Godrej Consumer Products Q1 Review - Another Good Quarter: ICICI Securities
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ICICI Securities Report
Godrej Consumer Products Ltd.'s Q1 FY22 was impressive with 12% domestic revenue growth (two-year compound annual growth rate), continued profitable recovery in Africa while Indonesia was muted.
India growth was driven by soaps and hygiene (continued market shares gains in an inflationary environment) and household insecticides (broad-based across formats) while hair colour continued to recover.
Africa sales grew 11% (constant currency terms; two-year CAGR) and margins expanded (to 9.9%) driven by scale and cost saving initiatives.
Indonesia was flat (CC terms) due to weak macros and impact of second wave.
We believe Godrej Consumer Products is looking at a bigger play in the fabric care category – it has also launched detergent pods (under Ezee brand).
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