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Dolat Capital Report
Bajaj Consumer Care Ltd.'s Q2 FY21 results exceeded our estimate. Revenue was a beat as urban performance was ahead of anticipation.
During Q2 FY21, overall revenues increased by 3.8% YoY driven by 9.6% in general trade but was impacted by 26.7% decline in alternate trades.
Modern trade was impacted significantly due to entry restrictions in stores, closure of malls and local lockdowns.
Gross margin contracted by 70 basis points primarily due to adverse sales mix during the quarter.
However, sequential improvement in gross margin was a positive.
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