Motilal Oswal: Marico’s Significant Beat On Expectations, Outlook Improving  
A worker organizes packages of Marico Ltd. products at a department store in Mumbai, India (Photographer: Prashanth Vishwanathan/Bloomberg News)

Motilal Oswal: Marico’s Significant Beat On Expectations, Outlook Improving  

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.

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).

Click on the attachment to read the full report:

Motilal Oswal Marico Q1FY21 Result Reivew.pdf

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