P&G Q1 Results Review - Topline Below Our Expectation; Ad-Spends Mount Sequentially: Motilal Oswal

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Motilal Oswal Report.Procter and Gamble Hygiene and Health Care Ltd. reported high single-digit sales growth in Q1 FY24 (ending in June), surpassing our initial double-digit growth expectations. Profit after tax up 36% YoY driven by an increase in volume growth, a favorable product price-mix, and enhanced productivity. Gross profit margin has been expanded 230 bps, while operating margin expanded by 450 bps owing to the benefit of operating leverage. Ad-spends mounted sequentially to 13.5% of sales from 6.3% (albeit, declined 140 bp YoY) during the quarter. P&G continues to grow with strong product portfolio of sanitary napkins and healthcare business, superior consumer communications and stream of product innovations. With the challenging valuations of ~64.9 times FY24E earnings per share/~54.4 timesFY25E EPS led us to maintain our 'Neutral' rating on the stock..Click on the attachment to read the full report:.Marico Q2 Results Review - Broadly Inline Earnings; Sales Likely To Recover In H2: Motilal Oswal.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

P&G Q1 Results Review - Topline Below Our Expectation; Ad-Spends Mount Sequentially: Motilal Oswal

Sales below expectations; operating margins in line

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