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Britannia’s revenue growth of 1% YoY was underwhelming as volumes largely remained flattish due to slowdown and regional competition. Focus states also witnessed some deceleration in growth. With correction in input cost, it has taken only ~2% pricing correction vs ~20-22% price increases over last 24 months.
TCPL’s Q2FY24 was largely in-line with our expectations. We note the positives (1) post completing split-routes for salesmen in 1mn+ cities, it is focussing on ‘rurban’ strategy. It has inducted 1,000 distributors in 50,000+ population towns, (2) Starbucks has added 22 outlets and now focuses on highway stores.
Continued weakness (in 2QFY24) across key segments (PCNO, VAHO and Saffola edible oil) is underwhelming as demand conditions remain under pressure. However, management expects a gradual improvement as offtakes remain healthy and pricing actions largely coming into base.
2QFY24 revenue growth was below our and consensus estimates but PAT was above estimates driven by higher other income. Colgate reported domestic revenue growth of ~7% (high-single digit growth in toothpaste portfolio), which appears to be driven by balanced volume and price/mix growth.
Pricing Led the Growth: 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
