Marico Q2 Review - Results In-Line; Valuation Caps Upside: Systematix
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Systematix Research Report
Marico Ltd.’s Q2 FY22 results were in-line with our estimates. Key takeaways:
like Hindustan Unilever Ltd., Marico has flagged moderation in rural growth sequentially and will wait for the next few months for the trend to establish,
Parachute coconut oil continues to perform in-line with the company’s medium-term guidance,
Saffola refined edible oil performance was muted due to trade destocking in anticipation of a price correction and lower in-home consumption; the growth trend should resume as the management expects vegetable oil prices to correct in Q4 FY22 or Q1 FY23,
Value-added hair oil volumes grew 9.8% on a two-year compound annual growth rate basis in Q2 FY22, in-line with Marico’s aspiration of 10% YoY growth.
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