Godrej Consumer gains after Jefferies, Morgan Stanley’s bullish calls

Jefferies has a “buy” call on the counter, with a target price of Rs 1,200 a share, while Morgan Stanley has an “overweight” call and a target price of Rs 1,072

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Godrej Consumer Products Ltd (GCPL) gained a percent to rise to the day’s high of Rs 987 on October 6 after global brokerage firms Morgan Stanley and Jefferies shared a bullish rating on the counter.

The call followed the company announcing a mid-single digit volume growth in its July-September quarter (Q2FY24) business update.

Analysts at Jefferies have a “buy” rating on the counter, with a target price of Rs 1,200 a share. Those at Morgan Stanley have an “overweight”, with a target price of Rs 1,072 per share.

The company said the home-care segment witnessed mid-single digit volume growth, while personal care saw low-single digits.

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The organic business delivered healthy growth despite tough operating environment, marred by adverse weather conditions during the quarter, the company said in the Q2 update.

Overseas, GCPL’s business in Indonesia reported double-digit volume and value growth, underscoring international expansion success.

On the other hand, Godrej USA, Africa, and Middle East (GAUM region) maintained consistent performance, with constant currency sales growth in mid-teens.

Also read: Adani Wilmar shares gain 1%; reports strong double-digit volume growth in Q2

“The home-care segment fared better versus personal care, while the acquired Raymond portfolio saw improvement on a sequential basis, Jefferies said.

“We expect margin expansion to be robust across business segments on a year-on-year (YoY) basis. The margin expansion would thereby support earnings growth despite a weak volume print,” analysts at the brokerage firm wrote.

Analysts, however, said Godrej Consumer’s Q2 organic volume growth of mid-single digits was lower than 10-11 percent over the last two quarters.

At 1.01 pm, the stock was trading at RS 971.65 on the BSE, down 0.57 percent from the previous close.

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