External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>The HSIE consumer index sales grew by 12% YoY in Q4FY23 (+11% in Q4FY22, +11% in Q3FY23)</li><li>On a four-year CAGR basis, the universe clocked 9% growth in Q4FY23, a trend similar to that witnessed in the previous few quarters</li><li>On a four-year CAGR basis, Paints/QSR/F&amp;B/Home Care have grown ahead of our index average (14/13/12/11%) in Q4FY23</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 12% YoY in Q4FY23 (+11% in Q4FY22, +11% in Q3FY23)On a four-year CAGR basis, the universe clocked 9% growth in Q4FY23, a trend similar to that witnessed in the previous few quartersOn a four-year CAGR basis, Paints/QSR/F&amp;B/Home Care have grown ahead of our index average (14/13/12/11%) in Q4FY23Content 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.

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

Equity Bottom-Up

Colgate Palmolive (India) / Equity Bottom-Up

<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>Colgate Palmolive: Colgate’s domestic revenue grew 5% YoY (four-year CAGR sustaining at 4%), led by high single-digit growth in toothpaste (Dabur clocked c.5%)</li>
<li>Volumes arrested a declining trend of the previous four quarters and were flat (HSIE 1%) with c.1% four-year CAGR</li>
<li>GM continued to expand sequentially (100bps) to 66.9%, better than our expectation of 66%</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.


Colgate Palmolive: Colgate’s domestic revenue grew 5% YoY (four-year CAGR sustaining at 4%), led by high single-digit growth in toothpaste (Dabur clocked c.5%)
Volumes arrested a declining trend of the previous four quarters and were flat (HSIE 1%) with c.1% four-year CAGR
GM continued to expand sequentially (100bps) to 66.9%, better than our expectation of 66%

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.

HSIE Results Daily: Colgate Palmolive, Deepak Nitrite, Alkyl Amines, Sapphire Foods

<ul><li>Colgate Palmolive: Colgate’s domestic revenue grew 5% YoY (four-year CAGR sustaining at 4%), led by high single-digit growth in toothpaste (Dabur clocked c.5%)</li><li>Volumes arrested a declining trend of the previous four quarters and were flat (HSIE 1%) with c.1% four-year CAGR</li><li>GM continued to expand sequentially (100bps) to 66.9%, better than our expectation of 66%</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.

Colgate Palmolive: Colgate’s domestic revenue grew 5% YoY (four-year CAGR sustaining at 4%), led by high single-digit growth in toothpaste (Dabur clocked c.5%)Volumes arrested a declining trend of the previous four quarters and were flat (HSIE 1%) with c.1% four-year CAGRGM continued to expand sequentially (100bps) to 66.9%, better than our expectation of 66%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.

HSIE Results Daily: Colgate Palmolive, Deepak Nitrite, Alkyl Amines

<ul><li>Expect improvement in volume CAGR, revenue to grow by 10/9% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver growth of 10/9% on YoY/four-year CAGR in revenue in Q4FY23 (vs 12/8% in Q4FY22 and 8/10% in Q3FY23)</li><li>Companies have started seeing a gradual recovery in demand, however, it still falls short of a full recovery</li><li>Urban markets returned to positive volume growth while rural markets still remain muted</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.

Expect improvement in volume CAGR, revenue to grow by 10/9% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver growth of 10/9% on YoY/four-year CAGR in revenue in Q4FY23 (vs 12/8% in Q4FY22 and 8/10% in Q3FY23)Companies have started seeing a gradual recovery in demand, however, it still falls short of a full recoveryUrban markets returned to positive volume growth while rural markets still remain mutedContent 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: Respite in demand and margins pressure

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)

FMCG: Demand recovery lags margins

On a four-year CAGR basis, the universe clocked 9% growth in Q4FY23, a trend similar to that witnessed in the previous few quarters

HDFC Securities

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

HSIE Results Daily: Colgate Palmolive, Deepak Nitrite, Alkyl Amines, Sapphire Foods

Colgate Palmolive: Colgate’s domestic revenue grew 5% YoY (four-year CAGR sustaining at 4%), led by high single-digit growth in toothpaste (Dabur...

HDFC Securities

HSIE Results Daily: Colgate Palmolive, Deepak Nitrite, Alkyl Amines

Colgate Palmolive: Colgate’s domestic revenue grew 5% YoY (four-year CAGR sustaining at 4%), led by high single-digit growth in toothpaste (Dabur...

HDFC Securities

FMCG & Alco Bev: Respite in demand and margins pressure

Our FMCG coverage universe is expected to deliver growth of 10/9% on YoY/four-year CAGR in revenue in Q4FY23 (vs 12/8% in Q4FY22 and 8/10% in Q3FY23)

HDFC Securities

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