Godrej Consumer Q4 Review – Expect Recovery In Volume Growth: Dolat Capital

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Godrej Consumer Products Ltd.’s Q4 FY22 revenue and adjusted profit after tax was in line with our estimate.

The company reported 3% volume decline in India business. Margin expansion in domestic business was encouraging.

Godrej Consumer targets low double digits topline growth and low single digit volume growth in FY23E

Home care segment reported 2% sales de-growth primarily led by fabric care (15% growth on two year compound annual growth rate).

Air fresheners witnessed steady growth, however, household insecticide performance was relatively soft.

The Indonesia business continues to witness pressure, reported 16% constant currency decline during the quarter. Significant 1,380 basis points contraction in Ebitda margin in Indonesia business was a negative surprise.

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