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Nirmal Bang Report
We recently interacted with Mr. Pawan Agarwal, Chief Financial Officer, Marico Ltd. in order to get an update on the overall operating environment and demand trends being witnessed on ground.
After witnessing YoY volume growth in May-June 2020, company’s domestic business has seen growth in July 2020 and August 2020 as well.
It has been primarily led by the Saffola franchise (Edible Oils and Foods), partially by coconut oil and new launches made in the health and hygiene space.
On the international front, Bangladesh has managed to remain on a firm footing. Copra prices had seen a slight uptick in July-August 2020, which was due to festive demand.
The management expects copra prices to correct in the coming months and to be flattish for the year.
We believe benign copra prices along with tight cost-control program (targeting Rs 1.5 billion savings) should support margin expansion in FY21.
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