Beat on EBITDA; focus on TAM expansion

Company
11 Mar 2024
5 Min read 
  • Godrej Consumer's consolidated net revenue grew 1.5% YoY in 3QFY24.
  •  The India business saw 9% YoY revenue growth with a volume growth of 12% YoY.
  •  International performance was impacted by forex, with revenue declines in GUAM and LATAM+SAARC.
  •  EBITDA rose 18% YoY, with the EBITDA margin of the India business expanding to 29%.
  •  The company is focused on expanding TAM for the India business and fixing profitability/growth gaps in the international business.
  •  Reiterate BUY rating with a TP of INR1,350 based on 55x Dec25 EPS.
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