
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Moreover, modest pickup in wholesale channel seen as demand was hit harder in core Hindi speaking markets. Management said urban general trade channel has recovered well coupled with good sales in modern trade/e-commerce channels. While inflation woes adding pressure on margins, management expects to invest in brand advertising.
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