Colgate-Palmolive (India) 2QFY25 First cut: below estimates as margins peaked out, volumes up by 7-8% By Amnish Aggarwal , PL Capital
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Financial Performance:
* Revenues grew by 10.1% YoY to Rs16.2bn (PLe: Rs16.4bn), we estimate ~7-8% volume growth
* CLGT delivered double-digit revenue growth amid current difficult market conditions, aided by high single digit volume growth in Toothpastes due to steady performance of core brands.
* Toothbrush continued to grow at double digits with rapid premiumisation.
* Gross margins contracted by 23bps YoY to 68.5% (Ple: 70.2%)
* EBITDA grew by 3.2% YoY to Rs5bn (PLe:Rs5.4bn); Margins contracted by 206bps YoY to 30.7% (PLe:33.3%)
* A&P spends expanded by 99bps YoY to 15%
* Adj. PAT grew by 3.8% YoY to Rs3.5bn (PLe:Rs3.9bn)
* Board declared first interim dividend of Rs.24/share
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