Marico Q4 Review - All Growth Engines Firing: Systematix
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Systematix Research Report
We believe Marico Ltd.’s business is entering its strongest phase given -
1. Parachute Coconut Oil’s (38% of FY21 India sales) strong market leadership and brand equity is enabling sustainable growth (management target of 5-7% volume growth in the medium term),
2. value added hair oil – 22% of FY21 India sales) is expected to witness a revival in growth rates (management expects double-digit growth in the medium term) aided by focus on the bottom-of-the-pyramid and higher rural distribution,
3. Saffola edible oil (~22% of FY21 India sales) is expected to continue its strong growth momentum led by an increase in household penetration and increased relevance of healthy cooking.
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