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.

• Standalone Q3 net profit was INR 27.5 crores; nine-month net profit was INR 98.7 crores.

• Board approved unaudited 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.

• Q3 FY25 PAT at INR 25.3 crores, down 30.4% YoY; 9M FY25 PAT at INR 94.3 crores, down 21.3% YoY.

Financial highlights

• Standalone Q3 FY25 revenue at INR 225.6 crores, flat QoQ; 9M FY25 at INR 687.9 crores, down 4.6% YoY.

• Standalone Q3 FY25 EBITDA at INR 29.3 crores (13% margin), down 23.5% YoY; nine-month EBITDA at INR 102.5 crores (15% margin), down 18.1% YoY.

• Secondary sales grew 4% sequentially, with double-digit growth in wholesale and 27% growth in the Retail Loyalty Program for Q3.

• Organized trade business grew 22% YoY in Q3; e-commerce up 39% YoY; quick commerce grew 72% YoY, now 10% of business.

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

Outlook and guidance

• Further price increases planned in coconut oil and ADHO to offset input cost inflation and improve margins.

• Project Aarohan to be expanded to all major states over the next four quarters, aiming for improved distribution and cost optimization.

• Management expects business corrections and investments to yield results in the next few quarters, with margin normalization anticipated.

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