Kotak Securities' report on Colgate Palmolive (India)
"Colgate has reported a strong set of 2QFY15 financials, with 7% volume growth, and strong expansion in gross margins. While results have come in modestly below our estimates on the back of high growth in employee expenses, we believe the company is on safe footing to meet our earnings estimates. Moreover, we think that risks to consensus estimates have declined on the back of strong growth and higher gross margins, which will see a further fillip in the near-term on the back of lower commodity prices. We raise our price target to Rs 1635 (earlier Rs 1450); however, we continue to think that Colgate is priced aggressively, and CMP leaves no scope for reasonable returns; we maintain SELL", says Kotak Securities research report.
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