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Consumers
n Emkay CONSUMER universe is expected to witness robust growth momentum - record 21.9% YoY growth in revenue
to Rs 107 bn. Godrej Consumer is likely to witness highest growth of 118.8% on account of consolidation of acquired
businesses – excluding which our CONSUMER universe is expected to grow at 15.9%. Selective price increases
coupled with healthy volume growth momentum will drive robust revenue growth this quarter. In Emkay universe,
GCPL would record highest revenue growth at 118.8% YoY followed by Jubilant FoodWorks, Marico and Titan at
58.2%, 41.0% and 27.1% YoY respectively.
n EMKAY universe would register improvement in growth momentum – forecast 21.9% YoY growth in revenues to Rs
107 bn driven by continuation of healthy up-tick in volumes coupled with selective price increases and consolidation
of acquired businesses for GCPL. While the Middle East crisis will impact the international operations of APL and
Marico, strong domestic performance will offset this negative impact. Our volume growth assumptions for HUL at 8%,
APL at 14% (domestic business) and same store sales growth for Jubilant FoodWorks at 25%.
n While higher raw material costs continue to keep margins under pressure, we expect selective price hikes with
efficient operating performance would drive EBITDA growth at 26.4% YoY to Rs 15.4 bn and APAT at 30% YoY growth
to Rs 10.3 bn. We have factored 50 bps expansion in EBIDTA margins for EMKAY universe – Jubilant FoodWorks
would report highest expansion at 260 bps, followed by APL at 170 bps and HUL at 50 bps.
n While pricing interventions have been initiated in selective categories like hair oils, detergents and paints, consumer
sector continues to face risks from (1) rising raw material costs (2) intensifying competition and (3) unfavorable base
effects. We continue to remain selective in playing the sector with a preference for absolute market leaders with
higher pricing power.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Consumers
n Emkay CONSUMER universe is expected to witness robust growth momentum - record 21.9% YoY growth in revenue
to Rs 107 bn. Godrej Consumer is likely to witness highest growth of 118.8% on account of consolidation of acquired
businesses – excluding which our CONSUMER universe is expected to grow at 15.9%. Selective price increases
coupled with healthy volume growth momentum will drive robust revenue growth this quarter. In Emkay universe,
GCPL would record highest revenue growth at 118.8% YoY followed by Jubilant FoodWorks, Marico and Titan at
58.2%, 41.0% and 27.1% YoY respectively.
n EMKAY universe would register improvement in growth momentum – forecast 21.9% YoY growth in revenues to Rs
107 bn driven by continuation of healthy up-tick in volumes coupled with selective price increases and consolidation
of acquired businesses for GCPL. While the Middle East crisis will impact the international operations of APL and
Marico, strong domestic performance will offset this negative impact. Our volume growth assumptions for HUL at 8%,
APL at 14% (domestic business) and same store sales growth for Jubilant FoodWorks at 25%.
n While higher raw material costs continue to keep margins under pressure, we expect selective price hikes with
efficient operating performance would drive EBITDA growth at 26.4% YoY to Rs 15.4 bn and APAT at 30% YoY growth
to Rs 10.3 bn. We have factored 50 bps expansion in EBIDTA margins for EMKAY universe – Jubilant FoodWorks
would report highest expansion at 260 bps, followed by APL at 170 bps and HUL at 50 bps.
n While pricing interventions have been initiated in selective categories like hair oils, detergents and paints, consumer
sector continues to face risks from (1) rising raw material costs (2) intensifying competition and (3) unfavorable base
effects. We continue to remain selective in playing the sector with a preference for absolute market leaders with
higher pricing power.
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