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Dolat Capital Report
Colgate-Palmolive India Ltd.'s Q4 FY21 revenues were marginally ahead, but Ebitda and adjusted profit after tax were significantly ahead of our expectation.
Domestic business posted 20.2% sales growth during Q4. All categories witnessed positive growth driven by household penetration.
A 300 basis points expansion in gross margin was a key positive. With better product mix, and calibrated price increases, we expect gross margins to remain healthy.
However, advertising and promotion spends decreased significantly by 290 basis points.
Nevertheless, we believe that the advertising and promotion spends would remain elevated to support volume growth and gain market share.
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