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P&G Q3 Review: Miss On All Fronts; Quarterly Inconsistency Continues, Says Motilal Oswal— Maintains 'Neutral'

P&G stock trades at rich valuations of 52x/48x FY26E/FY27E P/E, further, Motilal Oswal does not see any medium-term trigger.

<div class="paragraphs"><p>Procter &amp; Gamble Hygiene and Health Care Q3 FY25's revenue was down 1% YoY at Rs 9.9 billion (vs 14%/10% growth in Q3 FY24/Q2 FY25).&nbsp;(photo Image source: company)</p></div>
Procter & Gamble Hygiene and Health Care Q3 FY25's revenue was down 1% YoY at Rs 9.9 billion (vs 14%/10% growth in Q3 FY24/Q2 FY25). (photo Image source: company)
P&G delivered a 7% revenue CAGR during FY19-24, and the brokerage estimates a 7% CAGR during FY24-27E. The company is less predictable on a quarterly basis, but its annual performance is still quite steady. Ebitda margin has also seen consistent improvement, with 250 bp expansion during FY19-24 to ~23.5%.
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