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Anand Rathi's research report on Godrej Consumer Products

With the GST cut boosting soaps and men’s grooming range (~35% of its domestic range) and innovations (Godrej Fab, Godrej Ninja) scaling up well, Godrej Consumer Products is an attractive play on consumption recovery. We expect its international business to deliver high single-digit growth (Indonesia recovery, strong Africa, FTAs aiding Europe/UK), while its India volume growth should improve with the GST cut. Margin tailwinds from price increases (in soaps), premiumisation and cost efficiency measures should drive profit growth ahead of revenue, making it a compelling medium-term compounder. For the year we factor

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