Bajaj Consumer Q1 Review - Execution Improvement With Macro Recovery To Drive Re-rating: ICICI Securities

ICICI Securities Report

Bajaj Consumer Care Ltd. continues to improve its growth trajectory with gradual recovery in in hair oil market (largely driven by urban markets). almonds drops hair oil revenue growth of 9% YoY with broad based growth across stock keeping units is encouraging (with continued media investments).

We like the continued improved performance in organised trade. Gross margins were largely stable. Operating profit margin expanded due to cost saving initiatives. We believe the building blocks of-

1. expanding in popular hair categories of amla and coconut and

2. developing premium brand/products are steps in the right direction.

We like its focus on investing in both brand building and distribution expansion. We believe improvement in macros and execution may drive multiple re-rating. Maintain 'Buy'.

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