Bajaj Consumer Care (BAJAJCON) Q3 24/25 earnings summary

Executive summary

• Consolidated Q3 FY25 sales were INR 230.7 crores, down 2.4% YoY; nine-month sales were INR 703 crores, down 4.2% YoY.

• Q3 FY25 PAT was INR 25.3 crores, down 30.4% YoY; nine-month PAT was INR 94.3 crores, down 21.3% YoY.

• Board approved unaudited standalone and consolidated results for Q3 and nine months ended December 31, 2024, with unmodified auditor review.

• Announced acquisition of 100% stake in Vishal Personal Care (Banjara's) for INR 120 crores, expanding presence in South India and natural personal care segment.

• Acquisition to be completed in two tranches; no impact on current period results.

Financial highlights

• Standalone Q3 FY25 revenue was INR 225.6 crores, flat QoQ; nine-month revenue was INR 687.9 crores, down 4.6% YoY.

• Standalone Q3 EBITDA was INR 29.3 crores (13% margin), down 23.5% YoY; nine-month EBITDA was INR 102.5 crores (14.9% margin), down 18.1% YoY.

• Gross margin for Q3 was 61.8%, down 150 bps YoY; nine-month margin was 53.2%, down 97 bps.

• International business grew 23% in Q3 and 19% for nine months; Bangladesh doubled topline in Q3.

• Retail Loyalty Program grew 27% in Q3 and 35% for nine months, now contributing 11% to sales.

Outlook and guidance

• Further price increases planned for coconut oil and ADHO to improve margins.

• Project Aarohan Phase 2 to expand RTM revamp across major Indian states over next four quarters.

• Banjara's acquisition expected to double South India reach and enhance margin profile.

• Management expects benefits from business corrections and Banjaras acquisition to reflect in coming quarters.