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Prabhudas Lilladher Report
We cut FY23/FY24 earnings per share of Marico Ltd. by 6.9%/3.9% on the back of inflationary trend in a few commodities and increased ad spends to support new launches.
Q4 volumes grew 1% (on a high base of 21%) which outpaced market growth rate of down 4% (largely due to grammage cuts and lower consumption due to price hikes).
However, we believe Marico is better place amongst peers due to -
sustained softening of copra prices and proactive price correction to restore volume growth,
launch of new products in mid-sized categories in foods,
improved competitiveness of Saffola in edible oils,
strong traction in non oils food portfolio and
increased focus on digital brands with aspiration of Rs 4.5-5 billion topline by FY24.
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