A director at Godrej Consumer Products Limited sold 3,000 shares at 1,217.000INR and the significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the las...
. GODREJ CONSUMER: Sales momentum encouraging; RM worries receding (GCPL IN, Mkt Cap USD11b, CMP INR858, TP INR1080, 26% Upside, Buy) For GCPL, the improvement in sales growth trajectory is quite encouraging with the company now attaining double-digit three-year CAGR in sales. The management has maintained its double-digit sales growth guidance with mid-to-high single-digit volume growth. Material cost pressures are likely to abate markedly in 2HFY23 but higher media spends, to aid innovat...
The independent financial analyst theScreener just lowered the general evaluation of GODREJ CONSUMER PRODUCTS (IN), active in the Personal Products & Services industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered defensive. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date February 15, 2022, the closing price was I...
(GCPL IN, Mkt Cap USD14.4b, CMP INR1038, TP INR1250, 20% Upside, Buy) The management of Godrej Consumer Products (GCPL) held an Analyst Meet with Mr Akhil Chandra to discuss the progress in its Indonesia business. Here are the takeaways: Key highlights from the interaction The Indonesia business has been seeing gradual recovery in demand post the second COVID wave despite a tough macroeconomic situation. Given the recent bold economic reforms implemented by the Indonesian government, M...
GODREJ CONSUMER: Performance trending ahead of expectations; promising outlook (GCPL IN, Mkt Cap USD15.2b, CMP INR1087, TP INR1250, 15% Upside, Buy) Even before the new CEO has taken over, likely in Oct’21, GCPL has been performing consistently well in various large categories over the past year. As highlighted in , both key domestic categories of Household Insecticides (HI) and Soaps posted a double-digit two-year CAGR during the quarter. The sales momentum is also leading to increased...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
GODREJ CONSUMER: In line result; continuation in sales momentum encouraging (GCPL IN, Mkt Cap USD13.5b, CMP INR976, TP INR1140, 17% Upside, Buy) GCPL’s 1QFY22 sales were in line with our estimates, while EBITDA margin was slightly better than expected, despite higher than anticipated gross margin pressures due to a lag between commodity cost increases and price hikes taken by the company. Continued double-digit two-year CAGR in the key domestic segments of Household Insecticides (HI) and...
Q3FY20 result highlights Consolidated rev grew by 2.1% yoy to Rs27.5bn (est: Rs27bn); EBITDA grew by 3% yoy to Rs6.1bn (est: Rs5.9bn) and adj. PAT grew by 1.2% yoy to Rs4.23bn (est Rs4.1bn). Results were marginally ahead of our estimates but below street expectations (rev: Rs27.9bn, EBITDA: Rs6.5bn and PAT: Rs4.5bn). Cons. constant currency rev. grew by 6% yoy, with India business revenue growth at 1% yoy and International business CC sales grew by 11% yoy (reported international business re...
Godrej Consumer: In-line results, Top-line growth still a concern (GCPL IN, Mkt Cap USD10.6b, CMP INR742, TP INR766, 3% Upside, Neutral) GCPL’s results, albeit in line, indicate no spark of revival. Similarly, management commentary does not express any significant optimism that the modest earnings growth trend for five years now (11.2% CAGR over FY15-20) will be any different for the next two years. With RoCE at ~17% in FY20 also significantly lower than peers and unlikely to increase sh...
Q2FY20 result highlights Consolidated rev declined by 1.3% yoy to Rs26.1bn (est: Rs26.2bn); EBITDA grew by 18.2% yoy to Rs5.5bn (est: Rs5.35bn) and Adj PAT grew by 7.3% yoy to Rs3.84bn (est Rs3.64bn). Comparable CC cons. rev. grew by 3% yoy, with India business revenue growth at 1% yoy (est: 1.5%) and International business comparable CC sales (adj. for divestment of Europe business) grew by 7% yoy (comparable/reported international business rev grew by 4%/fell by 4% yoy). India sales up 1%...
Godrej Consumer: Top-line trajectory – a concern, valuations fair (GCPL IN, Mkt Cap USD10.7b, CMP INR742, TP INR700, 6% Downside, Neutral) GCPL's consol. net sales declined 1.1% YoY to INR26.3b (our estimate: INR28.5b) in 2QFY20. Consol. EBITDA increased 7.1% YoY to INR5.8b (our estimate: INR6.2b), PBT grew 8% YoY to INR5b (our estimate: INR5.4b), while adj. PAT was up 16.2% YoY to INR4.2b (our estimate: INR4.1b) led by a lower-than-expected tax rate of 16%. India branded biz volumes gre...
We met the management of Godrej Consumer (GCPL), following are the key takeaways: No signs of incremental moderation in domestic business – Contrary to its peers, GCPL highlighted that it has not seen incremental slowdown and is likely to maintain domestic volume/value growth similar to 1QFY20. The steady performance is a function of continued focus on volume driven growth, innovation coupled with recovery in Household Insecticide (HI) (~40% of domestic sales) and Hair color segment. Recovery ...
ANNUAL REPORT THREADBARE (ART) | GODREJ CONSUMERS FY19: Rising payable drives working capital improvement GCPL’s FY19 annual report highlighted a subdued operating performance. Consol. EBITDA grew merely by 3% to INR21.2b due to slowing growth in the domestic business and the continued weak performance in the international business. Adjusted for (a) MAT benefit recognized (at INR6.7b) and (b) write-back of earn-out liability pertaining to the SON acquisition (at INR1.9b), PAT was down 3% to ...
Q1FY20 result highlights Cons. rev. fell by 4.9% yoy to Rs23.3bn (est: Rs25.2bn); EBITDA grew by 4.5% yoy to Rs4.4bn (est: Rs4.6bn) and Adjusted PAT declined by 7% yoy to Rs2.9bn (est Rs3.2bn). Comparable constant currency cons. rev. grew by 4% yoy, with India business rev. growth at 1% yoy (est: 2.5%) and International business comparable CC/comparable/reported sales grew by +9% yoy/+3% yoy/ fell by 11% yoy respectively. India rev up 1% yoy with volume growth of 5% yoy (est. 5% yoy). HI sa...
GODREJ CONSUMER: Topline growth trajectory remains a concern(GCPL IN, Mkt Cap USD8.9b, CMP INR604, TP INR620, 3% Upside, Neutral) ** 1QFY20 cons. net sales were down 5.2% YoY to INR23.5b (v/s est. INR25.5b). Consol. EBITDA was up 2.2% YoY to INR4.6b (v/s est. INR4.4b), while Adj. PAT was down 6.7% YoY to INR3b (v/s est. INR3b), adjusted for deferred tax gain of INR1.1b. Net profit without exceptions and one-off items declined 3% YoY (according to the press release). ** India branded business v...
Godrej Consumer: Balance sheet improving, earnings revival awaited (GCPL IN, Mkt Cap USD9.7b, CMP INR663, TP INR700, 6% Upside, Neutral) We met the management of GCPL and had a detailed look at the company’s segmental and balance sheet performance in recent years. Key takeaways: The worst seems to be over on the domestic volume growth front, but strong revival will take time. Despite muted growth of the past three years, we believe GCPL’s domestic business is of high quality with attra...
Godrej Consumer: General slowdown, delayed summer impact India biz (GCPL IN, Mkt Cap USD9.5b, CMP INR642, TP INR650, 1% Upside, Neutral) net sales declined 3.1% YoY to INR24.5b (our estimate: INR26.4b) in 4QFY19. Consol. EBITDA was down 4.2% YoY to INR5.8b (our estimate: INR6.1b). Net profit excluding exceptions and one-off items stood at INR4b (according to the press release). Consol. comparable (adjusted for Europe business divestment and excluding one-offs) CC sales grew 4% YoY in 4QF...
Godrej Consumer: Difficult times persist for HI segment, profitability to improve sequentially (GCPL IN, Mkt Cap USD10.9b, CMP INR757, TP INR805, 6% Upside, Neutral) Godrej Consumer's (GCPL) 3QFY19 consolidated net sales (including OOI) grew 3.5% YoY to INR27.2b (est. INR28.7b). Consol. comparable net sales (adjusting for divestment of Europe business) grew 7% YoY. Consol. Adj. EBITDA grew by 2.9% YoY to INR6.2b (est. INR6.4b) and Adj. PAT declined 3.4% YoY to INR4.2b (est. INR4.6b). Ind...
ANNUAL REPORT THREADBARE (ART) | GODREJ CONSUMER PRODUCTS FY18: Subsidiaries’ weak op. performance drag overall return ratios GCPL’s FY18 annual report highlights the subdued operating performance of its subsidiaries leading to a) lower consolidated revenue growth at 6% to INR98.4b (Standalone: revenue up 11% to INR52.6b) and EBITDA growth at 9% to INR20.7b (Standalone: EBITDA up 17% to INR13.3b), and b) high Cash Conversion Cycle (CCC) of consolidated entity at 29 days (FY17: 35) v/s standa...
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