BQ Blue’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 BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Dolat Capital Report
Marico Ltd.’s Q1 FY21 revenues and Ebitda came in line, adjusted profit after tax was below our estimates.
India business posted 35% revenue growth with 21% volume increase (down 14% in Q1 FY21).
Value added hair oils grew 35%/34% in /volume terms respectively on a weak base, with volume market share gains.
Saffola franchise continues to outperform with 60/24% /volume growth.
The performance was encouraging considering unfavourable base.
Gross margin contracted 760 basis points during the quarter due to sharp increase in copra prices.
Marico has implemented ~9/50% price hike in parachute/saffola during past couple of quarters to mitigate inflation.
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