Godrej Consumer Products - Building Blocks; Outperformance To Sustain: Motilal Oswal

Motilal Oswal Report

Godrej Consumer Products Ltd. has experienced improved growth in sales volume in its Indian business during FY24 and is likely to record a double-digit earnings per share growth over FY24-26E.

Factors such as the implementation of disruptive innovations, introduction of access packs, expansion into new growth categories, and increased advertising expenditure will continue to deliver sustainable earnings growth.

The company is consistently working toward expanding the total addressable market for its Indian business, along with product innovation to drive frequency. Besides, it has made consistent efforts to bridge the gaps in profitability/growth for its international business.

We reiterate our Buy rating with a target price of Rs 1,700 (based on 60 times June-26E earning per share).

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