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Return on capital employed was always healthy for Gillette India Ltd. and dividend payout has also been increasing in recent years, but growth in topline as well as earnings, which was lacking, also seems to have revived over the past years.
Valuation is inexpensive at ~41 times FY25E earnings per share (despite nearly 30% run-up in the stock since our detailed report in June 2023), especially if double-digit earnings growth of the past two years can sustain.
Maintain ‘Buy’ with a target price of Rs 6,775 (45 times Sept’25E earnings per share).
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