External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

Colgate Palmolive (India) / Equity Bottom-Up

<ul><li>Pricing-led Growth: In Q4FY24, the company recorded a revenue growth of 10.4% YoY, reaching Rs 1481 Cr, slightly below our expectations.</li><li>This growth was primarily attributed to price hikes. Domestic sales also saw a YoY increase of 10.7% in Q4FY24 and 9.5% in FY24, with volume growth expected to remain in the low single digits.</li><li>Notably, rural business outpaced urban growth by 200bps, signalling a positive demand recovery trend in line with other FMCG companies. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pricing-led Growth: In Q4FY24, the company recorded a revenue growth of 10.4% YoY, reaching Rs 1481 Cr, slightly below our expectations.This growth was primarily attributed to price hikes. Domestic sales also saw a YoY increase of 10.7% in Q4FY24 and 9.5% in FY24, with volume growth expected to remain in the low single digits.Notably, rural business outpaced urban growth by 200bps, signalling a positive demand recovery trend in line with other FMCG companies. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Colgate Palmolive (India) Ltd - Rich Valuation Will Cap Upside Potential

<ul><li>Q3FY24 results were ahead of our estimates. The company’s revenue grew by 8.2% YoY (Domestic sales grew by 8.8%), while overall volume declined -1% YoY, hence growth primarily led by price hikes.</li><li>Colgate Max Fresh was also re-launched, which saw strong growth in Q3FY24.</li><li>Its EBITDA margins improved by 557bps YoY to 33.8% on account of better than-expected gross margin expansion of 639bps YoY to 72% due to benign input cost. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q3FY24 results were ahead of our estimates. The company’s revenue grew by 8.2% YoY (Domestic sales grew by 8.8%), while overall volume declined -1% YoY, hence growth primarily led by price hikes.Colgate Max Fresh was also re-launched, which saw strong growth in Q3FY24.Its EBITDA margins improved by 557bps YoY to 33.8% on account of better than-expected gross margin expansion of 639bps YoY to 72% due to benign input cost. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Colgate Palmolive (India) Ltd - Pricing Leading the Growth; Maintain HOLD

<ul><li>The company’s revenue growth during the quarter stood at 11% QoQ (~6-7% volume growth). This was led by the re-launch of Colgate Strong Teeth.</li><li>The management remains optimistic about demand recovery in the upcoming quarters backed by initial signs of rural recovery.</li><li>Gross margins expanded 218bps YoY to 68.2% owing to softening of raw materials and improved mix. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The company’s revenue growth during the quarter stood at 11% QoQ (~6-7% volume growth). This was led by the re-launch of Colgate Strong Teeth.The management remains optimistic about demand recovery in the upcoming quarters backed by initial signs of rural recovery.Gross margins expanded 218bps YoY to 68.2% owing to softening of raw materials and improved mix. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Colgate Palmolive (India) Ltd - Long Road to Meaningful Recovery

<ul><li>The Company’s revenue growth was ~4 (flat volume growth) on account of weak rural demand.</li><li>The management remains cautiously optimistic with demand likely to recover in the upcoming quarters.</li><li>Gross margins remained flat YoY but improved after a few quarters of decline owing to RM decline and price hikes.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The Company’s revenue growth was ~4 (flat volume growth) on account of weak rural demand.The management remains cautiously optimistic with demand likely to recover in the upcoming quarters.Gross margins remained flat YoY but improved after a few quarters of decline owing to RM decline and price hikes.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Colgate Palmolive (India) Ltd - Long Road to Meaningful Recovery; Maintain HOLD

<ul><li>Revenue growth was subdued at ~0.8% YoY (2-3% volume decline) on account of rural slowdown and inflationary pressure.</li><li>The management, however, remains cautiously optimistic with demand likely to recover in the upcoming quarters.</li><li>Gross margins improved QoQ while pressure persists on a YoY basis due to higher YoY raw material inflation.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Revenue growth was subdued at ~0.8% YoY (2-3% volume decline) on account of rural slowdown and inflationary pressure.The management, however, remains cautiously optimistic with demand likely to recover in the upcoming quarters.Gross margins improved QoQ while pressure persists on a YoY basis due to higher YoY raw material inflation.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Colgate Palmolive (India) Ltd - Miss on All Fronts

India

Colgate-Palmolive (India) Ltd. manufactures consumer products in the oral care and body care area. The Company's products include soaps, cosmetics, toilet preparations, toothpaste, toothbrushes, shaving brushes, and glycerin.

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Colgate Palmolive (India) (CLGT IN)

Colgate Palmolive (India) Ltd - Rich Valuation Will Cap Upside Potential

Pricing-led Growth: In Q4FY24, the company recorded a revenue growth of 10.4% YoY, reaching Rs 1481 Cr, slightly below our expectations.

Axis Direct

Colgate Palmolive (India) Ltd - Pricing Leading the Growth; Maintain HOLD

The company’s revenue grew by 8.2% YoY (Domestic sales grew by 8.8%), while overall volume declined -1% YoY, hence growth primarily led by price...

Axis Direct

Colgate Palmolive (India) Ltd - Long Road to Meaningful Recovery

The company’s revenue growth during the quarter stood at 11% QoQ (~6-7% volume growth). This was led by the re-launch of Colgate Strong Teeth.

Axis Direct

Colgate Palmolive (India) Ltd - Long Road to Meaningful Recovery; Maintain HOLD

The Company’s revenue growth was ~4 (flat volume growth) on account of weak rural demand. The management remains cautiously optimistic with demand...

Axis Direct

Colgate Palmolive (India) Ltd - Miss on All Fronts

Revenue growth was subdued at ~0.8% YoY (2-3% volume decline) on account of rural slowdown and inflationary pressure. The management, however,...

Axis Direct

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