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Yes Securities Report
Godrej Consumer Products Ltd. reported a soft quarter both on growth and margin fronts led by a 4% decline in India-home care business, continued sluggishness in Indonesia business and sharp margin fall in international business especially in Latin America and SAARC.
Soft growth in its key household insecticide and 12% constant currency decline in Indonesia business dragged topline despite ~18% price hikes taken by the company. Key positives were strong performance in home care, air freshener and hair care.
We expect Africa margin to improve on better growth prospects and strategic initiatives like simplifying business and improving governance.
Godrej Consumer's management indicated that reducing pipeline inventory and media spends in Indonesia business to improve performance from Q3 FY23 onwards.
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