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Revenue
₹3,332 Cr
verified against source
Revenue YoY
-3%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Godrej Consumer Products reported a mixed Q1 FY25. India organic volume growth was 8% on a high base, but revenue growth was muted at 6% due to negative pricing. Indonesia delivered strong constant currency EBITDA growth of 32% on 7% volume growth. GAUM and LATAM saw sharp revenue declines but improved profitability, with GAUM EBITDA margins reaching 14%. Consolidated revenue fell 3% but constant currency revenue grew 9%, and EBITDA grew 13%. Management expects India pricing to turn positive from Q2, targeting low double-digit volume growth for the year. The company announced a foray into pet care with a INR 500 crore investment over five years. Key risks include continued currency volatility in Africa and potential margin pressure from rising palm oil prices.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects pricing to become positive sequentially from Q2, with full-year pricing growth of 2-3%.
- Management aims for low double-digit volume growth in India for the full year, implying acceleration from 8% in Q1.
- Raymond acquisition EBITDA for FY25 is expected to be 15-20% below the original target of INR 160 crore, but significantly higher than the inherited INR 60 crore.
- Godrej Pet Care is expected to become cash positive after five years, with manufacturing commencing in H2 FY26.
Risks flagged
- Extreme currency fluctuations in Nigeria and Ghana led to distributor destocking and a 21% volume decline in GAUM. High interest rates may prolong the destocking.
- Sharp increase in palm oil prices pressured India EBITDA margins in Q1, and management noted it as a headwind for the year.
- Integration of urban general trade distribution led to market share loss in deodorants. Management is reverting to a specialized channel, which may delay profit targets.
- The INR 500 crore investment in pet care is a long-term bet with uncertain returns. Management acknowledged EBITDA margins may be lower than HPC.
Key quotes
- Our organic volume growth in India was 8%, reported 10% on a high base of 10%.
- In Nigeria, for the first time, we saw currency appreciation. Normally, we have been seeing currency devaluation. So when currency depreciates, trade tends to stock up... In an appreciating currency, nobody likes to keep stock.
- We are today announcing the formation of Godrej Pet Care, a subsidiary of GCPL. Pet Foods is already a INR 500 crore category, with many decades of late teen growth ahead.
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