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Dolat Capital Report
Marico Ltd.'s revenue was in-line, while Ebitda/adjusted profit after tax was below our estimate. The company reported 1.7% YoY revenue growth. Domestic business reported flattish growth with 3% volume increase.
Parachute Rigids volume grew by 2% (9% 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 6%. The company has taken some price hikes in Parachute portfolio which is likely to help accelerate growth in ensuing quarters.
We expect double digit revenue growth in FY25E. Though Q4 profitability was a miss, we have maintained our FY25/26E earnings per share at Rs 12.7/13.9 to factor in improving business conditions.
Valuing the stock at 42 times FY26E EPS, we have maintained target price at 586. Maintain ‘Accumulate' rating.
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