P&G FY22 Annual Report Analysis - Healthcare Segment Drives Sales; Ad Spends Stabilize: Motilal Oswal

Motilal Oswal Report

Procter and Gamble Hygiene and Health Care Ltd. does not share segmental sales details in the quarterly results, and so, annual report is the only source for its segmental results.

The healthcare segment (34% of sales in FY22) was the key driver of sales for the year, growing by 12.3% YoY. This was despite its extremely high sales base (up 24.1% YoY in FY21), which had been partly aided by Covid-led usage of the Vicks range of products.

P&G's all sub-segments viz ointments and creams, cough drops, and tablets grew in high single digits or double digits. The feminine hygiene segment (65% of sales in FY22) reported relatively muted growth at ~8% in FY22, on a base of 17% growth over the preceding year.

There have been some changes in the accounting of various line items in the last two years; a more normalised number to look at would be FY20-FY22, which witnessed sales compound annual growth rate of ~13%, Ebitda CAGR of ~15% and adjusted profit aftert tax at ~14% CAGR.

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