Godrej Consumer Products Ltd. share price target

Background:GCPL is a leading FMCG player focussed on Home Care (39%), Personal Wash (26%), Hair Care (24%) & Others (11%). In India, GCPL's is the market leader in the INR 10bn hair dye/color with market share of ~35% & 10% market share in the INR 90bn toilet soap market. Brand portfolio is strong in the Indian & International businesses. GCPL has grown their international business through acquisitions with share of international revenues contributing 36% of consolidated revenues. International revenue share is spread out between Indonesia (45%), Africa (24%), Latam (18%), UK (12%) and Middle East (1%). GCPL recently acquired 51%...

GCPL's Q1FY16 numbers were better than our and consensus expectations. While a 13% volume growth drove domestic revenues, the international business saw a revival with a constantcurrencyorganicgrowthof13%.Domesticandinternationalmarginswerehelped...

Background:GCPL is a leading FMCG player focussed on Home Care (39%), Personal Wash (26%), Hair Care (24%) & Others (11%). In India, GCPL's is the market leader in the INR 10bn hair dye/color with market share of ~35% & 10% market share in the INR 90bn toilet soap market. Brand portfolio is strong in the Indian & International businesses. GCPL has grown their international business through acquisitions with share of international revenues contributing 36% of consolidated revenues. International revenue share is spread out between Indonesia (45%), Africa (24%), Latam (18%), UK (12%) and Middle East (1%). GCPL recently acquired...

GCPLs revenue grew by 8.3% YoY to ~Rs 20.9bn (marginally below est). Key positives were (1) Aided by a lower base, soaps delivered robust 15% YoY revenue growth (3QFY15 : 11% YoY) (2) Hair colour witnessed a revival with 12% YoY revenue growth (3QFY15: 10% YoY) (3) consolidated EBITDA margins expanded 80bps YoY to 18.5% driven by lower COGS (-329bps), staff costs (-51bps) and other expenses (-46bps).

Buy at Rs 1173 and add on dips to Rs 1010 - Rs 1049 for Target of Rs 1282 in 1 quarter

Background:GCPL is a leading FMCG player focussed on Home Care (39%), Personal Wash (26%), Hair Care (24%) & Others (11%). In India, GCPL's is the market leader in the INR 10bn hair dye/color with market share of ~35% & 10% market share in the INR 90bn toilet soap market. Brand portfolio is strong in the Indian & International businesses. GCPL has grown their international business through acquisitions with share of international revenues contributing 36% of consolidated revenues. International revenue share is spread out between Indonesia (45%), Africa (24%), Latam (18%), UK (12%) and Middle East (1%). GCPL recently acquired...

GCPLs revenue grew by 12.8% YoY to ~Rs 22.4bn (inline). Key positives were (1) Aided by a lower base, HI witnessed a revival with 16% YoY revenue growth (2QFY15 : 2%) (2) Despite the high base (3QFY14 : 37%), Hair colour grew 10% YoY (3) consolidated EBITDA margins expanded 205bps YoY to 17.8% driven by lower COGS (-49bps), ad spends (-173bps) and other expenses (-24bps).

Background:GCPL is a leading FMCG player focussed on Home Care (39%), Personal Wash (26%), Hair Care (24%) & Others (11%). In India, GCPL's is the market leader in the INR 10bn hair dye/color with market share of ~35% & 10% market share in the INR 90bn toilet soap market. Brand portfolio is strong in the Indian & International businesses. GCPL has grown their international business through acquisitions with share of international revenues contributing 36% of consolidated revenues. International revenue share is spread out between Indonesia (45%), Africa (24%), Latam (18%), UK (12%) and Middle East (1%). GCPL recently acquired...

Background:GCPL is a leading FMCG player focussed on Home Care (39%), Personal Wash (26%), Hair Care (24%) & Others (11%). In India, GCPL's is the market leader in the INR 10bn hair dye/color w ith market share of ~35% & 10% market share in the INR 90bn toilet soap market. Brand portfolio is strong in the Indian & International businesses. GCPL has grown their international business through acquis itions w ith share of international revenues contributing 36% of consolidated revenues. International revenue share is spread out between Indonesia (45%), Africa (24%), Latam (18%), UK (12%) and Middle East (1%). GCPL recently acquired...

Background:GCPL is a leading FMCG player focussed on Home Care (39%), Personal Wash (26%), Hair Care (24%) & Others (11%). In India, GCPL is the market leader in the INR 10bn hair dye/color with market share of ~35% & 10% market share in the INR 90bn toilet soap market. Brand portfolio is strong in the Indian & International businesses. GCPL has grown their international business through acquisitions with share of international revenues contributing 36% of consolidated revenues. International revenue share is spread out between Indonesia (45%), Africa (24%), Latam (18%), UK (12%) and Middle East (1%). GCPL recently acquired 51%...