P&G Hygiene and Health hits 52-week high on 3-fold surge in net profit

A favourable base and one-time tax benefits helped P&G Hygiene and Health to post the steep rise in bottomline during the June quarter.

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Shares of P&G Hygiene and Healthcare rose over a percent in early trade and hit a 52-week high of Rs 16,600 on August 29 as the company reported a sharp threefold rise in its net profit for the April-June quarter while also impressing analysts with a strong margin improvement.

At 09.21 am, shares of the company were trading 0.5 percent higher at Rs 16,503.95 on the NSE.

P&G Hygiene and Healthcare, which follows the July-June financial year, reported a bottomline of Rs 151.24 crore for the June quarter as against Rs 42.55 crore recorded a year back.

The management attributed this steep surge to a favourable base and a one-time tax impact. “The growth was driven by premiumisation and productivity interventions, as the company continued to make sequential progress in profit growth, despite the challenging operating and cost environment,” the management said in an exchange filing.

Net sales also grew 12.31 percent on-year to Rs 848.74 crore during the quarter under review thanks to the company’s strong brand fundamentals and integrated growth strategy.

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Its EBITDA (earnings before interest, taxes, depreciation and amortization) margin also expanded sharply by 1,630 basis points on year to 25.2 percent in April-June.

Brokerage firm Motilal Oswal Financial Services also stands impressed by the company’s sharp margin improvement. It believes that there are two factors – the company’s huge category growth potential in the feminine hygiene segment, coupled with scope for market share gains and potential for higher margin growth from premiumisation in the category over the long term which makes P&G Hygiene and Health an attractive long-term core holding.

However, even though the firm remains positive on the company’s long-term growth potential, the uncertain pace of recovery and challenging valuations which come around 65 times its FY24 EPS (earnings-per-stock) estimates prompt MOFSL to maintain a neutral rating on the stock.

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