BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Bajaj Consumer Care’s first quarter revenue declined 18% as hair oil category declined 38% in April /May 20. On the positive side, BaCo has the levers of higher gross margins (resources to invest in ad-spends), increasing direct distribution, focus on rural India and investment in other premium hair oils where they launched Anti-Greying Hair Oil in the e-commerce channel.
We like the long term opportunity in BaCo, while near-term apparent upside triggers are lacking. Clarity on cash utilisation, sustainability of volume growth in Almond Oil and trajectory of diversification are essential ingredients of sustained stock rerating.
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