Market Live :Sensex.

Colgate Palmolive’s 18.7 percent YoY revenue growth in Q3FY18 was in line, whereas EBITDA/PAT growth of 31.9/33.5 percent YoY surpassed estimates.After 4 quarters of volume decline, volumes during the quarter jumped 12 percent  YoY, largely aided by a weak base of -12 percent and increasing focus on naturals portfolio.Though the volumes during the quarter have rebounded, we would closely monitor the volume trajectory coupled with market share (MS) data (30bps and 170bps MS loss on QoQ and YoY basis) considering competition from Patanjali, Dabur and now HUL (entered with Lever Ayush) is only heating up. As we roll over to FY20, we arrive at target price of Rs 1,200 (earlier Rs 1,074) and maintain ‘Hold’.

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