Goldman Sach on Godrej Consumer Product Ltd (GCPL) Buy, TP Rs 1100 2Q: India home care growth improves, Indonesia showing initial signs of recovery See as a strong turnaround candidate 1)improvement in India growth 2)gradual recovery in Indonesia 3)sustained double digit growth in Africa 4)overall margin expansion

Credit Suisse on Godrej Cons O-P, TP Rs 975 Africa update: Structural improvements in sales engine continue While co has been aiming for high double-digit (15-17%) margins in Africa, recent qtr have been hampered by RM inflation & currency depreciation

Morgan Stanley on Godrej Cons OW, TP Rs 1101 Management’s mindset has changed from a “wholesaler” to an “FMCG” approach & believes opportunity is notable & is focussed on driving execution With some progress on distribution expansion, broadening portfolio is a key priority

Jefferies on Godrej Cons Buy, Target Price Rs 1040 A change in leadership, with Dharnesh Gordhon at helm, has improved performance, reflected in double-digit rev growth in past 8-qtrs Initiatives like distribution expansion, portfolio simplification, focus on the core etc. have helped