Bajaj Consumer Care Ltd. share price target

Bajaj Corp's revenue grew by 1.8% yoy to Rs2bn, while net profit rose by 10.1% to Rs522mn and EBITDA stood at Rs709mn in 1QFY17. Overall volume growth stood at 0.8%, while flagship Almond Drops Hair Oil (ADHO) witnessed 2.2% volume growth during the quarter. We expect Bajaj Corp to report 15% CAGR in revenues and 24.9% CAGR in earnings through FY16-18E and maintain our BUY...

Revenue growth (value and volume) was below our and consensus expectations due to slowdown in rural markets and high base in Q4FY15. Flagship brand Bajaj Almond Drops saw primary volumes decline by 4% yoy while...

Bajaj Corp's 4QFY16 numbers were below our expectations on all fronts. Net sales for the quarter fell by 3.2% to Rs2.3bn vs. our estimate of Rs2.5bn. Net profits too came in lower at Rs540mn as against our estimates of Rs649mn. The company reported overall volume drop of 5% for the quarter leading to poor operating performance. With initial forecasts of favourable monsoon, we expect strong recovery in volumes for the company going forward. We expect the company to report revenue and earnings CAGR of 15% and 24.1% through FY16-18E and...

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,...