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Procter & Gamble Hygiene and Health Care (Q3 F6/10) – BUY (Target Rs2,240, Upside 10.2%)
India Infoline Research Team / 15:41 , Apr 26, 2010

  • Top line increases 15.3% yoy to Rs2.05bn backed by strong 16% yoy growth in Feminine Hygiene and 15% yoy rise in Healthcare segment
  • Despite sharp rise in ad spends by 70.4% yoy, PGHH registered an increase of 330 bps in OPM on account of lower overheads and raw material costs
  • Net profit jumped 25.4% yoy to Rs437mn driven by strong operational performance coupled with lower tax rate
  • We expect the company to witness 21% CAGR in revenues and ~26.3% CAGR in net profit over F6/09-11
  • We maintain our BUY rating on the stock with a revised price target of Rs2,372
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