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Dolat Capital Report
Colgate-Palmolive India Ltd.'s Q1 FY22 revenues were in line, but Ebitda and adjusted profit after tax were below our expectation.
Despite challenging business conditions, all categories sustained growth momentum.
On a two year compound annual growth rate basis, revenue growth was 3.7%, marginally lower compared to our estimate.
Continuous expansion in gross margin was a key positive. With better product mix, and calibrated price increases, we expect gross margins to remain healthy.
Going ahead, government efforts to increase farmer's wages and focus on rural infrastructure should boost oral care category.
However, increase in competition and better product offerings by competitors like Dabur India Ltd. remains a key challenge for Colgate.
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