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Godrej Consumer
Godrej Consumer reported a robust set of numbers on both the top-line and earnings front.
The top line grew by 89% yoy (a tad above our estimates of 88% yoy growth) to `980cr,
aided by revenue traction from the company’s recent acquisitions on a low base. Earnings
grew by 40% yoy (below our estimates of 73% yoy growth) on account of margin contraction,
high interest expense (up 558% yoy to `13cr), depreciation cost (up 142% to `13.5cr) and
lower other income (down 43% yoy to `6.3cr). On the operating front, the company reported
a margin contraction of 248bp yoy as all operating expenses for the company registered an
increase. Raw-material cost (up 81bp yoy), advertising expense (up 243bp yoy) and other
expense (up 237bp yoy) increased during the quarter. The stock is currently under review.
India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details �� ��
Godrej Consumer
Godrej Consumer reported a robust set of numbers on both the top-line and earnings front.
The top line grew by 89% yoy (a tad above our estimates of 88% yoy growth) to `980cr,
aided by revenue traction from the company’s recent acquisitions on a low base. Earnings
grew by 40% yoy (below our estimates of 73% yoy growth) on account of margin contraction,
high interest expense (up 558% yoy to `13cr), depreciation cost (up 142% to `13.5cr) and
lower other income (down 43% yoy to `6.3cr). On the operating front, the company reported
a margin contraction of 248bp yoy as all operating expenses for the company registered an
increase. Raw-material cost (up 81bp yoy), advertising expense (up 243bp yoy) and other
expense (up 237bp yoy) increased during the quarter. The stock is currently under review.
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