13 May 2020 Godrej Consumers (GCPL) 4QFY20 results, while in line, offers no spark of structural revival. Similarly, management commentary also does not show any significant optimism on the companys modest earnings growth trend (at 9.8% CAGR between FY15-20E) improving over the next two years. With RoCE at ~16% in FY20 is significantly lower than peers and unlikely to increase sharply in the next two years. Thus, valuations of 33.2x FY22E EPS appear fair making us continue our on the stock. consolidated net sales declined 12.2% YoY to INR21.5b (v/s est. EBITDA declined 17.8% YoY to INR4.8b (v/s est.