Name: Latest research reports of Procter & Gamble Hygiene & Healthcare Ltd. authored by Motilal Oswal and published by - Trendlyne research reports.
Item: Procter & Gamble Hygiene & Healthcare Ltd.
Rating: 3
Author: Motilal Oswal

Blip in sales growth after four strong quarters; structural levers intact

Neutral: Procter & Gamble Hygiene &...

Target

Motilal Oswal

1QFY20 (ending Jun'19) net sales grew 7.6% YoY to INR8.5b (v/s est. 9.2b). However, EBITDA declined 13.1% YoY to INR1.8b (v/s est. INR2.1b). PBT declined 12.2% YoY to INR1.8b (v/s est. INR2.1b). Adj. PAT was flat YoY at INR1.4b (v/s est. INR1.4b) due to lower corporate taxes. Feminine care business registered strong double-digit growth, while the healthcare business (likely to have been a laggard in 1QFY20) still reportedly grew faster than the market. Gross margins expanded 20bp YoY to 60.4% (v/s est. 59.0%). EBITDA...