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Nirmal Bang Report
As per an update released by Marico Ltd. on July 05, 2022, the fast moving consumer goods sector continued to witness subdued consumption with current trends indicating consumers titrating consumption in some non-essential categories and either downtraded between brands or switched to smaller packs in the essential categories.
In contrast, premium discretionary categories fared relatively better because of a lower base and lower consumption dip in the upper income consumer segment.
Marico's domestic business (~77% of topline) saw mid single-digit volume decline, largely dragged by Saffola Oils portfolio, which had high in-home consumption in Q1 FY22 and also witnessed significant downtrading from super premium to mass segment in edible oils.
Consolidated revenue grew marginally in Q1 FY23 on a YoY basis as international business delivered high teen constant currency growth.
Over the medium term, we continue to remain positive about Marico's ability to deliver double-digit earnings growth with improvement in return ratios.
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