Sharekhan's research report on Colgate Palmolive (India)
Colgate Palmolive (India) [COLPAL] Q1FY2022 numbers met expectations as revenues/PAT grew by 12%/18%; OPM stood at 30.5%. Overall volume growth stood at 10-11% (tooth-paste 5% and tooth brush 35-40%) on a low base of Q1FY2021. Frequent brushing of teeth especially in rural markets, strong traction for premium products, launch of consumer-centric products with a stable go-to market strategy and market share gains are key growth drivers in medium term. OPM would remain at ~30%.
Outlook
Given leadership positioning oral care category, consumers’ trust on brand, new leadership focusing on sustainable growth and a strong balance sheet we maintain a Buy on the stock with a revised price target of Rs. 1,950.
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