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Yes Securities Report
Bajaj Consumer Care Ltd. posted another quarter of weak performance both on revenue and margin fronts hit by a 6.5% category decline for hair oils coupled with a higher than expected 17.5%/29% inflation in light liquid paraffin and refined mustard oil prices.
Collapse in rural demand for premium hair oils and downtrading in favor of cheaper oils like amla and coconut further impacted revenues.
While Bajaj Consumer continues to face headwinds on account of rural demand slowdown and commodity headwinds hitting at the same time which we expect to continue in H1 FY22 but some company’s aggressive diversification initiatives and marketing spends on both almond drop hair oil and new brands, cost saving initiatives and some recovery in hair oil category performance should get the earnings trajectory back on track gradually towards from FY24 onwards.
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