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. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Cross Asset Strategy

<ul><li>Q2FY24 results were ahead of our estimates. The company’s revenue grew by 6.1% YoY (Domestic sales grew by 6.6%), while volume stood flat.</li><li>Toothpaste segment grew in high single-digit, while toothbrush and exports dragged volumes down. The company doubled down on Colgate Strong Teeth re-launch by expanding its reach/availability.</li><li>Colgate Max Fresh was also re-launched, which saw strong growth in Q2. </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.

Q2FY24 results were ahead of our estimates. The company’s revenue grew by 6.1% YoY (Domestic sales grew by 6.6%), while volume stood flat.Toothpaste segment grew in high single-digit, while toothbrush and exports dragged volumes down. The company doubled down on Colgate Strong Teeth re-launch by expanding its reach/availability.Colgate Max Fresh was also re-launched, which saw strong growth in Q2. 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 Drove the Growth; Maintain HOLD

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Slow pick-up in demand, revenue to grow by 6/10% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver 6/10% growth YoY/four-year CAGR in revenue in Q2FY24 (vs18/10% in Q2FY23 and 9/3% in Q1FY24)</li><li>The demand trend has remained stable during the quarter, mirroring the trends in Q1FY24</li><li>Rural recovery remained below expectations due to high food prices and below-normal rainfall</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.

Slow pick-up in demand, revenue to grow by 6/10% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver 6/10% growth YoY/four-year CAGR in revenue in Q2FY24 (vs18/10% in Q2FY23 and 9/3% in Q1FY24)The demand trend has remained stable during the quarter, mirroring the trends in Q1FY24Rural recovery remained below expectations due to high food prices and below-normal rainfallContent 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.

FMCG & Alco Bev -  Slow Demand Recovery, Margin Expansion to Continue

<ul><li>The HSIE consumer index sales grew by 9% YoY in Q1FY24 (+36% in Q1FY23 on a low base, +13% in Q4FY23)</li><li>On a four-year CAGR basis, the universe clocked 15% growth in Q1FY24 with QSR/Paints growing ahead of our index (35/15%) in Q1FY24</li><li>Home Care/F&amp;B/Footwear grew in double digits (13/11/11%), while Oral Care/OTC FMCG/Cigarette/BPC underperformed, below the aggregate at 7% each.</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 HSIE consumer index sales grew by 9% YoY in Q1FY24 (+36% in Q1FY23 on a low base, +13% in Q4FY23)On a four-year CAGR basis, the universe clocked 15% growth in Q1FY24 with QSR/Paints growing ahead of our index (35/15%) in Q1FY24Home Care/F&amp;B/Footwear grew in double digits (13/11/11%), while Oral Care/OTC FMCG/Cigarette/BPC underperformed, below the aggregate at 7% each.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.

FMCG: Rural recovery insight, margin recovery to sustain

Equity Bottom-Up

Colgate Palmolive (India) / Equity Bottom-Up

<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>Underlying volume CAGR to sustain revenue to grow by 8/11% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver growth of 8/11% on YoY/four-year CAGR in revenue in Q1FY24 (vs 23/10% in Q1FY23 and 9/9% in Q4FY23)</li><li>Continuing from previous quarters the demand environment remained stable led by urban markets while rural recovery was below expectation</li><li>The FMCG sector is expected to witness a gradual recovery in demand led by moderating inflation improving consumer confidence and an increase in government spending</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.

Underlying volume CAGR to sustain revenue to grow by 8/11% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver growth of 8/11% on YoY/four-year CAGR in revenue in Q1FY24 (vs 23/10% in Q1FY23 and 9/9% in Q4FY23)Continuing from previous quarters the demand environment remained stable led by urban markets while rural recovery was below expectationThe FMCG sector is expected to witness a gradual recovery in demand led by moderating inflation improving consumer confidence and an increase in government spendingContent 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.

FMCG & Alco Bev - Slow Pick-Up in Growth, Margin Expansion to Continue

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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