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Motilal Oswal Report
Godrej Consumer Products Ltd.'s Q1 FY21 earnings were in line. Household insecticides sales were better than expectations. However, soaps disappointed with 2% YoY sales decline, despite a favourable environment.
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Gross margins were below expectations due to an adverse mix. A sharp 46% YoY cut in advertisement spends meant that Ebitda was slightly ahead of expectations.
Consolidated net sales declined 0.9% YoY to Rs 23.3 billion (versus estimate Rs 23.3 billion).
Ebitda grew 3% YoY to Rs 4.7 billion (versus estimate Rs 4.5 billion), profit before tax grew 5.9% to Rs 4 billion (versus estimate Rs 3.8 billion), while adjustd profit after tax grew 3.3% YoY to Rs 3 billion (versus estimate Rs 3 billion).
Gross margin contracted 290 basis point YoY to 54.3%. Ebitda margin expanded 80 basis point YoY to 20.3% (versus estimate 19.5%).
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