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Revenue
₹3,768 Cr
verified against source
Revenue YoY
6%
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 tough Q3 FY25 with consolidated organic revenue growth of 6% but flat volumes and a 10% decline in reported EBITDA. India business was particularly weak, with flat volumes, 4% revenue growth, and 21% EBITDA decline, driven by macro slowdown, high palm oil prices causing destocking, and a poor household insecticide season. Management maintained advertising spend at ~10% and consolidated EBITDA margin at ~20%. International businesses performed better, with Indonesia growing 9% revenue and 12% EBITDA, and Latin America seeing >25% volume growth. Management expects sequential improvement in volume and value growth by Q4 FY25 and margin recovery by H1 FY26. Key risks include sustained urban consumption weakness and high PFAD prices delaying margin normalization.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects volume and value growth to improve sequentially in Q4 FY25, with a return to H1-like levels by Q1 FY26.
- Management targets India EBITDA margins in the 24-26% range, expecting to reach this level in the next 6-8 months.
- Management expects Africa business to report positive organic revenue growth by Q4 FY25.
- Management indicated need for one or two more rounds of pricing in soaps to restore normative margins.
Risks flagged
- Management noted a significant urban slowdown, with premium products and modern trade under pressure, which could persist and impact growth.
- Despite palm oil correction, PFAD prices remain high, delaying margin normalization in soaps. Management expects margins to remain similar in Q4.
- Only 40-50% of offtakes in liquid vaporizers are RNF, with old product still in pipeline. Full transition may take longer.
- Competitors like Rin have lowered prices in liquid detergents, potentially challenging Fab's growth trajectory.
Key quotes
- Quarter three FY 2025 has been a tough quarter for GCPL. In particular, our India business has had a poor performance, which has been somewhat compensated by our international business.
- We expect the majority of these issues to be transitory and hope that in Q1 FY 2025, Q4 FY 2025, both our volume and value growth will see sequential improvement, and by H1 of next year, we should start seeing margin growth as well.
- We are definitely seeing an urban slowdown. Urban GT was anyway under pressure. Urban modern trade is a little slower than it used to be. We are seeing premium products not grow as fast as they were growing a few quarters ago.
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