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Dolat Capital Report
Marico Ltd.'s operational performance was broadly in line with our estimate. The company reported 2.6% YoY revenue growth. Domestic business reported 1.9% revenue growth with 4% volume increase. On a three-year compound annual growth rate basis, volume growth in domestic market was 6%.
Gross margin expanded by 120 basis points to 44.9%. Copra price moderation and lower price pass on helped mitigate inflation in other key commodities.
Parachute Rigids performance improved as it posted 2% volume growth versus 3% decline it reported in Q2. Due to improving demand conditions, we believe that Marico would achieve volume growth of 5-7% in in the mid-term.
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