Colgate Palmolive shares up most in 8 months despite fall in Q4 net profit

The company’s revenue grew by 3.8 percent YoY to Rs 1,350.6 crore, up from Rs 1,301.3 crore in the same period last year.

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Colgate-Palmolive India shares rose over 3 percent on May 15 even as it recorded a decline in net profit for the March quarter. The company’s net profit declined by 2.3 percent year-on-year (YoY) to Rs 316.2 crore.

However, the company‘s revenue grew by 3.8 percent YoY to Rs 1,350.6 crore, up from Rs 1,301.3 crore in the same period last year. Both topline and bottomline were higher than analyst expectations of Rs 1,347 crore and Rs 276 crore, respectively.

EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) growth was relatively better, jumping 5.2 percent YoY to Rs 451.9 crore.

At 10:30 am, the stock was quoting at Rs 1,686.60 on the NSE, higher by 3.6 percent from the previous close. This level is also higher than any close since Sept 2. Trading volume was 143,868 shares, 11 times the 20-day average of 13,639 shares for this time of day.

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Like many FMCG peers, rural market for Colgate continues to underperform urban markets. The company has also lost market share to herbal players and premiumisation trend has been playing out slowly.

However, ICICI Securities believes the company’s focus to accelerate investment towards core products (Colgate Strong Teeth, Max Fresh and Salt) through re-launches, media spend and sampling is likely to set stage for volume growth. It has an Add rating on the stock with target price of Rs 1,628.

Meanwhile, Nomura has given a Neutral rating and set a target of Rs 1,650 on the stock. Its analysts have noted that although the company’s operating profit margin at 33.5 percent is at an all-time high, the volumes have declined for the fifth consecutive quarter, and the sales growth has been anaemic.

CLSA has given an Underperform rating and set a target of Rs 1,610 . Its analysts have pointed out that the company’s dependence on the oral care category is still high, and there is limited visibility on growth.

Domestic broking firm Motilal Oswal Financial Services believes any rerating of the stock is unlikely. It has a target of Rs 1,575 on the stock.

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