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ICICI Securities Report
Godrej Consumer Products Ltd. delivered a price-led growth quarter (up 8% YoY) with 4% growth in India volumes (three-year compound annual growth rate; down 6% YoY though).
Household insecticide had a weak quarter and price increases in personal wash impacted offtake. Hair colors had a good quarter though. Margin trajectory further weakened (raw material and also mix-led) but is likely to have bottomed out.
In the international markets, the trajectory continues to be similar, with double-digit growth in Godrej Africa, USA, Middle East while Indonesia continued to be impacted by high base (Sanitor) and weak demand environment.
Results of category development have become a key marker for (Godrej Consumer's) stock performance. In HI, new communications and continued resilience in non mosquito portfolio are other key positives
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