 "Bajaj Consumer Care slides 9% on muted volume growth in Q4FY24")
Bajaj Consumer Care stock price crashed 9.3 per cent to Rs 236.15 apiece on the BSE in Thursday's intraday trade on muted volume growth in the March quarter (Q4) of financial year 2023-24 (FY24).
Bajaj Consumer Care reported flat volume in Q4 FY24, and 6.2 per cent for FY24. Segment-wise, Almond Drops Hair Oil (ADHO) reported volume growth of 0.9 per cent for FY24.
Operationally, it reported revenue of Rs 230.2 crore in Q4FY24, down 4.6 per cent year-on-year (Y-o-Y); and Rs 951.6 crore for FY24, up barely 1.4 per cent Y-o-Y. Its net profit reported a 12 per cent decline in consolidated net profit to Rs 35.58 crore for Q4FY24.
Gross margins, however, expanded 62 basis points Y-o-Y to 54.7 per cent in Q4FY24, and 91bps Y-o-Y to 54.3 per cent in FY24.
Bajaj Consumer Care buyback announcement
Bajaj Consumer Care said its board of directors has considered and approved the proposal for the buyback of 5.74 million equity shares, representing 4.02 per cent of the total number of paid-up equity shares of the company.
The buyback price has been fixed at Rs 290 per equity share for an aggregate amount not exceeding Rs 166.49 crore, the filing said.