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Motilal Oswal Report
Procter & Gamble Hygiene and Healthcare Ltd. reported flat sales in Q4 FY20 (June year-end), which came as a pleasant surprise given the lockdown-related disruptions seen during the quarter.
Operating margins also bucked the trend of very steep decline in Q4 versus the preceding three quarters, something that was witnessed in FY18 and FY19.
Accordingly, significant Ebitda and profit after tax beat was reported versus expectations.
While the structural opportunity remains attractive in both the feminine hygiene and healthcare segments, valuations are fair at 51.8 times June FY22 earnings per share.
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