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ICICI Securities Report
ICICI Securities has upgraded Godrej Consumer Products Ltd. to Buy from Add as it believes the company is entering a phase of double-digit volume growth.
The stock has declined ~14% in last one year and has delivered a compound annual growth rate of ~2.6% in last five years (Ebitda CAGR was ~5.5%).
The brokerage believes Godrej Consumer's growth will likely be driven by:
- healthy growth in ‘mothership' (core) categories;
- compelling growth potential in ‘speedboats'; and
- a structural turnaround in international markets.
In ICICI Securities opinion, management is also successfully handling raw material inflation through price changes, cost savings and formulation interventions (reduced TFM in soaps).
The brokerage expects the growth momentum to sustain in the medium term, given penetration opportunities in core portfolios, regular new launches, and a structural turnaround in international markets.
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