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.
Prabhudas Lilladher Report
We are cutting FY22 earnings per share of Marico Ltd. by 4.1% on input cost pressures and higher ad spends post Q2 FY22 while FY23/24 earnings per share is expected to increase by 0.1%/1.9% as margins normalise to ~19% range.
We expect volume growth in both Saffola and Parachute to moderate to long term trajectory. Marico's medium term outlook remains positive given that:
softening of copra prices will aid gross margin’s in H2 FY22
foods on track to achieve Rs 5 billion revenue in FY22 which will help improve blended gross margin’s
increased focus on go-to-markets expansion through chemist and food channel in urban and direct reach in rural
increased focus on digital brands with aspiration of Rs 4.5-5 billion topline by FY24 and
improved mobility and lower restriction to aid male grooming and premium hair nourishment.
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