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Nirmal Bang Report
We recently hosted the management of Marico Ltd. at our virtual investors' conference to get an update on the overall operating environment and demand trends being witnessed on ground.
High and sticky inflation, which has affected volume growth in the past few quarters, is showing signs of some moderation and the same is getting reflected in the overall lower pace of volume decline for the fast moving consumer good industry.
In terms of categories, driven by low penetration and higher urban salience, the foods business is doing much better compared to home and personal care, which has a significant rural salience.
Rural market, which has been lagging urban market growth for the last few quarters, is yet to give any concrete signs of improvement. However, Marico is expecting Q4 FY23 to be better in terms of overall demand compared to Q3 FY23.
The stock currently trades at ~49 times/~41 times/~37 times FY23E/FY24E/FY25E earnings per share as we build in 11.9% earnings compound annual growth rate over FY22-FY25E.
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