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KRChoksey Report
Personal care essential business witness healthy growth; margin expansion due to cost rationalisation.
Top line impacted due to decline in discretionary business, partially offset by healthy growth in essentials.
Colgate Palmolive India Ltd. reported 4.1% YoY decline in sales mainly due to impact on toothbrush sales being discretionary in nature.
Godrej Consumer Products Ltd. reported decline in discretionary segment (soap, hair colour), but was offset by growth in household insecticides and hygiene business.
Emami Ltd.’s healthcare and pain management segment reported growth, while hair oil and male grooming range was severely impacted.
Gross margin improved for all the companies mainly due to benign cost of raw materials. Colgate Palmolive, Godrej Consumer Products and Emami reduced their other expenses by 12.6%, 15.7% and 41.9% respectively to arrest decline in operating margins.
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