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IDBI Capital Report
Godrej Consumer Products Ltd. result was above our estimates. Revenue growth was entirely driven by price hikes (~12%) as volume declined 3% for India business.
Personal care business continues to dominate overall revenue performance at 20%YoY (for fourth consecutive quarter) while home care performance has been soft (down 2%YoY).
Positively; Godrej Consumer gained 50 basis points/ 130 bps/60 bps market share in household insecticide/Aer/soap.
South Africa continues to outperform while Indonesia is expected to improve from Q3 FY23.
Renewed thrust on category development by driving relevance /access/sampling is promising.
Input cost inflation continued to put pressure on margins (nineth consecutive quarter decline in gross margins).
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