Godrej Cons: Raw material affects bottomline
(Jul 24, 2010)
Godrej Consumer Products Ltd. has announced its 1QFY11 results. The company has reported a 46.5% YoY and 67% YoY growth in sales and net profits respectively. Here is our analysis of the results.

Godrej Consumer: Conference call extracts
(Jun 22, 2010)
Recently we attended a conference call with Godrej Consumer Products Limited (GCPL). In this conference, the company discussed its recent acquisitions and the rationale behind them as well as its strategy going forward.

Godrej Cons: Overseas business aids growth
(Apr 26, 2010)
Godrej Consumer Products Ltd. has announced its FY10 results. The company has reported a 46% YoY and 96% YoY growth in sales and net profits respectively. Here is our analysis of the results.

Godrej-Megasari deal: Our view
(Apr 13, 2010)
Godrej Consumer Products Ltd. (GCPL) recently announced the acquisition of Pt. Megasari Makmur Group and its distributor Pt. Intrasari Raya. The latter is a leading FMCG company in Indonesia. It sells some leading brands in the insecticide, wet tissue and air freshener spaces. We attended a conference call with GCPL recently to understand the details of the deal. Given hereunder are the conference call extracts.

Top performing FMCG stocks in the present rally
(Mar 9, 2010)
9 March 2009. The day the current stock market rally started. Today it is exactly one year since then. Let us examine stocks in the FMCG space which appreciated the most during this period and analyse the reasons for their strong performance.

Godrej Consumer: Conference call extracts
(Feb 18, 2010)
We recently attended the 3QFY10 analyst conference call of Godrej Consumer Products Ltd. (GCPL). The company is the second largest soap company in India after Hindustan Unilever Ltd. (HUL). Major brands of the company include Cinthol, Godrej No. 1, Godrej Expert and Ezee. About 78% of the company's

Godrej Cons: All around growth
(Jan 25, 2010)
3QFY10 sales grew by 54% YoY. This came on the back of strong domestic and international demand. Operating (EBITDA) margin improved by 6.6% YoY during the quarter. This came on the back of lower raw material costs. Net profits grew by 112% YoY during the quarter, aided by improved sales and higher operating margins. Net profit for 9mFY10 grew by 118% YoY aided by higher operating profit and lower interest outgo.

PE Ratio: Decoding FMCG companies
(Dec 29, 2009)
We are all familiar with the PE ratio. Just to recap, it is the multiple times an investor is willing to pay for the company’s earnings. Let us examine how companies in the FMCG space performed given this ratio.

HUL: Soaps disappoint
(Oct 31, 2009)
Net sales for 2QFY10 grew by 3.9% YoY. This is due to growth in personal product portfolio offset by a flat performance in the soaps and detergent business. Operating (EBITDA) income grew by 17% YoY for the quarter. This was largely on the back of strong growth in the personal products business. Net profit margin fell by 3.3% to 10% for the quarter. However, when adjusted for extraordinary items, the net profit margin is higher by 2.5% at 13.2%. This growth comes on the back of higher operating income for the quarter. Net profit margin for 1HFY10 was lower by 2.1% at 11.1%. However, when adjusted for extraordinary items the net profit margin is higher by 0.8% at 12.5%.

Godrej Cons: Soaps keeping competition at bay
(Oct 30, 2009)
Sales during 2QFY10 grew by 65% YoY. This came on the back of strong domestic and international demand. Operating (EBITDA) margin improved by 7.3% YoY during the quarter. This came on the back of lower raw material costs. Net profits grew by 168% YoY during the quarter, aided by improved operating margins and higher other income.