ICICI Direct: Marico’s Limited Portfolio Of Covid-19 Beneficiaries
A worker organises bottles of Marico Ltd. coconut hair oil products at a department store. (Photographer: Prashanth Vishwanathan/Bloomberg News) 

ICICI Direct: Marico’s Limited Portfolio Of Covid-19 Beneficiaries


BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Direct Report

Marico Ltd. reported an 11% decline in revenue with domestic business degrowing 15%.

Manufacturing and supply chain operations only started in end April for Parachute and value added hair oil (VAHO) resulting in substantial loss of sales for the month. Domestic volumes fell 14% with Parachute, VAHO down 11%, 30%, respectively.

Saffola edible oil grew by 16% benefited by increase in-home consumption. The foods business, which contributes approximately 3% of revenues, saw 30% growth with Saffola Masala oats sales growing 41%.

On the other hand, personal care category (hair serum, male grooming and Premium Skin care) was significantly impacted by discretionary nature of category.

Within international business, except Bangladesh that saw 10% growth, all other major regions saw double digit sales decline. Operating margins expanded 300 basis points largely due to the similar cut in advertising and promotion spends. profit after tax (before exceptional income) grew 2.8% to Rs 324 crore.

Click on the attachment to read the full report:

ICICI Direct Marico Q1FY21 Result Review.pdf


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