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Motilal Oswal Report
Procter and Gamble Hygiene and Health Care Ltd.'s sales growth of ~5% was lower than our expectation, albeit on a base of 18.5% growth.
While the company does not share segment-wise numbers in its interim results, it is likely that high healthcare segment sales growth in the base quarter may have led to modest sales growth in Q1 FY22 (June year-end company).
The Healthcare segment had grown by ~24% in FY21, partly aided by the Covid-19 wave, leading to strong sales growth for all healthcare products.
Ebitda margin, at 28.5%, was well ahead of our expectation of 23.9%, leading to an Ebitda/profit after tax beat versus our expectations.
P&G's medium term topline and earnings growth prospects remain best of breed.
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