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Yes Securities Report
In Q4 FY23, Marico Ltd. posted a decent volume (domestic volume growth on a four‐ year compound annual growth rate basis stood at 6%) and margin performance (consolidated gross margin expanded ~250 basis points QoQ) supported by sustained recovery in consumption trends and moderation in input inflation.
Important to note that, for the sector, while packaged foods has been resilient, home and personal care category is moving into the positive territory after six quarters.
International business continues to do well for Marico (constant currency growth of 16%) even as currency devaluation had a higher impact in Q4.
Going ahead, expect a gradual uptick in India revenue growth for Marico as pricing interventions come into the base in H1 FY24. This along with easing input prices and favorable mix should also drive more than 100 bps of Ebitda margin expansion.
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