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Motilal Oswal Report
Procter and Gamble Hygiene and Healthcare Ltd.'s sales growth of 17.3% YoY (adjusted for a sharp one-off spike in other operating income) was extremely strong, given the unusually high base of Vicks sales in FY21 (24.1%) as well as the overall slowdown in non-discretionary consumption.
Two-year sales compound annual growth rate, which has been in the 12- 13% range in the preceding three quarters, stood at 16.6% in Q3 FY22.
Ad spends fell gradually from unusually high levels in FY21 (14.6% versus 10.9% in FY20) when P&G chose to increase its ad spends globally rather than curtail marketing spends amid the Covid-19 pandemic.
P&G has strong earnings growth potential, led by a healthy revenue growth as well as the gradual normalisation of the unusually high ad spends in the aftermath of the pandemic as well as ongoing material cost pressures.
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