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Motilal Oswal Report
Colgate-Palmolive India Ltd.’s Q1 FY23 sales and gross profit were in line. Higher than forecasted other expenses led to an Ebitda miss.
The management said Q1 FY23 was impacted by a slowdown in rural India and inflationary pressures. It remains cautiously optimistic of improving trends in coming quarters.
While we await the response of re-launches/launches and the strategy under the new Chief Executive Officer, the core issue of lack of sales growth (caused by high category penetration, especially when allied with the fact that Colgate has not shown any signs of regaining lost market share), will continue to delay rerating of the stock, given the little signs of a shift from its dependence on Oral Care.
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