Margin-led growth likely from FY19 for P&G Hygiene Healthcare

P&G Hygiene Healthcare is one of the few multinational companies that didn’t see much of an impact on its market share because of competition from home-grown Patanjali Ayurved. However, in FY17 and FY18 (company 's fiscal year sends in June), the company didn't perform well as it took time to adjust to the new indirect tax norms. 

The good thing which is now helping the company is that it continued its profitable growth. Despite a steep decline in revenue in the fourth quarter of FY18, the firm was quick to reclaim the 25 per cent plus operating margin levels from Q1FY19. Return ratios have also strengthened from the sub-30 per cent on return on equity (ROE) and return on capital employed