Sharekhan has recommended a hold rating on GlaxoSmithKline Consumer Healthcare with a target price of Rs 6,005 per share in its research report dated February 05, 2015.
In Q3FY2015 GlaxoSmithKline Consumer Healthcare (GSK Consumer)'s revenues grew by 16.2% YoY to Rs975.2 crore, driven by an 11% surge in blended realisations and a 5% improvement in volumes (up from 2% in Q2FY2015). Horlicks Oats grew by 25% (in value terms), while the business auxiliary income grew strongly by ~25% in Q3FY2015.
As anticipated the gross margins improved by 174BPS YoY to 65.2% due to a correction in the milk and milk powder prices. We expect the company to reap the benefits of lower input prices in the coming quarters and utilise some of the gains for higher advertisements and promotions. The operating profit grew by 17.0% and the reported PAT grew by 21% to Rs96 crore.
"GSK Consumer is comfortably poised to achieve earnings CAGR of above 15% over the next two years. However, the stock's valuation at 29.2x its FY2017 continues to remain at a premium to its historical highs. Hence, we maintain our Hold recommendation on the stock with a price target of Rs 6,005", says Sharekhan research report.
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