Godrej Consumer Products - Growth story remains intact and promising… ACCUMULATE ::Emkay

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Godrej Consumer Products

Growth story remains intact and promising…

ACCUMULATE

CMP: Rs 370                                       Target Price: Rs 420

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n     We met the management of Godrej Consumer (GCPL) – remain positive with continuation of growth momentum – no change in our assumptions and earnings forecasts

n     While domestic household insecticide (HI) segment will continue to drive earnings growth, a 4% price hike in soaps would drive value growth in ensuing quarters

n     Strong traction sustains in the Indonesian and LatAM business; however, the UK and South Africa business would continue their modest performance

n     We re-iterate our ACCUMULATE rating on the stock with a target price of Rs 420, providing 14% upside from current levels