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Prabhudas Lilladher Report
Marico Ltd. reported robust volume growth across categories while gross margins disappointed due to inflation in key raw material prices.
Although we expect volume growth to trend lower and margin pressure to sustain for next two to three quarters, outlook remains positive on account of -
1. strategy to push volumes working in high inflationary environment in Parachute and value added hair oil
2. Improved competitive positioning of Saffola with double digit growth from six quarters,
3. Opportunity in foods business with target of Rs 8.5 billion revenue by FY24 and
4. Focus to increase rural reach by 25% in next two years.
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