External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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<ul><li>We expect our consumer coverage to report revenue growth in mid-single-digits (6% yoy), driven by volume growth.</li><li>At an aggregate level, we expect revenue/EBITDA/net income growth of 5.6/6.3/6.7% respectively in 1QFY25.</li><li>Our ground checks suggest that the demand environment for FMCG products has started gradually improving because of (1) improving volume growth trends in rural areas on the back of a favourable base and the reducing impact of inflation</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect our consumer coverage to report revenue growth in mid-single-digits (6% yoy), driven by volume growth.At an aggregate level, we expect revenue/EBITDA/net income growth of 5.6/6.3/6.7% respectively in 1QFY25.Our ground checks suggest that the demand environment for FMCG products has started gradually improving because of (1) improving volume growth trends in rural areas on the back of a favourable base and the reducing impact of inflationContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FMCG, QSR & Alco Bev (Q1FY25 Results Preview): On an improving trajectory

<ul><li>Colgate Palmolive: Colgate’s Q3 print positively surprised with revenue growing by 8% (HSIE 6%) while EBITDA was up by 30% (HSIE 19%)</li><li>Volume grew in the low single digits with price hikes continuing to support revenue growth</li><li>Domestic revenues grew by 9% supported by the strong performance of the core portfolio</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Colgate Palmolive: Colgate’s Q3 print positively surprised with revenue growing by 8% (HSIE 6%) while EBITDA was up by 30% (HSIE 19%)Volume grew in the low single digits with price hikes continuing to support revenue growthDomestic revenues grew by 9% supported by the strong performance of the core portfolioContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Colgate Palmolive, Persistent Systems, RBL Bank

<ul><li>Colgate Palmolive: Colgate’s Q3 print positively surprised with revenue growing by 8% (HSIE 6%) while EBITDA was up by 30% (HSIE 19%)</li><li>Volume grew in the low single digits with price hikes continuing to support revenue growth</li><li>Domestic revenues grew by 9% supported by the strong performance of the core portfolio</li><li>GM expanded by 630bps YoY to 72% (up 340bps QoQ) and was a big contributor to 30% growth in EBITDA</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Colgate Palmolive: Colgate’s Q3 print positively surprised with revenue growing by 8% (HSIE 6%) while EBITDA was up by 30% (HSIE 19%)Volume grew in the low single digits with price hikes continuing to support revenue growthDomestic revenues grew by 9% supported by the strong performance of the core portfolioGM expanded by 630bps YoY to 72% (up 340bps QoQ) and was a big contributor to 30% growth in EBITDAContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Colgate Palmolive, Persistent Systems, RBL Bank, Karur Vysya Bank

<ul><li>Slow pick-up in demand, revenue to grow by 4/9% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver 4/9% growth YoY/four-year CAGR in revenue in Q3FY24 (vs 4/9% in Q2FY24 and 8/9% in Q3FY23)</li><li>Mirroring the trends seen in Q2FY24, the demand has remained stable during the quarter</li><li>Recovery in rural markets remained below expectations while urban demand was steady</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Slow pick-up in demand, revenue to grow by 4/9% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver 4/9% growth YoY/four-year CAGR in revenue in Q3FY24 (vs 4/9% in Q2FY24 and 8/9% in Q3FY23)Mirroring the trends seen in Q2FY24, the demand has remained stable during the quarterRecovery in rural markets remained below expectations while urban demand was steadyContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FMCG & Alco Bev (Q3FY24 Results Preview): Uninspiring demand recovery

<ul><li>Asian Paints: APNT’s revenue growth flat-lined in Q2 (YoY) at INR 84.8bn, 4.4% below our expectation (HSIE: INR88.7bn)</li><li>Decorative business clocked 6/1.1% volume/value growth in Q2FY24. The mix was economy range-heavy</li><li>Urban markets (high-single-digit growth) continued to outpace rural centres</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Asian Paints: APNT’s revenue growth flat-lined in Q2 (YoY) at INR 84.8bn, 4.4% below our expectation (HSIE: INR88.7bn)Decorative business clocked 6/1.1% volume/value growth in Q2FY24. The mix was economy range-heavyUrban markets (high-single-digit growth) continued to outpace rural centresContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Asian Paints, Shriram Finance, Colgate Palmolive, Westlife Foodworld, Symphony

India

Colgate-Palmolive (India) Ltd. manufactures consumer products in the oral care and body care area. The Company's products include soaps, cosmetics, toilet preparations, toothpaste, toothbrushes, shaving brushes, and glycerin.

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Colgate Palmolive (India) (CLGT IN)

FMCG, QSR & Alco Bev (Q1FY25 Results Preview): On an improving trajectory

We expect our consumer coverage to report revenue growth in mid-single-digits (6% yoy), driven by volume growth. At an aggregate level, we expect...

HDFC Securities

HSIE Results Daily: Colgate Palmolive, Persistent Systems, RBL Bank

Colgate Palmolive: Colgate’s Q3 print positively surprised with revenue growing by 8% (HSIE 6%) while EBITDA was up by 30% (HSIE 19%)

HDFC Securities

HSIE Results Daily: Colgate Palmolive, Persistent Systems, RBL Bank, Karur Vysya Bank

Colgate Palmolive: Colgate’s Q3 print positively surprised with revenue growing by 8% (HSIE 6%) while EBITDA was up by 30% (HSIE 19%)

HDFC Securities

FMCG & Alco Bev (Q3FY24 Results Preview): Uninspiring demand recovery

Slow pick-up in demand, revenue to grow by 4/9% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver 4/9% growth YoY/four-year...

HDFC Securities

HSIE Results Daily: Asian Paints, Shriram Finance, Colgate Palmolive, Westlife Foodworld, Symphony

Decorative business clocked 6/1.1% volume/value growth in Q2FY24. The mix was economy range-heavy. Urban markets (high-single-digit growth)...

HDFC Securities

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