CMP: ₹14,269 | PAT: ₹636 Cr (9 months) | Sales: ₹3,374 Cr | Dividend: ₹175/share | Portfolio: Whisper, Vicks, Old Spice
🪙 At a Glance
Procter & Gamble Hygiene and Health Care Ltd (PGHH), one of India’s most profitable FMCG companies per employee, just declared its audited 9-month results (July 2024–March 2025) and here’s the kicker:
- Profit After Tax (PAT): ₹636 Cr — up 7% YoY (comparable 9M)
- Sales: ₹3,374 Cr — up 3%
- Total Dividend Payout: ₹175/share (Final ₹65 + Interim ₹110)
And this is not a full-year number. PGHH switched its financial year-end to March (from June). So this is just 9 months of performance.
🧾 Key Metrics (Jul 2024 – Mar 2025 vs Jul 2023 – Mar 2024)
| Metric | 9M FY25 | 9M FY24 (comparable) | Change |
|---|---|---|---|
| Net Sales | ₹3,374 Cr | ₹3,275 Cr (est.) | 🔼 +3% |
| Profit After Tax (PAT) | ₹636 Cr | ₹594 Cr (est.) | 🔼 +7% |
| Q3 Sales (Jan–Mar 2025) | ₹992 Cr | ₹992 Cr | ➖ Flat |
| Q3 PAT | ₹156 Cr | Not specified | 🔍 In line |
| Total Dividend (FY25) | ₹175/share | ₹135/share (FY24) | 🟢 +30% |
💡 EduInvesting Take
P&G India isn’t just selling sanitary pads and vaporubs — it’s printing cash, innovating quietly, and rewarding shareholders like a global dividend machine.
What makes PGHH such a unicorn in FMCG land?
- 📈 A 7% net profit growth in a macro slowdown
- 💰 ₹175/share dividend = ~1.2% yield at ₹14,200
- 🧼 Whisper, Vicks, Old Spice — cash cows with market dominance
- 🔄 No debt, high margins, zero fuss
The fact that Q3 was flat, yet FY25 saw rising profits, means cost discipline and pricing power are real.
🩸 Product Innovations Driving Growth
| Brand | Innovation / Update |
|---|---|
| Whisper | Ultra – “No Gaps No Leaks” pads with Curvewear Tech for seamless fit |
| Whisper Choice | Upgraded with softer cottony top sheet |
| Vicks VapoRub | Enhanced for better sleep experience |
| Vicks Cough Drops | New “Double Power” variant for longer sore throat relief |
PGHH’s strategy? Take existing winners → upgrade → dominate shelf space without discounting. ✅
🧮 Why Is PGHH So Consistently Profitable?
- 💼 Lean cost structure (just ~1,200 employees)
- 🏭 No new capex stress — asset-light play via contract manufacturing
- 📦 Dominant distribution + pricing strength = high gross margins
- 📉 No discounting wars — premium pricing intact
- 🇮🇳 India-only focus = no global currency drag
💸 ₹175 Dividend Explained
| Dividend Type | Amount |
|---|---|
| Interim Dividend | ₹110/share |
| Final Dividend | ₹65/share |
| Total (FY25) | ₹175/share |
At CMP of ₹14,269, that’s ~1.23% yield, with zero debt and 90%+ dividend payout ratio.
🌱 CSR & Social Impact: P&G Shiksha
- 20 years of impact
- 50+ lakh children supported through education
- Actively works with underprivileged schools, especially girls’ education
- PGHH links its Whisper brand mission to menstrual health awareness
They don’t just pay tax and call it CSR — it’s integrated with brand purpose.
📦 Business Outlook
- 🛒 Core FMCG growth is muted but premiumisation remains intact
- 👩🦰 Feminine hygiene market is underpenetrated — long runway
- 💊 Vicks remains an evergreen brand — no serious challenger
- 🧴 Old Spice still has cult loyalty in India’s Tier-1 youth segment
With these iconic brands, even 3% sales growth is enough to drive 7–10% net profit growth due to margin expansion and pricing control.
🧨 Risks
- Consumer slowdown may hit volumes temporarily
- Any regulatory change (in OTC healthcare or MRP controls)
- Very limited new category expansion
- Global parent pricing or royalty changes
🏁 Final Word
If you like businesses that don’t yell, don’t crash, and just deliver year after year — PGHH is the quietest compounding machine on D-Street.
In a sea of volatile midcaps, Procter & Gamble Hygiene is the FMCG version of a government bond… but with Whisper pads and cough drops.
🗓️ Published: May 28, 2025
✍️ By: Prashant Marathe
Tags: PGHH Results FY25, Whisper Ultra India, ₹175 Dividend FMCG, Procter & Gamble India, Vicks Vaporub Upgrade, EduInvesting, PGHH Dividend Strategy, FMCG Growth Stocks
