Bajaj Consumer Care (BAJAJCON) Q2 24/25 earnings summary

Executive summary

• Consolidated Q2 FY25 sales were INR 230.7 crores, down 0.4% YoY; H1 FY25 sales were INR 472.4 crores.

• Standalone Q2 FY25 net sales were INR 225.4 crores, down 1.4% YoY; H1 FY25 at INR 462.4 crores, down 5.3% YoY.

• EBITDA margin for Q2 was 15.5%; PAT for Q2 was INR 33.2 crores.

• International business grew 36% YoY in Q2, with Bangladesh up 103% and Middle East & Africa up 22%.

• Retail loyalty program, distribution expansion, and Project Aarohan initiatives showed strong results, with new towns added and improved outlet servicing.

Financial highlights

• Standalone EBITDA margin for Q2 was 15.5%; H1 EBITDA margin was 15.8%.

• PAT for H1 FY25 was INR 71.2 crores.

• E-commerce grew 32% YoY, now contributing 13% of Q2 topline; organized trade grew 10% YoY, contributing 30% of domestic sales.

• Gross margin for Q2 FY25 was 52.5% (standalone), down 200 bps YoY.

• Advertisement & sales promotion expenses reduced by 18.8% YoY in Q2.

Outlook and guidance

• Management maintains a mid-term growth target of 10% CAGR, citing rural recovery and urban stabilization.

• Margin guidance remains at 16-18% in the medium term, though near-term volatility is expected due to raw material prices.

• Project Aarohan and digital marketing investments are expected to drive future growth.