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Dolat Capital Report
Godrej Consumer Products Ltd.'s Q1 FY24 revenues were in line with our estimate but profitability was a miss. The company reported 12% volume growth in India business.
During the quarter, Godrej Consumer Products reported positives related to –
second consecutive quarter of double digit growth in household insecticide portfolio,
Indonesia witnessed 15% constant currency growth with 20% Rs growth,
secondary sales in Raymond Consumer Care Ltd. was two times plus of primary sale.
However, mere 2% growth in personal care portfolio was a disappointment.
We have revised our FY24/25E earnings per share estimates at Rs 20.3/23.6 to factor in Q1 performance. Though Indonesia and HI performance revamped during the quarter, we await for consistency in performance.
Valuing the stock at 44 times FY25E EPS we arrive at target price of Rs 1,051. Maintain 'Reduce'.
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