Godrej Consumer, JK Lakshmi, Somany Ceramics Q4 Reviews: HDFC Securities

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HDFC Securities Institutional Equities

Godrej Consumers Products Ltd. – Godrej Consumer’s Q4 performance was a mixed bag, with in-line revenue but a miss on Ebitda margin. Consolidated revenue grew 7% YoY – domestic revenue was up by 9% (7% three-year revenue compound annual growth rate) and international was up 4%.

JK Lakshmi Cement Ltd. – We are optimistic about JK Lakshmi Cement Ltd. and expect its current low gearing and healthy cash flow to support its planned Udaipur expansion, without stressing its balance sheet and keeping the return on equity buoyant.

Somany Ceramics Ltd. – We continue to like Somany Ceramics for its strong retail distribution, improving product mix, and tightened working capital. With the recent capacity expansion of ~20% in Q1 FY23, we expect the company to continue industry leading volume growth.

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