Q2FY20 :
Price when result was announced : 2014
- Domestic growth was at 7% with Volume growth of 5% , that is stable as compared to previous quarters.
- EBITDA expanded on lower raw material cost at 45.52% compared to 48.03% in previous year same quarter.
- Tax Rate has shifted to new regime benefiting EPS by 10-12%.
- Soap category is facing pressures.
- Distributors and Retailers facing liquidity issues impacting the volume growth.
- Balance sheet has strengthen further by increase in cashflow and maintained working capital.
- GSK consumer approvals taking longer than anticipated.
Recommendation : HOLD
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