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Dolat Capital Report
Godrej Consumer Products Ltd.'s Q4 FY24 revenue and Ebitda came in-line, while profitability missed our estimate. The company reported 15% volume growth in India business.
Domestic organic business posted 7% volume growth. Home care reported 6% sales growth driven by double digit growth in air fresheners and fabric care, while extended winters in certain regions impacted HI performance.
We upward revise our FY25/26E EPS estimates by 5.1/8.7% at Rs 23.8/27.1 to factor in anticipated improvement in margins.
We are encouraged by new product launches across HI and body wash category. Considering rich valuation and recent run up in the stock price, we maintain our ‘Sell' rating valuing at 45 times FY26E earnings per share with target price of Rs 1,217.
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