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Dolat Capital Report
Marico Ltd.'s Q4 FY21 revenues came marginally ahead, but Ebitda and adjusted profit after tax came in line with our estimates.
India business posted 37% revenue growth with 25% volume increase.
Value added hair oil reported 22% value and volume growth – soft performance considering 18%/11% value/volume decline in the base quarter.
Saffola continues to outperform with 43%/17% value/volume growth.
The performance was encouraging considering very tough base of 25% volume and value growth.
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