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GlaxoSmithkline Consumer Healthcare (Q1 CY10) – BUY (Target Rs1,716, Upside 10.1%)
India Infoline Research Team / 17:23 , Apr 27, 2010

  • Revenue increases 20.2% yoy on the back of robust volume growth and price hike of 5.5-6% in the malted beverage category
  • Significant rise in ad spends by 62.2% yoy led to 150bps yoy decline in OPM to 20.5%
  • PAT growth restricted to 14.6% yoy as effects of depressed OPM percolates to bottomline
  • We expect the company to witness ~17.5% CAGR in revenues and ~18.7% CAGR in net profit over CY09-11E. Maintain BUY

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