Colgate Palmolive - 4QFY2013 Result Review - Angel Broking

For 4QFY2013 Colgate Palmolive posted a 18.3% yoy growth in net sales to Rs. 811cr, aided by higher volume, higher prices and superior product mix. Volume growth stood at a healthy 12%. Market share in tooth paste category rose by 130bp yoy and stood at 55.4% during Jan-April 2013. The company's OPM stood at 18.3% down 396bp on yoy basis. OPM fell due to higher employee, advertising and other expenses as a % of sales. Bottom-line fell by 5.8% yoy to Rs. 123cr, impacted by steep fall in OPM.

We maintain our Neutral recommendation on the stock.

Source : Equity Bulls

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