Bajaj Consumer Q1 Review - Muted Performance Despite Favourable Base: Dolat Capital
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Dolat Capital Report
Bajaj Consumer Care Ltd.’s Q1 FY22 results were below our estimate.
Core hair oil business(excluding sanitizer) grew 20.4% driven by 24.3% volume growth.
During Q1 FY22, general trade grew 6.2%, alternate channels increased 40% YoY.
Central region, a major component of business, was the only market which exhibited de-growth in Q1.
Gross margin contracted by 730 basis points in Q1 due to elevated raw material prices and change in product mix.
Commodity prices are on an uptrend in Q2, Bajaj Consumer took combined 3% price hike in last two quarters to support gross margin.
While most of the wholesale markets were disrupted in Q1, retail initiative in focus markets resulted in up 40% growth in the channel.
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