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    Godrej Consumer Products: Largely pricing-led growth

    Investors need to watch category development and increasing penetration as they will lead to higher volume and revenue growth

    Nandish Shah
    August 05, 2022 / 11:32 AM IST
    Godrej Consumer Products: Largely pricing-led 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

    The Q1FY23 results of Godrej Consumer Products (GCPL; CMP: Rs 854; Market capitalisation: Rs 87359 crore) were in line with Street expectations. On a 3-year CAGR (compounded annual growth rate), consolidated volumes grew by 3 percent and India volumes grew by 4 percent. India (57 percent of consolidated revenues) grew by 12 percent mainly due to pricing, while volume saw a decline of 6 percent year on year (YoY). Personal care grew by 25 percent, while home care declined by...

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