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IDBI Capital Report
Marico Ltd.'s Q4 FY22 result was in line with our estimates. Volume growth remained soft at 1% for domestic business, down 1% for Parachute Rigids and flattish for Saffola Edible oil.
However, value growth remained healthy at 5%YoY driven by price hikes and market share gains in Parachute coconut oil and value added hair oil.
International market continues to maintain double digit predictable growth momentum at 12% constant currency.
Contrary to other fast moving consumer goods companies; gross margin of Marico expanded 33 basis points YoY (after six consecutive quarters of contractions) due to soft copra prices (50% of raw material basket).
As per current harvest and nature of usage, Marico expects copra price to remain benign in FY23E.
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