Godrej Consumer shares surge to 52-week high on healthy Q3 earnings

Along with an on-year rise in net profit and revenue, Godrej Consumer also recorded margin improvement in Q3 which triggered positive views from brokerages.

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Shares of Godrej Consumer Products surged 12 percent in early trade to hit a 52-week high of Rs 1,314.30 after the FMCG major posted a healthy set of earnings for Q3. The company’s net profit for the December quarter rose 6.4 percent on year to Rs 581.10 crore, topping CNBC-TV18‘s estimate of Rs 565 crore.

Consolidated revenue grew nearly 2 percent on year to Rs 3,659.6 crore, up from Rs 3,598.9 crore clocked in the year ago period. The growth in revenue came despite pressures on international markets as they faced a significant impact of the devaluation of the Nigerian Naira and the Argentine Peso.

Meanwhile, the biggest positive takeaway from Godrej Consumer’s Q3 performance was its margin expansion. The company’s EBITDA margin expanded to 23 percent in October-December, an improvement from 20.2 percent seen in the year-ago period.

At 09.56 am, shares of Godrej Consumer were trading at Rs 1,292.55 on the NSE.

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During the quarter, the company also ventured into the Rs 12-billion market of anti-mosquito incense sticks that is dominated by illegal players with the launch of Goodknight Agarbatti.

“It uses a new molecule, Renofluthrin (RNF), which is close to 2x more effective than most other molecules used in India and enjoys exclusivity to use this molecule in the medium term,” Nuvama Institutional Equities explained. The firm also sees GCPL’s foray into anti-mosquito incense sticks market with RNF as a disruptive move.

On that account. Nuvama raised its price target for the stock marginally to Rs 1,325 while retaining its ‘buy’ call on the stock.

Motilal Oswal Financial Services also likes the company’s consistent work towards expansion of its total addressable market in India along with product innovation to drive frequency. “Besides, there has been a consistent effort to fix the gaps in profitability/growth for its international business,” the firm stated.

MOFSL has a ‘buy’ rating on the stock with a price target of Rs 1,350.

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