Sharekhan recommended Hold rating on Godrej Consumer Products with a target price of Rs 734 in its research report dated May 03, 2019.
Sharekhan's research report on Godrej Consumer Products
Godrej Consumer Products delivered weak numbers for yet another quarter with revenue growing by 2% and OPM remaining almost flat at 23.6%. Domestic business continues to disappoint with flat sales (volumes grew by just 1%). The company has undertaken various measures to revive the performance of key categories in domestic and international markets such as Africa and Latin America. It’s focusing on improving margins through various cost-saving projects.
We believe the steps undertaken will take time to deliver desire results; revival likely to happen in a gradual manner. Reduced earnings estimates for FY2020 and FY2021 by 6.6% and 7.2% to factor in near-term slowdown; Retain Hold with revised PT of Rs. 734.
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