Buy Godrej Consumer Products: target of Rs 850: Sharekhan

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Sharekhan's research report on Godrej Consumer Products

Godrej Consumer Products Ltd’s (GCPL’s) management is confident of the India business delivering sustained double-digit revenue growth with its diversified portfolio, new launches and focus on strengthening the core. Changing consumer habits amid COVID-19 has been a boost for as soaps and handwash, while household insecticides are gaining good traction as consumers get cautious. Hair colour range saw V-shaped recovery in Q3. Key long-term triggers for domestic business 1) rising penetration of handwashes and floor cleaners/toilet cleaners 2) better traction for HI in rural markets through new launches and rising caution among consumers and 3) market share gains in core categories such as soaps and hair colour.

Outlook

Rising focus on improving growth prospects of India and the Indonesia business will help the company clock better performance in the coming years. With discounted valuation of 32x FY2023E EPS, we maintain our Buy with a PT of Rs. 850.

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