India's Godrej Consumer tumbles on weak Q3 outlook; near-term rev growth worries Street

Godrej Consumer Products

09/12/2024 04:41

** Godrej Consumer Products  GOCP.NS  drops 9.5% to 1,117.9
rupees; set for biggest one-day pct fall since March 26, 2020
    ** Co expects flattish underlying vol growth, around
mid-single digit pct sales growth for standalone business in Q3
    ** Surge in palm oil and derivatives impacted soaps
category, ~1/3rd of GOCP's standalone business rev
    ** CLSA says demand for home pest control products
dwindling, with more consumers using air conditioners and fans
    ** Cuts PT by 3% amid caution
    ** Emkay Research says near-term disruption, increased
competitive intensity to affect rev growth
    ** More than 3 mln shares traded, 2.6x the 30-day avg
    ** Stock top loser on Nifty FMCG  .NIFTYFMCG  index, which
is down 2.05%
    ** GOCP down ~1% YTD

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com))