#SALES #GROWTH
On a trailing twelve-month (TTM) basis, for the quarter ended March 2025, sales stood at ~โน4,306 cr v/s ~โน4,126 cr on a TTM basis for March 2024, up by ~4%. This was driven by innovation and superior retail execution. The overall consumer demand in both urban and rural markets remained tepid for the large part of the year. In Q1 FY26 (Apr-Jun), sales stood at โน937 cr v/s โน932 cr for the quarter ended June 2024, up by ~1% YoY. The business continued to grow, driven by a focused product portfolio of daily use categories. Going forward, market share gains coupled with volume growth across different categories would further help to grow.
On a trailing twelve-month (TTM) basis, for the quarter ended March 2025, sales stood at ~โน4,306 cr v/s ~โน4,126 cr on a TTM basis for March 2024, up by ~4%. This was driven by innovation and superior retail execution. The overall consumer demand in both urban and rural markets remained tepid for the large part of the year. In Q1 FY26 (Apr-Jun), sales stood at โน937 cr v/s โน932 cr for the quarter ended June 2024, up by ~1% YoY. The business continued to grow, driven by a focused product portfolio of daily use categories. Going forward, market share gains coupled with volume growth across different categories would further help to grow.
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#EBITDA #GROWTH
On a TTM basis for the quarter ended March 2025, EBITDA was ~โน989 cr v/s ~โน1,067 cr on a TTM basis for March 2024, a decline of ~7%. Major expenses for the company constituted purchase of stock-in trade 21% (mainly constitutes raw materials and packing materials), cost of materials consumed 17.3% and other expenses ~33% (majorly towards advertisement & marketing expense and processing charges). A&P spends has been increasing as the company is focusing on increasing awareness and expanding customer touchpoints. In Q1 FY26 (Apr-Jun), EBITDA stood at โน266 cr as compared to โน118 cr for the quarter ended June 2024. Company observed an improvement on the back of moderation across key commodities coupled with cost productivity and pricing.
On a TTM basis for the quarter ended March 2025, EBITDA was ~โน989 cr v/s ~โน1,067 cr on a TTM basis for March 2024, a decline of ~7%. Major expenses for the company constituted purchase of stock-in trade 21% (mainly constitutes raw materials and packing materials), cost of materials consumed 17.3% and other expenses ~33% (majorly towards advertisement & marketing expense and processing charges). A&P spends has been increasing as the company is focusing on increasing awareness and expanding customer touchpoints. In Q1 FY26 (Apr-Jun), EBITDA stood at โน266 cr as compared to โน118 cr for the quarter ended June 2024. Company observed an improvement on the back of moderation across key commodities coupled with cost productivity and pricing.
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#PAT #GROWTH
PAT stood at ~โน718 cr on a TTM basis for the quarter ended March 2025 v/s ~โน745 cr on a TTM basis for March 2024, down by ~4%. In Q1 FY26 (Apr-Jun), PAT was โน192 cr v/s โน81 cr for the quarter ended June 2024, significantly up due to the impact of higher advertising investment in the base period.
PAT stood at ~โน718 cr on a TTM basis for the quarter ended March 2025 v/s ~โน745 cr on a TTM basis for March 2024, down by ~4%. In Q1 FY26 (Apr-Jun), PAT was โน192 cr v/s โน81 cr for the quarter ended June 2024, significantly up due to the impact of higher advertising investment in the base period.
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#EBITDA #MARGIN
The major raw materials used by the company includes wood pulp, cotton and viscose. On a TTM basis for the quarter ended March 2025, the EBITDA margin contracted by ~288 bps YoY ~23% (v/s 25.9% on a TTM basis for the quarter ended March 2024). As a percentage of revenue, purchase of stock, employee benefit expense witnessed an expansion YoY. In Q1 FY26 (Apr-Jun), EBITDA margin stood at 28.4% (v/s 12.7% for the quarter ended June 2024). Company observed an improvement on the back of moderation in the key raw materials. As a percentage of revenue, purchase of stock and employee benefit expense witnessed a contraction YoY.
The major raw materials used by the company includes wood pulp, cotton and viscose. On a TTM basis for the quarter ended March 2025, the EBITDA margin contracted by ~288 bps YoY ~23% (v/s 25.9% on a TTM basis for the quarter ended March 2024). As a percentage of revenue, purchase of stock, employee benefit expense witnessed an expansion YoY. In Q1 FY26 (Apr-Jun), EBITDA margin stood at 28.4% (v/s 12.7% for the quarter ended June 2024). Company observed an improvement on the back of moderation in the key raw materials. As a percentage of revenue, purchase of stock and employee benefit expense witnessed a contraction YoY.
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#ROCE
As on 31st March 2025, ROCE for the company increased to 115.95%, owing to a decrease in the capital employed. The company is actively exploring opportunities to optimize borrowing costs and maximize yield on investments. Further, better utilization of capital and emerging categories in different segments would help in improving the operating profit and ROCE of the company.
As on 31st March 2025, ROCE for the company increased to 115.95%, owing to a decrease in the capital employed. The company is actively exploring opportunities to optimize borrowing costs and maximize yield on investments. Further, better utilization of capital and emerging categories in different segments would help in improving the operating profit and ROCE of the company.
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#COMPANY #POTENTIAL
โข Indian FMCG sector has witnessed a favorable recovery in the volume growth during the year. In FY24, it posted a volume growth of ~4% and is further anticipated to deliver a mid single-digit growth in FY25. โข Feminine hygiene is one of the most under penetrated segments in the consumer space. While product affordability was an issue earlier, today the product is available at a cheaper price. Developed countries have extremely high levels of penetration in the feminine hygiene space. However, surge in awareness towards maintaining personal hygiene is one of the major factors accelerating the growth of the feminine hygiene industry especially in developing countries. โข With higher product affordability, rising distribution, increasing education and income levels among females, rapid urbanization, rising proportion of working women, higher product awareness through media, breaking of taboos and category development cloth usage to proper hygienic methods. efforts by various companies, usage is picking up in what is an essential product for a large segment of the population. The confluence of company initiatives and favourable social factors should drive rapid growth in the category. โข The introduction of sanitary napkin vending machines in public places like schools, shopping malls, cinema halls etc. increases accessibility and awareness about the products. This will increase usage and acceptance and will help in the shift from tradition โข Changing demographic trends, rising per capita income, rising awareness for healthy lifestyle, under-penetrated healthcare space in India, higher share of non-communicable diseases, better healthcare technology coupled with cost competitiveness are some of the factors which would be aiding the growth of the healthcare industry in India.
โข Indian FMCG sector has witnessed a favorable recovery in the volume growth during the year. In FY24, it posted a volume growth of ~4% and is further anticipated to deliver a mid single-digit growth in FY25. โข Feminine hygiene is one of the most under penetrated segments in the consumer space. While product affordability was an issue earlier, today the product is available at a cheaper price. Developed countries have extremely high levels of penetration in the feminine hygiene space. However, surge in awareness towards maintaining personal hygiene is one of the major factors accelerating the growth of the feminine hygiene industry especially in developing countries. โข With higher product affordability, rising distribution, increasing education and income levels among females, rapid urbanization, rising proportion of working women, higher product awareness through media, breaking of taboos and category development cloth usage to proper hygienic methods. efforts by various companies, usage is picking up in what is an essential product for a large segment of the population. The confluence of company initiatives and favourable social factors should drive rapid growth in the category. โข The introduction of sanitary napkin vending machines in public places like schools, shopping malls, cinema halls etc. increases accessibility and awareness about the products. This will increase usage and acceptance and will help in the shift from tradition โข Changing demographic trends, rising per capita income, rising awareness for healthy lifestyle, under-penetrated healthcare space in India, higher share of non-communicable diseases, better healthcare technology coupled with cost competitiveness are some of the factors which would be aiding the growth of the healthcare industry in India.
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#COMPANY #OUTLOOK
โข Strong volume growth in the feminine hygiene segment will be driven by a combination of extremely low category penetration and growing distribution reach. They expect volume consumption growth within the FMCG category to be in the mid single-digit in the next 5-7 years. โข The companyโs products across categories reach only a fraction of their parent companyโs reach. While its reach has expanded significantly in the last couple of years, there is a considerable growth potential, given the increased product affordability. With low priced products in both the segments, the company has an opportunity to increase its distribution that would further aid to grow and gain market share across product categories. major categories, they foresee and opportunity to grow this segment into double-digits. lead margins. โข Unlike most other consumer categories in India, there is no unorganized segment. Users move from traditional products like cloth directly to the organized segment, dominated by the big players. The company enjoys the highest market share and the most favourable barriers to entry versus existing and potential competition. Moreover, since consumption is underdeveloped across โข There is huge scope for premiumization, as consumers trade up to thinner and โall nightโ products. Feminine hygiene features strong brand loyalty in India and worldwide. Consumers usually trade up and rarely trade down. Premiumization of products will โข With a portfolio of essentials and healthcare, the company would continue to remain focused on product innovation-led customer acquisition. Penetration play shall continue, but at a steady pace.
โข Strong volume growth in the feminine hygiene segment will be driven by a combination of extremely low category penetration and growing distribution reach. They expect volume consumption growth within the FMCG category to be in the mid single-digit in the next 5-7 years. โข The companyโs products across categories reach only a fraction of their parent companyโs reach. While its reach has expanded significantly in the last couple of years, there is a considerable growth potential, given the increased product affordability. With low priced products in both the segments, the company has an opportunity to increase its distribution that would further aid to grow and gain market share across product categories. major categories, they foresee and opportunity to grow this segment into double-digits. lead margins. โข Unlike most other consumer categories in India, there is no unorganized segment. Users move from traditional products like cloth directly to the organized segment, dominated by the big players. The company enjoys the highest market share and the most favourable barriers to entry versus existing and potential competition. Moreover, since consumption is underdeveloped across โข There is huge scope for premiumization, as consumers trade up to thinner and โall nightโ products. Feminine hygiene features strong brand loyalty in India and worldwide. Consumers usually trade up and rarely trade down. Premiumization of products will โข With a portfolio of essentials and healthcare, the company would continue to remain focused on product innovation-led customer acquisition. Penetration play shall continue, but at a steady pace.
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Procter & Gamble Health 5000-5160
Expected level 6450
Support 4600
Expected level 6450
Support 4600
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Godrej Consumer Products Limited company details report
Godrej Consumer Products Limited is engaged in the manufacturing of personal care, hair care and household care products. The company's personal care range of brands includes Cinthol, Godrej No.1, Godrej protekt. Its hair care range of brands includes Godrej expert, Godrej Nupur etc. Its home care range of brands includes Goodknight, HIT, Godrej Ezee and Godrej Aer. Over the past decade, Godrej Consumer Products Ltd has undertaken several overseas acquisitions/expansion in line with its 3 by 3 approach to build its presence in key emerging markets outside India, with focus on Asia, Africa and Latin America in the product categories of personal wash, hair care and home care. These acquisitions give Godrej Consumer access to well-established international brands and the subsidiaries distribution and marketing networks. In household insecticides, Godrej is a leader in India and Indonesia and is expanding its footprint in Africa. The company is a leader in serving the hair care needs of women of African descent and is the number one player in hair color products in India and sub-Saharan Africa, and among the leading players in Latin America.
Godrej Consumer Products Limited is engaged in the manufacturing of personal care, hair care and household care products. The company's personal care range of brands includes Cinthol, Godrej No.1, Godrej protekt. Its hair care range of brands includes Godrej expert, Godrej Nupur etc. Its home care range of brands includes Goodknight, HIT, Godrej Ezee and Godrej Aer. Over the past decade, Godrej Consumer Products Ltd has undertaken several overseas acquisitions/expansion in line with its 3 by 3 approach to build its presence in key emerging markets outside India, with focus on Asia, Africa and Latin America in the product categories of personal wash, hair care and home care. These acquisitions give Godrej Consumer access to well-established international brands and the subsidiaries distribution and marketing networks. In household insecticides, Godrej is a leader in India and Indonesia and is expanding its footprint in Africa. The company is a leader in serving the hair care needs of women of African descent and is the number one player in hair color products in India and sub-Saharan Africa, and among the leading players in Latin America.
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#SALES #GROWTH
In FY25, the sales grew by 1.9% YoY to โน14,364 cr led by underlying volume growth (UVG) of mid single digit on a consolidated basis. India and Indonesia business reported high singledigit volume growth. Geography wise, India business sales grew by 5.9% to ~โน8,910 cr, Indonesia business grew by 5.4% YoY to ~โน1,991 cr and others (includes Latin America & South Asian Association for Regional Cooperation (SAARC)) grew by 28% YoY to ~โน965 cr. The Godrej Africa, US, & Middle East (GAUM) business sales declined by 17% YoY to ~โน2,652 cr. The sales in INR term was impacted due to currency devaluation in Naira.
In FY25, the sales grew by 1.9% YoY to โน14,364 cr led by underlying volume growth (UVG) of mid single digit on a consolidated basis. India and Indonesia business reported high singledigit volume growth. Geography wise, India business sales grew by 5.9% to ~โน8,910 cr, Indonesia business grew by 5.4% YoY to ~โน1,991 cr and others (includes Latin America & South Asian Association for Regional Cooperation (SAARC)) grew by 28% YoY to ~โน965 cr. The Godrej Africa, US, & Middle East (GAUM) business sales declined by 17% YoY to ~โน2,652 cr. The sales in INR term was impacted due to currency devaluation in Naira.
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#EBITDA #GROWTH
In FY25, the EBITDA grew by 2% YoY to โน3,003 cr mainly led by declined in raw material cost and employee benefit expense. Geography wise, India business EBIT declined by 13.7% YoY to ~โน2,220 cr due to surge in palm oil prices. Indonesia business grew by 9.2% YoY to โน492 cr, Godrej Africa, US, & Middle East (GAUM) business grew by 40% YoY to โน341 cr and others (includes Latin America & South Asian Association for Regional Cooperation (SAARC)) grew to โน80 cr (v/s โน21 cr in FY24). Out of the total expenses, raw material cost including packaging materials consumed constituted ~50%, other expenses ~32%, employee benefit expenses ~10% and purchase of stock in trade constitute ~8% of the total expenses. Under other expenses, advertisement and publicity expenses stood at โน1,369 cr (9.5% of total sales). During the year, the advertisement and publicity expense grew by 2.5% YoY to โน1,369 cr.
In FY25, the EBITDA grew by 2% YoY to โน3,003 cr mainly led by declined in raw material cost and employee benefit expense. Geography wise, India business EBIT declined by 13.7% YoY to ~โน2,220 cr due to surge in palm oil prices. Indonesia business grew by 9.2% YoY to โน492 cr, Godrej Africa, US, & Middle East (GAUM) business grew by 40% YoY to โน341 cr and others (includes Latin America & South Asian Association for Regional Cooperation (SAARC)) grew to โน80 cr (v/s โน21 cr in FY24). Out of the total expenses, raw material cost including packaging materials consumed constituted ~50%, other expenses ~32%, employee benefit expenses ~10% and purchase of stock in trade constitute ~8% of the total expenses. Under other expenses, advertisement and publicity expenses stood at โน1,369 cr (9.5% of total sales). During the year, the advertisement and publicity expense grew by 2.5% YoY to โน1,369 cr.
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#PAT #GROWTH
In FY25, the PAT stood at โน1,852 cr (v/s loss of โน561 cr in FY24 due to exceptional loss of โน2,477 cr pertaining to impairment loss of โน1,391 cr towards brand and goodwill for Africa and โน927 cr relating to loss on sale of subsidiaries and business in East Africa pursuant to changes in business model and long term strategy for Africa, โน71 cr on account of other group restructuring costs, including employees' severance pay and inventory related costs etc and stamp duty payment and other costs in relation to acquisition of Raymond Consumer Care Business of โน87.8 cr). Excluding exceptional loss in FY24 of โน2,477 cr and โน63.2 cr in FY25, the PAT stood at ~โน1,915 cr (v/s ~โน1,916 cr in FY24).
In FY25, the PAT stood at โน1,852 cr (v/s loss of โน561 cr in FY24 due to exceptional loss of โน2,477 cr pertaining to impairment loss of โน1,391 cr towards brand and goodwill for Africa and โน927 cr relating to loss on sale of subsidiaries and business in East Africa pursuant to changes in business model and long term strategy for Africa, โน71 cr on account of other group restructuring costs, including employees' severance pay and inventory related costs etc and stamp duty payment and other costs in relation to acquisition of Raymond Consumer Care Business of โน87.8 cr). Excluding exceptional loss in FY24 of โน2,477 cr and โน63.2 cr in FY25, the PAT stood at ~โน1,915 cr (v/s ~โน1,916 cr in FY24).
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#EBITDA #MARGIN
In FY25, the EBITDA margin remained in the similar level of 20.9%. Geography wise, India business EBIT margin contracted by 567 bps YoY to 24.9% due to higher palm oil prices. The Indonesia business margin expanded by 86 bps YoY to 24.7% led by improvement in gross margin. Godrej Africa, US, & Middle East (GAUM) business margin expanded by 521 bps YoY to 12.9% driven by gross margin expansion, mix improvement and reduction in controllable costs. The others (Latin America & SAARC) business margin expanded by 549 bps YoY to 8.3%. The company key raw materials are palm oil and crude derivatives chemicals. Due to inflation in palm derivatives, the company had taken significant price hikes across the portfolio. It will result in reduced volume-led growth and increased price-led growth.
In FY25, the EBITDA margin remained in the similar level of 20.9%. Geography wise, India business EBIT margin contracted by 567 bps YoY to 24.9% due to higher palm oil prices. The Indonesia business margin expanded by 86 bps YoY to 24.7% led by improvement in gross margin. Godrej Africa, US, & Middle East (GAUM) business margin expanded by 521 bps YoY to 12.9% driven by gross margin expansion, mix improvement and reduction in controllable costs. The others (Latin America & SAARC) business margin expanded by 549 bps YoY to 8.3%. The company key raw materials are palm oil and crude derivatives chemicals. Due to inflation in palm derivatives, the company had taken significant price hikes across the portfolio. It will result in reduced volume-led growth and increased price-led growth.
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