Godrej Consumer Prod

** Emkay reiterates "buy" on consumer-goods maker Godrej Consumer Products GOCP.NS, cuts target price to 1,250 rupees from 1,350 rupees

** Shares fall 1.4% to 902.60 rupees

** Brokerage says the pending appointment of an India CEO is likely to remain a near-term overhang, though co is well positioned to deliver double-digit earnings growth over the medium term

** Brokerage cuts valuation multiple by 10% to factor in near-term uncertainty from unexpected management changes; keeps earnings estimates unchanged

** Emkay expects sales and earnings CAGR of 12% and 16%, respectively, over the next three years

** Stock rated "buy" on average by 35 analysts; median PT at 1,240 rupees - LSEG-compiled data

** Stock down 26.1%

(Reporting by Payel Das in Bengaluru)

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Aug 26 (Reuters) - Godrej Consumer Products Ltd GOCP.NS:

• GODREJ CONSUMER - INAUGURATES ITS 4TH MANUFACTURING UNIT AT MALANPUR

• GODREJ CONSUMER - MALANPUR PLANT SPANS 65 ACRES WITH 8.50 BILLION RUPEES CUMULATIVE INVESTMENT

• GODREJ CONSUMER - EXPANSION ADDS 4TH UNIT AT MALANPUR WITH 4.80 BILLION RUPEES INVESTMENT

Source text: [ID:]

Further company coverage: GOCP.NS

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Aug 12 (Reuters) - Shares of India's Godrej Consumer Products GOCP.NS fell as much as 10% in pre-open trade on Wednesday after CEO Sudhir Sitapati unexpectedly resigned just months after his reappointment, raising concerns over leadership transition.

The consumer goods maker on Tuesday named CFO Aasif Malbari as its new chief.

(Reporting by Surbhi Misra in Bengaluru; Editing by Sherry Jacob-Phillips)

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Godrej Consumer Products appointed its chief financial officer, Aasif Malbari, as managing director and chief executive officer for five years from 12 August 2026, subject to shareholder approval. Sudhir Sitapati resigned from the role with effect from 11 August, rendering ineffective the shareholder resolution approving his reappointment at the 7 August annual meeting. Vishal Kedia, who leads strategy, financial planning and analysis and investor relations, became interim chief financial officer from 12 August. Sitapati had led GCPL for five years, while the company reported consolidated sales growth of 19% and underlying volume growth of 9% in the first quarter of FY27.

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Aug 11 (Reuters) - India's Godrej Consumer Products GOCP.NS said on Tuesday that it has appointed its current CFO Aasif Malbari as CEO and managing director for a five-year term, effective August 12.

The consumer goods maker said the appointment is subject to shareholder approval.

(Reporting by Mridula Kumar in Bengaluru; Editing by Sonia Cheema)

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Aug 7 (Reuters) - India's Godrej Consumer Products GOCP.NS posted an 11.5% rise in quarterly profit on Friday, driven by strong volume growth and steady demand across key categories.

Here are some details:

• The consumer goods major's consolidated net profit rose to 5.05 billion rupees ($53.03 million) for the quarter ended June 30 from 4.52 billion rupees a year ago

• Consolidated sales rose 18.6% to 42.11 billion rupees, helped by a 9% underlying volume growth

• Expenses rose 18.6%, driven by higher raw material costs

• Operating profit margin for the quarter was nearly flat at 19%

• The maker of Goodknight mosquito repellents and Cinthol soaps said it remains on track to deliver its guidance for the remainder of fiscal 2027

• The company said it implemented price increases to offset higher input costs, and expects margins to recover progressively through fiscal 2027 as commodity prices ease

• Godrej Consumer's Africa, U.S. and Middle East sales grew 47% during the quarter

• Its Indonesia business, a key overseas market that has struggled with competition and weak demand in recent years, delivered a 15% sales growth, helped by higher sales of shampoo and household insecticides

• Its shares fell 3.2% after the results

($1 = 95.2350 Indian rupees)

(Reporting by Mridula Kumar in Bengaluru; Editing by Rashmi Aich)

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Adds analyst comment in paragraph 9, background in paragraph 8, details throughout

By Mridula Kumar and Praveen Paramasivam

July 22 (Reuters) - Nestle India NEST.NS posted a 48% surge in first-quarter profit on Wednesday, with all of its product groups clocking double-digit growth on strong demand for Maggi noodles, KitKat chocolates and Nescafe coffee brands, sending its shares as much as 4% higher.

The consumer goods industry bellwether kicks off earnings for the sector, which analysts expect to benefit from improving rural consumption, stronger demand for premium brands and an extended summer boosting sales of seasonal goods.

"All four product groups delivered strong double-digit growth," Chairman and Managing Director Manish Tiwary said in a statement, referring to prepared dishes, milk products, chocolates and beverages.

The Indian arm of Swiss food major Nestle NESN.S said its profit stood at 9.75 billion rupees ($101.1 million) for the first quarter ended June 30.

Total revenue rose 25% to 63.78 billion rupees, helped by strong sales on online platforms and wider distribution.

Peers including Godrej Consumer GOCP.NS and Dabur India DABU.NS have pointed to better demand alongside Middle East war-triggered cost pressures, which they are countering with price increases, pack-size reductions and cost-saving measures.

"During the quarter, we further accelerated operational cost savings," Tiwary said, without providing further details.

Heading into the earnings season, analysts projected margin pain for the sector.

"Pre-quarter updates of most companies indicate better cost management in the backdrop of volatile crude prices and hence would be delivering better margins than anticipated," ICICI Securities analyst Kaustubh Pawaskar said.

But risks, including the impact of the Middle East war on cost inflation, remain.

Looking ahead, Nestle India flagged inflation in edible oil, cocoa and sugar, with sugar posing further risk if uneven monsoon conditions linked to El Niño, a periodic warming of the Pacific Ocean that can raise global temperatures and trigger extreme weather, hurt production.

($1 = 96.4300 Indian rupees)

(Reporting by Mridula Kumar in Bengaluru and Praveen Paramasivam in Chennai; Editing by Rashmi Aich and Mrigank Dhaniwala)

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Godrej Consumer Products issued an unaudited quarterly update for the first quarter of FY27, indicating high-teens consolidated revenue growth, well ahead of its full-year double-digit guidance. The company said the performance was broad-based, with double-digit growth in the standalone business, mid-teens growth in Indonesia driven by double-digit volumes, and exceptionally strong double-digit sales growth in the Africa, USA, and Middle East region. Input costs remained elevated for most of the quarter but began easing in the closing weeks, and the company expects margins to recover progressively. With revenue tracking ahead of expectations, Godrej Consumer Products said it is on track to meet full-year guidance and is likely to exceed it in select metrics.

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July 3 - Godrej Consumer GOCP.NS said on Friday it expects consolidated revenue to rise in the quarter ended June 30, driven by high-single-digit underlying volume growth.

The maker of Goodknight mosquito repellents and Cinthol soaps said it took calibrated price increases during the quarter to offset elevated input costs, and expects margins to recover progressively through fiscal 2027 as commodity prices begin to ease.

Here are some more details:

• Godrej Consumer expects to deliver high-teens revenue growth in the first quarter, on a consolidated level.

• On a standalone basis, the company is likely to deliver double-digit revenue growth in the first quarter

• Q1 Consolidated EBITDA expected to exceed double-digit guidance.

• In April, Godrej had said it expects 6-9% cost hit due to rising Brent crude and palm oil prices in the wake of the Middle East conflict.

• On Friday, it said input costs began easing toward the end of the quarter, offering scope for margin recovery.

• The company said it is on track to meet its full-year guidance and sees a strong likelihood of exceeding targets on select metrics.

• The company's Indonesia business, a key overseas market that had struggled with competition and weak demand in recent years, delivered revenue growth in the mid-teens.

• Godrej Africa, USA, and Middle East (GUAM) business reported a double-digit sales growth on the back of strong demand across geographies and categories.

(Reporting by Saikeerthi in Bengaluru; Editing by Harikrishnan Nair)

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By Praveen Paramasivam and Chandini Monnappa

CHENNAI/BENGALURU, June 8 (Reuters) - From smaller packs on shelves to higher prices at checkout, Indian companies are scrambling to protect their margins as surging oil, freight and insurance costs - and strained household budgets - pile on pressure.

The U.S.-Israeli war on Iran has disrupted trade routes and lifted input costs globally, hitting import-reliant economies like India harder, where a weaker rupee is adding to inflation and complicating pricing decisions as demand remains uneven.

"We are among the world's most vulnerable countries," economist Jayati Ghosh said, warning higher oil and fertiliser costs, weaker Gulf demand, softer remittances and potential capital outflows could stoke inflation and slow growth.

Consumer goods makers Hindustan Unilever HLL.NS, Godrej Consumer Products GOCP.NS and Dabur India DABU.NS have already rolled out low- to mid-single-digit price hikes across categories, with Britannia BRIT.NS preparing similar moves.

Pricing power remains weak in mass segments, with companies holding the line on 10- to 20-rupee (11- to 21-cent) packs and shrinking product sizes instead of raising prices outright.

"We are reducing grammage because we can't breach those price points," said Mohit Malhotra, global CEO at Dabur.

Automakers Maruti Suzuki MRTI.NS, Mahindra & Mahindra MAHM.NS, Tata Motors Passenger Vehicles TAMO.NS and Hyundai Motor India HYUN.NS have also hiked prices.

"We were left with no choice," said Partho Banerjee, Maruti's senior executive officer for marketing and sales, adding that raising prices was not good for customers, especially first-time buyers.

Airlines IndiGo INGL.NS and Air India are trimming capacity, especially on fuel-heavy international routes, and increasing fares to offset higher aviation fuel costs.

Consumers are feeling the squeeze.

"I have no family to feed, no school fees, and no monthly payments on a car. I'm still watching my spending as prices are up for almost everything, from travel to packaged food," said Aditi Anjana, a Mumbai-based communications professional who is in her 30s.

BELT-TIGHTENING MODE

With limited room to pass on costs, companies are turning inward and cutting costs to cushion margins.

Hindustan Unilever HLL.NS has cut advertising spend, while others are trimming non-essential travel and marketing costs.

"The scope for further cost-cutting is gradually narrowing," Axis Direct analyst Uttam Kumar Srimal said, adding prolonged commodity and fuel inflation could force sharper price hikes or margin hits.

Sectors with high global exposure, including aviation, oil and gas, chemicals, logistics and capital goods, may remain under margin pressure, said Shweta Rajani, associate director at Anand Rathi Wealth.

RESETTING SUPPLY CHAINS

Firms are also reworking supply chains to manage disruptions. Companies with Middle East exposure are rerouting shipments, diversifying sourcing, and shifting production.

Dabur, an Indian rival of Colgate-Palmolive, is using alternative routes via Egypt and Turkey, while packaged goods maker Britannia is bringing some production back home.

Some firms are also front-loading purchases and closely tracking demand to avoid overstocking, underscoring tighter working capital discipline.

Arvind Fashions ARVF.NS has advanced inventory buys to lock in costs and is relying more on local suppliers, while Tata Group retailer Trent TREN.NS is tweaking raw materials, packaging, and product development.

"My priority is not to take prices up," said Umashan Naidoo, head of customer and beauty at Trent, which offers Gen-Z-focused affordable trendwear through its brand ​Zudio.

($1 = 94.9450 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai and Chandini Monnappa in Bengaluru; Additional reporting by Surbhi Misra; Editing by Dhanya Skariachan and Himani Sarkar)

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May 6 (Reuters) - Godrej Consumer Products Ltd GOCP.NS:

• Q4 CONSOL NET PROFIT 4.52 BILLION RUPEES; IBES EST. 5.26 BILLION RUPEES

• Q4 CONSOL SALE OF PRODUCTS 38.85 BILLION RUPEES

• DIVIDEND 5 RUPEES PER SHARE

• RE-APPOINTMENT OF SUDHIR SITAPATI AS MANAGING DIRECTOR

• RETIREMENT OF NADIR GODREJ AS NON-EXECUTIVE NON-INDEPENDENT DIRECTOR

Further company coverage: GOCP.NS

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April 13 (Reuters) - India's Godrej Industries GODI.NS said on Monday its chairperson, Nadir Godrej, will retire in August 2026 and assume the role of chairman emeritus, as part of several planned leadership transitions across the group.

He has been associated with the group since 1977.

Here are the details:

• Pirojsha Godrej, currently chairperson of Godrej Properties, will succeed Nadir as chairperson of Godrej Industries Group and Godrej Industries Ltd, effective August 14.

• Nadir Godrej will also step down from the boards of other group companies, including Godrej Agrovet GODE.NS, Godrej Consumer Products GOCP.NS and Godrej Properties GODR.NS, in August.

• He has also stepped down as chairperson and non-executive director of Astec LifeSciences ASTE.NS effective April 13.

• Burjis Godrej, an executive director at Godrej Agrovet, will become chairperson of the agriculture business and join the board of Godrej Industries as a non-executive director from August 14.

• Vishal Sharma, the CEO of Godrej Chemicals, has been appointed chairperson of Astec LifeSciences with immediate effect.

(Reporting by Surbhi Misra in Bengaluru; Editing by Sahal Muhammed)

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Recasts lede, adds details throughout

April 6 (Reuters) - India's Godrej Consumer Products GOCP.NS said on Monday it expects costs to rise 6% to 9% if Brent crude holds at $100 to $110 a barrel and palm oil prices hover between 4,500 and 4,800 Malaysian ringgit a metric ton.

Recent gains in both commodities have been driven by the ongoing Middle East conflict.

Palm oil derivatives, a key input for soaps and personal care products, along with crude-linked packaging and freight costs, are major expenses for Indian consumer companies, which were only beginning to see a recovery in demand following tax relief measures introduced late last year.

Brent crude futures rose to $109.13 on Monday while Malaysian palm oil futures were at $1,195.53 (4,812.01 ringgit).

Consumer companies typically hike prices or cut costs to protect margins from higher input costs.

The maker of Cinthol soaps and Goodknight mosquito repellent said it expects to offset the impact of cost increases through price hikes and other savings measures, without providing too many details.

The company expects a close-to-double-digit growth in consolidated revenue and core earnings in the fourth quarter, driven by steady domestic demand, it said.

For the third quarter, Godrej's costs had risen 6.3% to $361.49 million.

On Monday, it also said it expects to meet its original bottom-line plans for fiscal 2027 while stepping up revenue growth even if costs stay at current levels, but warned of revisions if input costs rise further.

Crude-led inflation is likely to persist into the first half of fiscal 2027, it said, though policy support, including tax relief measures, could partially offset the impact.

Peer Dabur DABU.NS on Friday said growth in its international business will be in the low single digits due to the Middle East conflict.

($1 = 4.0250 ringgit)

($1 = 93.0600 Indian rupees)

(Reporting by Chandini Monnappa and Mridula Kumar in Bengaluru; Editing by Jonathan Ananda and Sahal Muhammed)

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By Divya Chowdhury and Ankita Yadav

MUMBAI, Feb 20 (Reuters) - India's story of growth, insulated from AI exposure, could propel its markets to the front of investors' minds and draw back foreign cash, as a shakeout in bets on artificial intelligence gathers pace elsewhere.

Left behind and sold by foreigners through a years-long rally in everything tied to computing and AI infrastructure, India's "anti-AI" equity market is starting to catch up, as the South Asian nation's growth prospects and currency strength improve.

That could turn around last year's departure from the market of a net $21 billion in foreign cash.

"Once that AI theme plays out and you are again looking at the market for sustained long-period growth, there is no such story like India," said Prateek Agrawal, chief executive of Motilal Oswal Asset Management Company in Mumbai.

"Long-period growth will come from newer emerging spaces ... which will be the big businesses of tomorrow."

Some of that is yet to be reflected in market indexes, he said. But the shifting mood is captured in this month's flow of about $1.5 billion in net foreign purchases of stock.

At the same time, the rupee INR= currency is off record lows after India struck a long-awaited trade agreement with the Trump administration.

India's Nifty 50 .NSEI has fallen less than 1% over the period from October 29, when the Nasdaq .IXIC, owned for its high-growth, tech-heavy potential, hit a peak before losing more than 5%.

"There's enough excitement - demographics, consumption, policy-making - all of those tailwinds are in India's favour," Rahul Saraf, head of investment banking at Citi India, told the Reuters Global Markets Forum.

"Steady domestic inflows and an active dealmaking market support higher multiples, and continue to drive growth and M&A activity."

IT'S THE ECONOMY

The optimism is fuelled by India's near $4-trillion-dollar economy, projected to grow 7.4% in the fiscal year that ends in March 2026, according to the latest annual economic survey, and at 6.7% next year and 7% the year after, according to S&P.

The driver of that growth is consumption, which could be all the more attractive as it is insulated from AI and not really dependent on foreign trade, or the global economy, either.

"It's domestic demand, and you have that diversity in terms of the actual growth (in India)," Amirul Feisal Wan Zahir, managing director at Malaysian sovereign fund Khazanah Nasional Bhd, told GMF at Davos in Switzerland.

"From (an) investment perspective, there'll be more capital deployed in this area rather than going to the United States. And with that, we'll have more growth going forward."

To be sure, shares have suffered in the "software-maggedon" wipeout of about $1 trillion in market value that chipped about $50 billion from the market cap of IT services firms such as Infosys INFY.NS and others in India in February.

Price is another a perennial stumbling block. The Nifty 50 trades at roughly 22 times its 12-month forward earnings, slightly above a long-term average of 20.8 times, against a forward P/E ratio of 13.6 for the MSCI emerging markets index.

But that is not expensive, according to Citi's Saraf, while others see it as justified by the high and steady growth.

India, along with China and Brazil, is among UBS's "preferred markets", in part reflecting growth and compelling domestic drivers, the bank told Reuters.

"Part of the high valuation in India is because it has very high growth rates," said Nadir Godrej, managing director of Godrej Industries, warning that a downturn could test investor confidence. "I'm very optimistic about India."

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(Reporting by Divya Chowdhury in Mumbai, Ankita Yadav and Mehnaz Yasmin in Bengaluru; Editing by Tom Westbrook and Clarence Fernandez)

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Updates with analyst commentary in paragraphs 6 and 7, parent results in paragraph 9

By Praveen Paramasivam and Komal Salecha

Feb 12 (Reuters) - Hindustan Unilever HLL.NS reported a 15% decline in quarterly profit on Thursday, pressured by thinner margins as the consumer goods major cut some product prices to counter rising competition, sending shares lower.

The local subsidiary of UK's Unilever ULVR.L, home to Dove and Surf Excel brands, said its profit from continuing operations fell to 25.90 billion rupees ($286.05 million) for the quarter ended December 31.

Shares fell as much as 4.6% after the results.

Total expenses climbed 5%, with EBITDA margins shrinking by 70 basis points from a year earlier to 23.3%, after Hindustan Unilever cut prices in its tea business and home care portfolios, partly to stave off competition.

Hindustan Unilever has grappled with stiff competition in fabric care from startups as well as Ariel detergent maker Procter & Gamble PG.N and India's Godrej Consumer Products GOCP.NS.

Three analysts said Hindustan Unilever's margins missed their estimates. Akshay D'Souza, an independent consumer goods consultant, said the company's focus on distribution-led growth, a slower pace of launches and acquisition spending have squeezed margins.

However, its sales growth improved, rising 4% from a year earlier to 156.14 billion rupees. A 4% increase in sales volume growth is "a bright spot," said Ajay Thakur, research analyst at Anand Rathi Institutional Equities.

Consumer goods makers, including Britannia Industries BRIT.NS and Hindustan Unilever, expect demand to pick up after several subdued quarters, supported by tax cuts and easing inflation that have bolstered urban spending.

Hindustan Unilever expects the fiscal year starting April to be better than the current year. But its parent firm expects 2026 sales growth to be at the lower end of its forecast after a slowdown in the U.S. and Europe.

Hindustan Unilever on Thursday also said it would buy the remaining 49% stake in plant-based food brand Oziva for 8.24 billion rupees.

($1 = 90.5450 Indian rupees)

(Reporting by Komal Salecha in Bengaluru and Praveen Paramasivam in Chennai; Editing by Sonia Cheema)

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Corrects attribution in paragraph 7 to Nadir Godrej, not Rahul Saraf

By Divya Chowdhury and Praveen Paramasivam

DAVOS, Switzerland, Jan 23 (Reuters) - Indian real estate-to-dairy conglomerate Godrej Industries is eyeing acquisitions in the consumer goods and animal feed sectors despite the high valuations of young companies, the group chair has said.

Dealmaking in the Indian consumer goods and retail sector has picked up as large groups chase growth, reaching a four-year high for January-September, investment bank Equirus Capital said.

"We are constantly looking for acquisitions," Nadir Godrej told the Reuters Global Markets Forum on Thursday, on the sidelines of the World Economic Forum's annual meeting in Davos, Switzerland.

Godrej Consumer Products GOCP.NS last year bought men's grooming brand Muuchstac for about 4.5 billion rupees ($49 million).

Strong demographics, rising consumption and supportive policies continue to attract capital to the world's fourth-largest economy, Rahul Saraf, head of investment banking at Citi India, told the GMF in Davos.

But high valuations are sometimes a pain point.

"Part of the high valuation in India is because it has very high growth rates. You don't have those growth rates in Europe or in America," Nadir Godrej said.

The International Monetary Fund forecasts India's economy will expand more than 7% in fiscal 2026, far outpacing the global average, while its communications department director called the country "a key growth engine for the world".

Nadir Godrej also said the group's food and agri business, Godrej Agrovet GODE.NS, is looking for prospects in the animal feed category, but "never found a really good target" as most peers are regional.

In light of U.S. tariffs on imports from India, the group's consumer business is "working harder in other markets" even though its direct exports to the U.S. are minor, Godrej said.

The group, home to Godrej Properties GODR.NS, does not expect a slowdown in its real estate business, he said. Analysts polled by Reuters say a boom in the luxury housing sector will peter out within five years.
($1 = 91.6240 Indian rupees)

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(Reporting by Divya Chowdhury in Davos and Praveen Paramasivam in Chennai; Editing by Kevin Liffey)

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Jan 6 (Reuters) - Godrej Consumer Products Ltd GOCP.NS:

• AT CONSOLIDATED LEVEL, EXPECT CLOSE TO DOUBLE-DIGIT REVENUE GROWTH IN RUPEES TERMS, DOUBLE-DIGIT EBITDA GROWTH FOR QUARTER

• DEMAND CONDITIONS STRENGTHENED PROGRESSIVELY DURING QUARTER

• STANDALONE BUSINESS POSITIONED TO DELIVER DOUBLE-DIGIT REVENUE GROWTH FOR QUARTER

Further company coverage: GOCP.NS

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Oct 31 (Reuters) - Godrej Consumer Products Ltd GOCP.NS:

• GODREJ CONSUMER - DEMAND TO NORMALISE IN COMING MONTHS AS TRADE CHANNELS RETURN TO NORMAL

Source text: [ID:]

Further company coverage: GOCP.NS

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Rewrites throughout, adds analyst comments in paragraph 3

By Vivek Kumar M and Kashish Tandon

Oct 14 (Reuters) - LG Electronics India LGEL.NS soared 53.4% in its trading debut on Tuesday, overtaking its South Korean parent's market value, as investors bet big on its manufacturing and retail ambitions in the country, fuelled by a surge in consumer demand.

Policy support, including India's recent tax cuts on consumer goods such as refrigerators and televisions, and a dovish central bank stance are expected to lift near-term growth for appliance makers.

The listing - the strongest for a billion-dollar IPO in India since 2021 - coincides not only with India's festive season, when spending peaks, but also comes amid a busy primary market, where favourable policies are driving a fundraising boom set to surpass last year's record $20.5 billion.

Consumption is "where LG has gotten a better response compared to other IPOs that are currently in the market", said Deven Choksey, managing director at DRChoksey FinServ.

The blockbuster $1.3 billion offering opened for bids around the same time as the year's largest IPO Tata Capital TATC.NS and office working space major WeWork India's WEWO.NS listing.

However, while LG's IPO was fully subscribed within hours of opening, attracting bids worth nearly $50 billion, both Tata Capital and WeWork logged muted demand across investor segments.

On listing day, the former rose only 1.4%, while the latter fell 3%.

"After a long time, we're seeing a genuinely strong IPO in the consumer space — solid fundamentals, reasonable valuations and sector-leading growth prospects," said Dhiraj Relli, managing director and CEO of HDFC Securities.

The country's second-biggest appliance maker has begun construction of its $600 million-manufacturing facility - its third in India - with plans to convert India into a global export hub, hugely underpinning the investor enthusiasm.

LG Electronics India's shares closed 48.2% higher at 1,689.9 rupees, after listing at 1,710.10 rupees - well above the issue price of 1,140 rupees.

The company notched a valuation of around $13 billion, surpassing its $8.73 billion target and the roughly $9 billion market value of its parent LG Electronics 066570.KS.

The IPO was a pure offer-for-sale, with the parent offloading 15% of its stake as it defends its margins in its core TV and appliance businesses from fierce Chinese competition.

Qualified institutional buyers had bid 166.5-fold their quota, while non-institutional and retail investors had subscribed 22.4 times and 3.54 times, respectively.

Institutional investors are unlikely to be satisfied with the current 5 billion–6 billion rupee allocation, Relli said, adding that they will be forced to participate aggressively beyond the listing to achieve reasonable sizing.

At least five brokerages initiated coverage on the firm, with price targets between 1,700 to 1,800 rupees.

($1 = 88.7680 Indian rupees)

(Reporting by Kashish Tandon, Vivek Kumar, Chandini Monnappa and Mridula Kumar; Editing by Janane Venkatraman)

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Oct 7 (Reuters) - Godrej Consumer Products GOCP.NS said in a second-quarter update on Tuesday that core profit in its consolidated business is likely to decline, on account of a temporary sales disruption after the government's sweeping goods and services tax cuts.

(Reporting by Ananta Agarwal in Bengaluru; Editing by Shreya Biswas
)

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Sept 19 (Reuters) - Godrej Consumer Products Ltd GOCP.NS:

• GODREJ CONSUMER PRODUCTS LTD - INFUSES USD 85 MILLION IN SUBSIDIARY GMAHL

Source text: ID:nBSE31nfr4

Further company coverage: GOCP.NS

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Adds new quotes

Sept 4 (Reuters) - India late on Wednesday announced tax cuts on hundreds of consumer items ranging from soaps to small cars to spur domestic demand, and simplified its complicated goods and services tax structure to two rate slabs from four, with some exceptions for luxury and "sin" goods.

The benchmark BSE Sensex .BSESN and Nifty 50 .NSEI rose as much 1.1% on Thursday. By 11:55 IST, they pared some gains and were up about 0.5% each.

Here is how the industry has reacted:

ANISH SHAH, GROUP CEO & MD, MAHINDRA GROUP

"The next-generation GST reforms... mark a defining moment in India's journey towards building a simpler, fairer and more inclusive tax system.

"At Mahindra, we view these reforms as transformative. They simplify compliance, expand affordability, and energise consumption, while enabling industry to invest with greater confidence."

SAURABH AGARWAL, PARTNER & AUTOMOTIVE TAX LEADER, EY INDIA

"The rationalization of GST rates on automotive vehicles and parts is a truly welcome and significant development. By making vehicles more affordable across all segments, this move will not only boost consumer spending but also simplify complex classification disputes that have long burdened the industry."

SAMIR SHAH, EXECUTIVE DIRECTOR & CFO, HDFC ERGO GENERAL INSURANCE COMPANY

"The GST Council decision to exempt individual health insurance from GST is a welcome development. This move aligns perfectly with the broader ambition of the regulator of 'Insurance for All by 2047,' providing a tangible step forward in that direction.

NILESH SHAH, MANAGING DIRECTOR, KOTAK MAHINDRA ASSET MANAGEMENT CO

"The GST announcement lowers inflation, increases growth, boosts consumer sentiment, doesn't disturb the path of fiscal consolidation, improves ease of doing business and partially offers adverse effects of tariffs."

SHAILESH CHANDRA, PRESIDENT, SOCIETY OF INDIAN AUTOMOBILE MANUFACTURES

"This timely move is set to bring renewed cheer to consumers and inject fresh momentum into the Indian automotive sector... these announcements will significantly benefit first-time buyers and middle-income families, enabling broader access to personal mobility."

C S VIGNESHWAR, PRESIDENT, FEDERATION OF AUTOMOBILE DEALERS ASSOCIATIONS

"This is a decisive step that will boost affordability, spur demand, and make India's mobility ecosystem stronger and more inclusive.

"One area that may need earliest clarification is about levy and treatment of cess balances currently lying in dealers' books, so that there is no ambiguity during transition."

SANJEEV ASTHANA, CEO, PATANJALI FOODS LIMITED

"At Patanjali Foods, we are fully committed to passing on these benefits to our consumers. This initiative will not only enhance FMCG penetration across urban and rural India but also act as a catalyst for broader economic revival... categories such as ghee, soaps, biscuits, noodles, honey, and chyawanprash will benefit from this reduction."

RADHIKA RAO, SENIOR ECONOMIST AT DBS BANK

"Lower GST rates will be positive for growth in the second half of the year and FY27, besides improving operational efficiency and expanding the size of the formal economy."

SHRIPAL SHAH, MD & CEO, KOTAK SECURITIES

"The GST rate cuts ... should directly boost demand, help traders and businesses see higher volumes, and may even favourably impact next quarter's earnings... The key will be how quickly companies pass on the benefits to customers."

DEVARSH VAKIL, HEAD OF PRIME RESEARCH, HDFC SECURITIES

"The GST reforms represent a paradigm shift toward economic rationality... Combined with RBI rate cuts, FY26 income tax rebates and moderating inflation, these reforms create multiple stimuli for consumption and economic growth."

SUDARSHAN VENU, CHAIRMAN, TVS MOTOR COMPANY

"It's a welcome move as it will help two wheelers become more accessible and also help those looking to upgrade."

NEERAJ AKHOURY, PRESIDENT, CEMENT MANUFACTURERS' ASSOCIATION AND MANAGING DIRECTOR, SHREE CEMENT

"Bringing GST down to 18% corrects a long-standing anomaly, aligns cement with other core building materials and enhances global competitiveness."

NITIN RAO, CEO, INCRED WEALTH

" (I am ) positive this will play out, though a small concern remains where recent measures like the rate cuts and budgetary measures taken on reduced taxes have not created the necessary consumption boosters."

RAHUL SINGH, CIO-EQUITIES, TATA ASSET MANAGEMENT

"The GST rate rationalisation, following the income tax cuts and lower interest rates, is a serious effort to boost consumption and hence the overall economic growth outlook.

"While the direct beneficiaries include consumer, autos, cement, healthcare and insurance sectors, the second order beneficiaries in terms of growth will be retail banks & NBFCs."

RAJNEESH KUMAR, CHIEF CORPORATE AFFAIRS OFFICER, FLIPKART GROUP

"By lowering input costs for farmers, simplifying compliance for MSMEs and enabling small sellers, artisans/weavers and smallholder farmers to seamlessly join e-commerce across states, these reforms will further strengthen India's growth engine."

SHEETAL ARORA, CEO, MANKIND PHARMA

"By removing GST on lifesaving rare-disease and oncology therapies and reducing it on essential medicines and diagnostics, the government has signalled that affordability and innovation can go hand in hand."

AMIT PAITHANKAR, CEO OF WAAREE ENERGIES

"The reduction will lower project costs and accelerate the capacity addition needed to meet India’s clean energy targets."

ARNAB BANERJEE, MD & CEO, CEAT

"By addressing a long-standing demand of the industry, the Council has not only provided a boost to the automotive ecosystem but also created room for greater formalisation, compliance, and sustainable growth in the sector."

SHENU AGARWAL, MD & CEO, ASHOK LEYLAND

"The specific relief for the commercial vehicle industry is especially welcome. On one hand, it will spur freight traffic, and on the other, it will bring down the cost of buses and trucks."

AASIF MALBARI, CHIEF FINANCIAL OFFICER, GODREJ CONSUMER PRODUCTS LTD

"This is a positive trigger for demand and a strong driver of volume growth. This move will ultimately contribute to overall economic momentum. We are fully committed to ensuring that the GST rates reduction benefits are passed on to consumers."

VENKATRAM MAMILLAPALLE, MANAGING DIRECTOR, RENAULT INDIA

"We believe the reform will accelerate rural and urban demand alike, boost manufacturing and contribute strongly to India's economic momentum."

UNSOO KIM, MANAGING DIRECTOR, HYUNDAI MOTOR INDIA

"The GST overhaul will directly benefit the automotive sector. The announced reforms align seamlessly with the government's commitment to Viksit Bharat and the Make in India initiative, encouraging domestic manufacturing and boosting demand across both urban and rural markets."

(Reporting by Chandini Monnappa, Bharath Rajeswaran, Manvi Pant, Kashish Tandon, Meenakshi Maidas, Nandan Mandayam, Yagnoseni Das, Vivek Kumar M and Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala and Nivedita Bhattacharjee)

(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))

** Shares of Godrej Consumer Products GOCP.NS rise as much as 6% to 1,264 rupees rupees

** FMCG co will deliver Q1 Y/Y India rev growth in high-single digits, consol rev growth in double-digits

** Goldman Sachs sees strong volumes, EBITDA growth over next 2–3 years, driven by a turnaround in the home insecticides and fabric care divisions, margin gains from lower input costs

** Macquarie expects 5% volume growth for co in Q1, EBITDA to rise 7% Y/Y

** Nomura sees recent softness in palm oil supporting co's Q/Q margin improvement from Q2

** Mean rating on stock is "buy"; median PT 1,394 rupees - data compiled by LSEG

** GOCP last up 4.7%, adding to YTD gains of 10.2%

(Reporting by Meenakshi Maidas in Bengaluru)

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July 4 (Reuters) - Godrej Consumer Products Ltd GOCP.NS:

• Q1 STANDALONE BUSINESS EXPECTS HIGH-SINGLE DIGIT VALUE GROWTH

• Q1 HOME CARE BUSINESS EXPECTS DOUBLE-DIGIT VALUE GROWTH

• WE EXPECT PERFORMANCE TO IMPROVE SEQUENTIALLY IN FY26

• STANDALONE EBITDA MARGIN IN Q1FY26 LIKELY BELOW NORMATIVE RANGE

• Q1 CONSOLIDATED LEVEL EXPECTS DOUBLE-DIGIT INR REVENUE GROWTH

• GAUM BUSINESS TO DELIVER STRONG DOUBLE- DIGIT VALUE GROWTH FOR 2ND CONSECUTIVE QUARTER

Source text: ID:nNSE92j4kB

Further company coverage: GOCP.NS

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May 6 (Reuters) - Godrej Consumer Products Ltd GOCP.NS:

• GODREJ CONSUMER PRODUCTS Q4 CONSOL NET PROFIT 4.12 BILLION RUPEES; IBES EST. 4.82 BILLION RUPEES

• GODREJ CONSUMER PRODUCTS Q4 CONSOL SALE OF PRODUCTS 35.78 BILLION RUPEES

• GODREJ CONSUMER - DIVIDEND 5 RUPEESPER SHARE

Further company coverage: GOCP.NS

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By Praveen Paramasivam

April 16 (Reuters) - Indian dairy firm Heritage Foods HEFI.NS will increase the prices of its products this financial year to offset rising costs such as fuel and raw material expenses, its CEO told Reuters.

Consumer goods majors, including Nestle India NEST.NS and Cinthol soapmaker Godrej Consumer Products GOCP.NS, are hiking prices to battle a double whammy of a slowdown in consumer spending and higher costs.

"The price increase will be across the board, not specifically on milk," Heritage CEO Srideep Kesavan said last week. "It will also be on paneer and other dairy products ... in line with covering our costs increase."

A one-litre pouch of Heritage toned milk is priced at 53 rupees (62 U.S. cents). The company intends to increase the price by 1 to 2 rupees, or 2%-4%, in the financial year that started on April 1.

In comparison, the prices of milk and milk products in India rose 2.6%-2.9% in the January-March quarter, still below the broader inflation rate, according to government data.

Heritage, which mainly caters to the Southern states, raised milk prices earlier this year, its first increase in nearly two years.

It also plans to expand its footprint this year to 350,000 stores from 250,000 currently, including deeper growth in existing markets such as Chennai.

PROTEIN DEFICIENCY IN INDIA

Dairy brands, from Amul to Milky Mist, have lately been highlighting the amount of protein on packages of everything from cottage cheese to curd as affluent Indians strive to meet daily protein requirements.

Surveys indicate a majority of Indians have a protein-deficiency due to a largely vegetarian diet.

But Heritage, according to Kesavan, will focus more on maintaining the taste of its products rather than reformulating its products to add more protein.

"Taste is more important than loud claims," he said.

($1 = 85.9450 Indian rupees)

(Reporting by Praveen Paramasivam in Chennai; Editing by Sonia Cheema)

(([email protected]; +91 867-525-3569;))

By Praveen Paramasivam

CHENGALPATTU, India March 10 (Reuters) - India's Godrej Consumer Products GOCP.NS will keep raising prices of its soaps gradually to protect margins amid rising palm oil prices, the consumer goods maker's top boss said on Monday.

Palm oil prices have surged in recent months due to floods in top producers Indonesia and Malaysia, forcing consumer goods makers, including Dove soapmaker Hindustan Unilever HLL.NS and Cinthol owner Godrej Consumer, to raise prices.

"We have not recovered the full extent of the costs yet," Godrej Consumer CEO Sudhir Sitapati told Reuters in the southern Indian state of Tamil Nadu.

It would take 2-to-3 quarters to widen margins, but the company will not push up prices suddenly, the CEO said.

Sitapati does not expect the price hikes to have an impact on sales as palm oil-based products, including soap, tend "not to be discretionary" goods that consumers can forgo.

Soaps make up about a fifth of Godrej Consumer's revenue.

Middle-class Indians, particularly city dwellers, have been cutting spending on everything from cookies to fast food due to elevated inflation and slowing economic growth.

The impact of palm oil prices on margins of larger rival Hindustan Unilever, which has been reformulating its soaps to cut the use of palm oil, is lower, analysts have said.

Godrej Consumer's CEO ruled out reformulating soaps to reduce the use of palm oil.

The company's gross margin narrowed 175 basis points during the October-to-December period from a year earlier, the first shrinkage in two years, as prices of palm oil surged.

(Reporting by Praveen Paramasivam in Chengalpattu; Editing by Mrigank Dhaniwala)

(([email protected]; +91 867-525-3569;))

Recasts; adds comments, stock move and backgrounds

By Nikunj Ohri, Shivangi Acharya and Sarita Chaganti Singh

NEW DELHI, Feb 1 (Reuters) - India slashed personal tax rates in its annual budget on Saturday, as the world's fifth largest economy focuses on boosting domestic demand amid uncertainty over the global economic outlook due to potential new tariff barriers.

The world's most populous country is expected to post its slowest growth in four years next year amid frail urban demand and weak private investment, while stubbornly high food inflation has dented disposable incomes.

The government said people earning up to 1.28 million Indian rupees ($14,800) per year will not have to pay any taxes, raising its threshold from 700,000 rupees. It also lowered tax rates for people earning above the new threshold.

"The new structure will reduce taxes on middle class and leave more money in their hands, boosting household consumption, savings and investment," Finance Minister Nirmala Sitharaman said in parliament.

The move will result in an annual 1 trillion Indian rupee ($11.6 billion) hit to Treasury revenues.

Measures to assist the poor, youth, farmers and women were also included in the budget for 2025-26, Sitharaman said.

Increasing living costs have weighed on the popularity of Prime Minister Narendra Modi, with one survey showing more Indians are becoming less hopeful about their quality of life.

Per capital income is around $2,700 for India's population of 1.4 billion, with about one-third considered middle class.

The tax cut is "likely to spur consumer demand and savings by the middle class that has faced challenges from elevated inflation and lower income growth," Sakshi Gupta, economist at HDFC Bank.

The move led to a rally in consumer stocks such as Maruti Suzuki MRTI.NS, Godrej Consumer Products GOCP.NS and Prestige Estates PREG.NS, which jumped by 4% to 8%.

To balance the revenue lost, the government has budgeted for a modest increase in capital spending this year, which will rise to 11.21 trillion rupees in 2025-26 compared to a lowered 10.18 trillion in the current year.

The modest infrastructure spending increase disappointed investors in the sector and stocks of firms including Larsen & Toubro LART.NS, NBCC NBCC.NS, IRB Infra IRBI.NS and KEC International < KECL.NS> were down between 1% and 6%.

The government expects to improve its finances, targeting a fiscal deficit of 4.4% of GDP in 2025-26, down from a revised 4.8% of GDP in the current year.

It will borrow 14.82 trillion Indian rupees via the bond markets to fund this year's fiscal deficit.

The government, however, refrained from pre-empting the impact of potential tariffs from U.S. President Donald Trump on India and focussed on lowering some input costs for industries that have been raising output such as electronics and

renewables.

FOCUS ON FARM, MANUFACTURING AND FINANCIAL SECTOR

India has faced a bout of high food inflation over the past year due to weather changes impacting output.

To boost productivity across the farm sector, the government will launch a national mission to push high-yielding crops, with a special focus on pulses and cotton production.

To help farmers, the limit for subsidised credit has been raised to 500,000 Indian rupees ($5,778) from 300,000 rupees earlier.

The government will also launch missions to push manufacturing and exports, Sitharaman said, without going into details.

India has long aimed to boost the share of manufacturing and exports in its economy but has had little success. The share of manufacturing in the economy has remained close to 17%, short of its long-standing goal of 25%.

To deepen the penetration of insurance in the economy, the foreign direct investment limit on insurance was raised to 100% from 74% currently.

($1 = 86.5360 Indian rupees)

(Reporting by Shivangi Acharya and Nikunj Ohri in New Delhi; Writing by Ira Dugal and Aftab Ahmed; Editing by Lincoln Feast)

(([email protected]; +91 99109 33884;))

** Shares of Godrej Consumer Products GOCP.NS fall 2.6% to 1,101 rupees after co's Q3 report

** Co's Q3 profit of 4.98 bln rupees ($57.66 million) below analysts' estimate of 5.39 bln

** Despite 3% rev growth, underlying volumes flat y/y on prolonged slowdown in urban demand and price hikes

** With session's loss, stock extends 12-month decline to ~4% vs 1.72% gain in the Nifty consumer goods index .NIFTYFMCG

** GOCP rated 'buy' on avg by 32 analysts; median PT at 1385 rupees - as per data compiled by LSEG

($1 = 86.3740 Indian rupees)

(Reporting by Ananta Agarwal in Bengaluru)

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