BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Colgate-Palmolive India Ltd.’s Q2 FY22 result was in line with our estimates.
Two-year average sales growth, at 5.2% in Q2 FY22, continues to remain in the 4-6% range seen in recent quarters, with little indication of an improvement, despite consistent advertising spends.
With the launch of the non-oral care portfolio, and investments under the ‘brush twice a day’ campaign seemingly on the back burner, it is unlikely to return to double-digit sales growth seen over FY08–15 anytime soon.
We maintain our neutral view on weak topline growth, rising material cost pressures, and limited scope for price hikes.
There is no evidence that Colgate is regaining lost market share in the core oral care business.
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