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ICICI Securities Report
Bajaj Consumer Care Ltd.'s Q1 revenue grew 20.4% YoY (adjusted for sanitiser sales), however it declined 4.5% on two-year compound annual growth rate basis.
Rural continues to trend well along with some recovery in urban; wholesale continues to be impacted.
Raw material pressure and weak product mix weighed on gross margins.
While Bajaj Consumer continues to execute well, we believe the results should be visible when things normalise.
We like it's focus on:
investing in both brand building and distribution expansion,
focus on categories beyond Almond Drop hair oil (new product launches – ramping up Amla hair oil and launched coconut hair oil) and
new stock keeping units (filling white spaces).
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