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Godrej Consumer Products 2023 List PDF Free Download
Godrej Consumer Products List
Godrej Consumer Products Ltd (GCPL), established in 2001, is a leading player in the Indian FMCG market.
The company is engaged in manufacturing Household and Personal Care products. It operates in three primary segments – home care, hair products, and soaps.
Its main brands, which include Good Knight, Hit, Jet, Cinthol, Godrej No. 1, Godrej Expert, Fair Glow etc., are household names across the country.
GCPL is one of the largest marketers of toilet soaps in the country and is also a leader in household insecticides and hair color.
The home insecticide business segment, in which GCPL enjoys around 37% market share worth 35 bn in India, is growing at a rate of 20% annually due to low penetration in both urban and rural areas.
Its ‘Hit’ and ‘Good Knight’ brands give good competition to Reckitt Benckiser’s ‘Mortein’ and Johnson’s ‘All Out’, each of which currently holds approximately 17% market share.
GCPL is very active in the domestic hair color market. The company enjoys a 29% market share compared to other premium-priced competitors.
Within the low-priced category, Godrej enjoys pricing power as it sells at a premium of 5%-10% to other regional powder products and is a price setter in this category.
The overall hair color market also has a low penetration of approximately 50% across India and GCPL’s low price positioning has driven trials and new customer conversions by helping consumers switch from homemade remedies.
While concentrating on the Indian market, GCPL has aggressively expanded via acquisitions into other emerging markets across Asia, Africa, Latin America, and Europe.
Its key international businesses include Rapidol, Kinky, Darling Group, Tura in the African continent, Godrej Global
Mideast FZE in UAE, Megasari Makmur Group in Indonesia, Issue Group and Argencos in Argentina, and Keyline Brands in the UK.
Summary
We present Godrej Consumer Products (GCPL) FY22 annual report key highlights in this report.
The appointment of new leaders; Mr. Sitapati in India and Mr. Sethuraman in Indonesia, shall be helpful to drive muted HI and Indonesia business.
Over the next 3-5 years GCPL aims to achieve double-digit volume growth driven by penetration, market share gains, radical simplifications (reducing SKUs, centralizing category development, etc.), and disruptive innovations.
Access packs, media spending, and focus on general trade should aid recovery in HI and Indonesia. E-com now contributes 5% of India’s revenue.
Driven by the success of the last 2 online-only products; the launch of Goodknight Mosquito Net is positive.
Retail expansion is to be driven by micro-segmentation in urban India and B2B JV in rural India.
We maintain BUY with a TP of Rs 1,017.
Key Highlights and Investment Rationale
Double-digit volume growth: GCPL aims to achieve double-digit volume growth driven by
(i) penetration (top 4 GCPL products which contribute c. 60% of the profit are <20% penetrated)
(ii) market share gains (by higher media spends and launch of access packs)
(iii) simplifying focus (reducing SKUs, centralizing category development).
- A different strategy for retail expansion in urban and rural: GCPL aims to reach 7 mn outlets during FY22-23 driven by penetration in general trade.
- In urban India store expansion will be based on opportunity-based micro-segmentation while in rural India; GCPL aims to reach villages with <3,000 population through B2B JV.
- Maintain BUY: We maintain GCPL as one of our high-conviction ideas.
- Recovery in the HI segment and Indonesia under new management shall be key triggers.
- We value GCPL at 45x FY23E EPS.
- In soaps; GCPL continues to be the no. 2 player with Godrej No. 1 (Rs 1000cr+ brand) and Cinthol (Rs 500-1000cr brand) as flagship brands.
- In Household Insecticide; Good Knight (Rs 1000cr + brand) and HIT (Rs 500-1000cr brand) continue to dominate the market as the No. 1 position.
- In Hair Care; Godrej Expert (Rs 500- 1000cr hair color brand in India) and Darling (Rs 1000cr+ brand in Africa and the USA) continue to dominate as the no. 1 player in the respective hair care category.
| Author | – |
| Language | English |
| No. of Pages | 18 |
| PDF Size | 2 MB |
| Category | PDF of Lists |
| Source/Credits | images.assettype.com |
Godrej Consumer Products 2023 List PDF Free Download