Colgate-Palmolive's India unit hits record high after Q1 profit jump

Colgate-Palmolive (India)

27/07/2023 05:21

** Shares of Colgate-Palmolive (India)  COLG.NS  rise as
much as 6.3% to 2,002.45 rupees, an all-time high
    ** Co on Wednesday reported 30.5% jump YoY in June-quarter
profit after tax to 2.74 bln rupees ($33.5 mln)
    ** Co's margins on earnings before interest, taxes,
depreciation, and amortisation (EBITDA) expanded to 31.6% from
27.2% a year earlier
    ** Jefferies forecasts EBITDA growth of 19% in FY24; retains
"buy" rating and increases PT to 2,180 rupees
    ** Centrum Broking sees gradual recovery in oral care
category and troubles subsiding in next few quarters; retains
"sell" and increases PT to 1,655 rupees
    ** Almost 1.1 mln shares change hands as of 9:40 a.m. IST,
2.5x the 30-day moving average
    ** Seven analysts rate the stock "buy" or "strong buy", 14
"hold", 11 "sell" or "strong sell"; median PT is 1,659 rupees -
Refinitiv data
    ** Stock up 22.6% YTD as of last close
    
($1 = 81.9225 Indian rupees)

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))