Motilal Oswal: Marico’s Significant Beat On Expectations, Outlook Improving
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Motilal Oswal Report
Marico Ltd. reported a beat on all fronts, barring volumes, in Q1 FY21 results, with a surprise on margins. Importantly, May and June witnessed positive sales growth, and this trend has continued in July.
Recovery has been seen in value-added hair oils as well, along with Parachute and Saffola continuing to do well. The base is also more favorable.
Marico’s Q1 FY21 consolidated net sales declined 11% YoY to Rs 19.3 billion (estimate Rs 18.6 billion).
Ebitda grew 1.3% YoY to Rs 4.7 billion (estimate Rs 4 billion). Profit before tax was up 0.2% YoY to Rs 4.4 billion (estimate Rs 3.8 billion). Adjusted profit after tax declined 3.1% YoY to Rs 3.2 billion (estimate Rs 2.7 billion).
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