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Nirmal Bang Report
Colgate-Palmolive India Ltd. reported strong numbers in its Q1 FY25 results led by topline and volumes which led to 7-9% beat versus our expectations on all fronts.
Category has recovered strongly in recent quarters and the management stated that the rural market outpaced urban markets for the second quarter in a row. It added that all key categories, toothpastes, toothbrush and personal care, did well in the quarter leading to high single digit volume growth and ~13% sales growth.
We have increased our FY25E and FY26E EPS forecasts by ~8-11% led by strong sales momentum and improving margins. Valuations though, are fair at 50 times FY26E earnings per share. Maintain Accumulate.
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