Sharekhan's research report on GlaxoSmithKline Consumer Healthcare
In Q1FY2020, GlaxoSmithKline Consumer Healthcare (GSK Consumer) recorded a steady operating performance with volume growth of 5.4% (revenue growth of 8% y-o-y) and OPM expanding by 268BPS to 23.5%. The flagship brand, Horlicks maintained its leadership position with 44% market share in the HFD category. Volume growth is likely to sustain at 5%; gross margins to come under pressure in H2 due to spike in input prices.
Outlook
We have broadly maintained our estimates for FY2020 and FY2021; Maintain Hold with an unchanged PT of Rs. 7931.
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