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ICICI Securities Report
Mamaearth parent Honasa Consumer Ltd. continues to deliver strong revenue performance (19% YoY, 25% YoY underlying volume growth). It was led by faster growth in emerging brands, market share gains (in face wash and shampoo) and aggressive distribution expansion (30% YoY).
Go-to-market transformation continues to track well with ~80% completion in first two phases (direct distribution in top-50 cities and DMS) with ~60% completion in enhance of supply chain capability. This will have a likely impact of ~150 bps in terms of topline growth in FY25.
Operating margins expansion at ~200 basis points was higher than ~150 bps guidance led by better gross margin which is likely to continue for FY25 while re-investments (ad-spends) stayed elevated (due to higher competitive intensity).
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Inox Wind’s Current Order Book Can Bring In Rs 17,000-Crore Revenue
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