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IDBI Capital Report
Marico Ltd.’s Q2 FY21 result was in line with our estimates. Strong recovery witnessed across all categories (essential and discretionary).
Food portfolio grew fastest (up 55%YoY) followed by Saffola (up 20%YoY) and Coconut Oil (up 10%YoY).
Positively, added hair oils returned back to growth trajectory after three consecutive quarter of decline.
Traditional trade and e-commerce continued to outperform. Revenue from rural India grew faster than urban India.
Input cost remained largely inflationary and is likely to remain-so up-till Q3 FY21.
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