Colgate Palmolive - 1QFY2014 Result Review - Angel Broking

For 1QFY2014 Colgate Palmolive India (Colgate) results were below expectations. Top-line rose by 14.7% yoy to Rs. 845cr, which was below estimates. The company's volume growth stood at 9%, aided by a 11% yoy growth in the toothpaste category. The company enhanced its leadership in the toothpaste category and achieved a volume market share of 55.9% for January - June 2013 (54.7% in January - June 2012). OPM stood at 17.8% down 157bp on yoy basis, impacted by higher other expenses. Net profit before exceptional items stood at Rs. 115cr and was below estimates.

We maintain a neutral rating on the stock.

Source : Equity Bulls

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