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Motilal Oswal Report
Marico Ltd.'s Q3 FY23 results were in line with our expectations at the operating level. Net sales were flat YoY at Rs 24.7 billion (estimate: Rs 24.8 billion).
Ebitda/profit before tax/adjusted profit after tax grew 5.8%/8.8%/5.8% YoY to Rs 4.6 billion/Rs 4.4 billion/ Rs 3.3 billion (our estimate: Rs 4.5 billion/Rs 4.1 billion/Rs 3.1 billion)
The outlook on gross and Ebitda margins is gradually improving. There are signs of a better demand environment for staples, which should improve Marico's earnings growth prospects in Q4 FY23 and beyond.
Valuations are inexpensive at 44.2 times/39.1 FY24/ FY29 earnings per share.
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More Research Reports On Marico's Q3 FY23 Results Review
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