Marico Q3 Results Review - Profitability To Remain Elevated; Maintain 'Accumulate': Dolat Capital

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Dolat Capital Report.Marico Ltd.’s revenue and Ebitda were in line, adjusted profit after tax was ahead our estimate. The company reported 1.9% YoY revenue de-growth. Domestic business reported 8.4% de-growth with 2% volume increase.  Marico's gross margin expanded by 630 basis points YoY to 51.3%. Copra price moderation and lower price pass on helped expand margins. Parachute rigids volume grew by 3% (2% volume growth in base quarter) led by loose to branded conversions picking up. On a four-year compound annual growth rate basis volume grew by 3%.We have increased our FY24E earnings per share estimates by 2.7% at Rs 11.8 to factor in Q3 performance but maintained FY25/26E EPS at Rs 12.7/14.0. Valuing the stock at 42 times FY26E EPS, we have arrived at a target price 586. Maintain 'Accumulate'..Click on the attachment to read the full report:.Marico Q3 Results Review - Revenue Growth Trajectory To Turn Positive From Q4: Systematix.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Marico Q3 Results Review - Profitability To Remain Elevated; Maintain 'Accumulate': Dolat Capital

Revenue and Ebitda was in line; adjusted profit after tax was ahead our estimate

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