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Currency headwinds to undermine GCPL's show in Dec quarter
Mint Mumbai
|January 09, 2024
Shares of Godrej Consumer Products Ltd (GCPL) hit a new 52-week high of 1,230 apiece on Friday before the company released its prequarter update for the three months ended December (Q3FY24).
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The update suggests Q3 is likely to be a forgettable one, at least on the revenue front.
GCPL's consolidated revenue is likely to be roughly similar year-on-year at about 3,600 crore, against expectations of growth. It's not surprising then that GCPL's shares fell nearly 4% on Monday.
Sure, overall volume growth is expected to be healthy and expand in high single digit. Moreover, Nuvama Research does not see negative pricing growth in Q3, as the price cuts by GCPL previously are now in the base. As such, what spoils the show is the impact of currency devaluation on GCPL's Africa and Latin American (LatAm) businesses.
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