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Godrej Consumer shares drop on flat Q3 revenue outlook

GCPL’s organic domestic business managed to achieve solid mid-single-digit growth, but this was overshadowed by the company’s announcement of a flat revenue outlook for Q3 FY24. The anticipated impact of currency devaluation, especially the Naira, is expected to affect sales figures negatively.

Adding to the company’s woes, brokerage firm CLSA has issued a sell recommendation on GCPL shares, with a revised target price of Rs 936. The advisory was based on concerns over flat sales growth and the potential implications of currency depreciation on the company’s financial performance.

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