Bath & Body Works (BBWI) FY 2025 Conference September 03, 2025 08:55 AM ET Company ParticipantsKate McShane - Managing DirectorDaniel Heaf - CEO & Board MemberEva Boratto - CFOKate McShaneGood morning, everybody. I just have to read some quick disclosures. I think they're also going to be on the screen, but just so you are aware, we are required to make certain disclosures in public appearances about Goldman Sachs relationships with companies that we discuss. The disclosures relate to investment banking, co ...

Bath & Body Works (BBWI) FY 2025 Conference September 03, 2025 08:55 AM ET Speaker0Good morning, everybody. I just have to read some quick disclosures. I think they're also going to be on the screen, but just so you are aware, we are required to make certain disclosures in public appearances about Goldman Sachs relationships with companies that we discuss. The disclosures relate to investment banking, compensation received, or 1% or more ownership. We're prepared to read aloud disclosures for any issuer upo ...

Bath & Body Works (BBWI) FY 2025 Conference September 03, 2025 08:55 AM ET Speaker0Good morning, everybody. I just have to read some quick disclosures. I think they're also going to be on the screen, but just so you are aware, we are required to make certain disclosures in public appearances about Goldman Sachs relationships with companies that we discuss. The disclosures relate to investment banking, compensation received, or 1% or more ownership. We're prepared to read aloud disclosures for any issuer upo ...

Market Sentiment and Support - Indian markets are positioned well amid global uncertainties, with Asia and GEM funds increasing their positions in India[1] - Domestic policy support is strong, with government capital expenditure reaching a record high in Q1 2025 and the central bank cutting benchmark rates by 50bps and cash reserve ratio by 100bps[2] Earnings Growth Outlook - Q1 2025 earnings for FTSE India (excluding commodities) showed a 10% year-on-year increase, a recovery from previous quarters[3] - Despite the positive Q1 results, a sustained recovery in earnings growth is expected to take several more quarters, with consensus estimates for 2025 earnings growth at 11%[4] Sector Performance - Strong growth was reported in industrials, healthcare, and telecom, while consumer discretionary saw a 14% EPS growth driven by retail and services[3] - FMCG companies faced challenges with weak demand and increased competition, leading to low single-digit growth in that sector[3] Investment Strategy - The report recommends five stocks: Godrej Consumer Products (GCPL), United Phosphorus Limited (UPL), GAIL, Ujjivan Small Finance Bank, and HDFC Life, focusing on those with good growth potential[5] - GCPL is noted for its innovation and market share gains in home insecticides, while UPL is expected to recover due to improved margins and lower debt[6] Valuation and Risks - The Sensex index target for the end of 2025 is set at 82,240, indicating a neutral stance on Indian equities from an Asian perspective[7] - Elevated valuations and concerns about growth outlook remain, despite recent market rebounds[5]