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Motilal Oswal Report
Marico Ltd.'s Q4 FY22 result was in line our estimates. With:
key raw material, copra, likely to be stable in FY23E;
likelihood of 5-7% domestic volume growth in FY23E;
continued healthy outlook on its international business sales and margins; and
inexpensive valuation of 39 times FY24E, we remain positive on Marico from a one-year perspective amid an uncertain outlook for peers, especially given its high-teens earnings growth potential in FY23E, which is much higher than peers.
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