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Motilal Oswal Report
Procter and Gamble Hygiene and Healthcare Ltd. declared in-line numbers for its Q2 FY22 results (June year-end). The two-year sales compound annual growth rate remained healthy at ~13%.
For the fourth consecutive quarter, ad spends as a percentage of sales were higher than the historical three-year range of 10–11%; we do not expect a further rise YoY going forward.
P&G has strong earnings growth potential, led by healthy topline growth as well as the gradual normalisation of unusually high ad spends in the aftermath of the pandemic.
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