Bajaj Consumer Care Ltd. share price target

Hair oil market volumes grew 0.7% yoy in 8MFY16 vs. a 6% fall last year. In 8MFY16, light hair oil volumes grew 6.3% yoy while Bajaj Almond Drops' volumes grew slower at 5.9%; volume market share fell 20bps to 58.7% as per AC Neilson (the...

Bajaj Corp's 3QFY16 numbers were below our expectations. While net sales grew by 3.6% yoy to Rs2.1bn, it was 7% below our estimates. Net profit came in at Rs496mn, a growth of 18.5% yoy vs. our estimate of Rs507mn. Volume growth for the quarter stood at just 3% vs. our estimate of 8%. Operating margins, however, continued to remain in an uptrend as they improved 310bps to 31.8%. While we have baked in lower volume growth going forward, we believe that Bajaj Corp presents an attractive investment opportunity considering its market leadership,...

Revenue growth (value and volume) was below our and consensus expectations due to slowdown in the hair oil industry. While Bajaj Almond Drops hair oil saw sluggishness in demand, NoMarks continued to...

Bajaj Corp reported revenue of Rs2.1bn for the quarter ended September 2015 vs. our estimate of Rs2.13bn. EBITDA was higher by 24.2% yoy to Rs647mn in-line with our estimate while net profit increased 25% to Rs468mn, ahead of our estimate by 4%. Volume growth came in at 8.3%, lower than our estimate of 10%. However, benign input costs resulted in sharp operating margin improvement of 340bps to 31.1%. The stock is trading at 25.8x FY16E and 22x FY17E earnings....

Volume growth in Q1 FY16 of flagship brand has been good, the other brands however drag Bajaj Corp reported a revenue growth of 14.5% yoy (volume growth of 12% yoy). On a like to like basis (ex new launch Bajaj Amla, launched in 4QFY15), the volume growth for the company's portfolio stood at 8% yoy, which was primarily driven by 11% yoy growth in Almond Drops (AD). Brahmi Amla also grew in volumes by 45.5% yoy,...

Bajaj Corp's Q1FY16 results were slightly below street expectations. Volume growth of flagship brand Bajaj Almond Drop Hair Oil suffered due to sluggishness in demand. NoMarks saw a decrease in sales due to channel corrections and SKU rationalization as part of the...

The Q4FY15 results reported by Bajaj Corp were better than street expectations with respect to volume growth, topline as well as bottomline. The growth was driven by spectacular growth in Bajaj Almond Hair Oil & No Marks. The recent fall in commodity prices led to a...

Bajaj Corp Ltd is one of India's leading FMCG Company with major brands in Hair care category. In addition, they also produce other hair oils and oral care products. The company is a part of the...