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Colgate Palmolive (India): Higher investment in brands lends a hand to steady growth

Investors should look at premiumisation, market share gains

July 30, 2021 / 05:48 PM IST
Colgate Palmolive (India): Higher investment in brands lends a hand to steady growth

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

 Colgate Palmolive’s (CPIL; CMP: Rs 1,709; Market Capitalisation: Rs 46,485 crore) June quarter results were in line with Street expectations. CPIL continued to invest in brands, with advertisement and publicity expenditure increasing to 14 per cent of revenues as compared to 11 per cent in June 2020 and 12 per cent in the March 2021 quarter. June quarter results Revenues grew by 12 per cent year on year (YoY), led by single-digit volume growth in the toothpaste segment and around 8-9...

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