P&G - Stellar Performance Continues In Q2: Motilal Oswal
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Motilal Oswal Report
For the second consecutive quarter, Procter and Gamble Hygiene and Health Care Ltd. reported an 18.5% YoY topline growth.
If one takes into account flattish sales growth in Q4 FY20 (June quarter, when most peers posted a sharp sales decline), it has been three quarters of impressive topline performance.
Unlike Q1 FY21, when growth was led largely by the feminine hygiene segment, performance in Q2 was broad based with feminine hygiene and healthcare posting strong double digit growth.
Margin performance was equally impressive with a 350 basis point adjusted Ebitda margin improvement, led primarily by strong sales growth.
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