Buy Godrej Consumer Products Ltd for the Target Rs. 1,450 by Motilal Oswal Financial Services Ltd
* We expect 8% volume and revenue growth in the India business. Soaps portfolio (1/3rd of India) impacted in 2Q due to GST will see improvement. Home care expected to deliver double-digit growth.
* We model revenue growth of (-2%)/23%/(-5%) in Indonesia/ GAUM and other international businesses.
* India business gross margins expected to be stable YoY at 54.8 while EBITDA margin expected to improve 180bp YoY to 24.4% on a favorable base (22.7% in 3QFY25). Indonesia and other international business EBITDA are expected to decline, while GAUM EBITDA is expected to rise in double digits. Consolidated EBITDA is expected to grow 14% YoY.
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