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Revenue
₹3,660 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
screener in
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Godrej Consumer Products reported Q3 FY24 results in line with expectations, with consolidated underlying volume growth of 5% and EBITDA growth of 16% ahead of sales. India volumes grew 12% and EBITDA 18%, driven by strong performance in hair color, air freshener, and fabric care. Indonesia delivered 9% volume growth and 12% EBITDA growth. The company launched two key innovations: Fab liquid detergent at a disruptive price of INR 99/liter and Goodknight Agarbatti with a novel molecule Renofluthrin, targeting the INR 1,200 crore illegal incense stick market. EBITDA margins improved to over 20% due to cost savings and benign input costs. Management expects steady margin improvement and double-digit volume growth in household insecticides. Risk: currency volatility in GAUM and LATAM, particularly Argentina, could impact reported sales.
Colored figures show movement against the previous available record.
Guidance to track
- Management anticipates steady improvement in EBITDA margins through structural cost reduction actions.
- Rightful volume growth in household insecticide is about 1.2x GDP, implying 8-9% volume growth.
- Air freshener category should grow in high teens to early 20s for some years to come.
Risks flagged
- Argentine peso devaluation from 361 to 808 has impacted nine months of revenue, with mid-single-digit negative impact on consolidated sales.
- Analyst raised concern that disruptive pricing in liquid detergent could be quickly copied by larger players; management acknowledged but expressed confidence.
- Illegal incense sticks offer higher trade margins; management plans to use direct distribution to counter but risk remains.
Key quotes
- Our consolidated reported volume grew by 8%, sales grew by 2%, EBITDA, including forex, by 16%, PBT by 18%, and PAT by 6%.
- We launched Goodknight Agarbatti, India's only government-registered active-based anti-mosquito agarbatti, using a new molecule Renofluthrin which is 2x more effective.
- The number one preference driver of a household insecticide is drop down, mosquitoes in the first 10 minutes.
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