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Yes Securities Report
Marico Ltd. Q4 FY24 headline performance was in-line. Revenue for the quarter continued to be impacted by soft demand environment and flow through of earlier price corrections taken in domestic core. Gross margins (+30 basis points QoQ and plus 420 basis points YoY) surprised us positively led by softer input costs and favorable portfolio mix but was offset by higher overheads.
Below Ebitda, impact of lower other income was offset by lower tax charge. Improving trajectory in domestic core, fresh price hikes in Parachute, base normalization for Saffola edible oils and shrinkflation anniversarisation in value added hair oil along with continued momentum on domestic diversification and healthy growth in International business should help improve revenue growth performance in FY25.
Maintain Add rating with a revised target price of Rs 620.
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