Bic’s Q1 FY22 performance was ahead of our as well as the market’s expectations. All business segments clocked double-digit growth. The adjusted operating margin benefitted from operating leverage, which was more than enough to offset the inflationary headwinds. Management now expects FY22 sales growth to be at the upper end of the 7-9% guidance. We expect the momentum to moderate in H2. Our positive stock recommendation is maintained.
27 Apr 2022
Strong Q1 performance; outlook upgraded
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Strong Q1 performance; outlook upgraded
- Published:
27 Apr 2022 -
Author:
Nishant Choudhary -
Pages:
3
Bic’s Q1 FY22 performance was ahead of our as well as the market’s expectations. All business segments clocked double-digit growth. The adjusted operating margin benefitted from operating leverage, which was more than enough to offset the inflationary headwinds. Management now expects FY22 sales growth to be at the upper end of the 7-9% guidance. We expect the momentum to moderate in H2. Our positive stock recommendation is maintained.