Girish Pai

Nirmal Bang

Equity Bottom-Up

<p>4QFY21 Result Update</p>
<h2>Marico Ltd.</h2>
<h3>Core portfolio delivers again; Input cost inflation a pain point in the very near term</h3>
<p>Marico Ltd’s (MRCO) 4QFY21 consolidated topline grew way ahead of our estimate, up by 34.5% YoY to Rs20.1bn (vs our est. growth of 22.5% to Rs18.3bn) as its India revenue grew by 37.3% YoY, led by 25% volume growth (vs our est. of 18% volume growth). International revenue was up by 25.1% YoY. EBITDA grew by 13.1% YoY to Rs3.2bn (in-line with our est. of Rs3.2bn). Adj. PAT post…</p>

<p>Company Update</p>
<h2>Marico Ltd.</h2>
<h3>While growth continues, input cost pressure eating into margins</h3>
<p>In 4QFY21, the sector continued to exhibit improving demand conditions and Marico Ltd. (MRCO) saw a similar trend, with healthy momentum building up across its key portfolios. The domestic business (76%+ of MRCO’s revenue) has recorded a very strong double-digit volume growth, with an even higher revenue growth. International business also posted strong double-digit constant currency (CC) growth on the…</p>

<p>3QFY21 Result Update</p>
<h2>Marico Ltd.</h2>
<h3>Domestic core franchise delivers; Key input costs expected to cool off</h3>
<p>Marico Ltd’s (MRCO) 3QFY21 consolidated topline grew by 16.3% YoY to Rs21.2bn (vs our est. growth of 11.4% to Rs20.3bn). Domestic revenue grew by 18% YoY, led by higher-than-estimated volume growth of 15% YoY with all the core categories doing well. The three-core domestic franchise of Parachute Rigids, Value Added Hair Oils (VAHO) and Saffola (Refined Edible Oils) posted volume growth of 8%…</p>

<p>Company Update</p>
<h2>Marico Ltd.</h2>
<h3>3QFY21 sees strong performance across portfolio; cost-saving initiatives to absorb input cost pressures</h3>
<p>Marico Ltd. (MRCO) released an update to provide a summary of the operating performance and demand trends witnessed in 3QFY21. The company witnessed a faster-than-expected recovery in consumer sentiment in the domestic business, led by festive season and a declining Covid-19 graph. The domestic business (75%+ of the company’s revenue), has recorded double-digit…</p>

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<p>FY21 Result Update</p>
<h2>Marico Ltd.</h2>
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<h3>India core franchise and Bangladesh lead growth; Input cost to hurt 3Q</h3>
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<p>Marico Ltd’s (MRCO) 2QFY21 consolidated topline grew by 8.7% YoY to Rs19.89bn (vs our est. growth of 8.2% to Rs19.8bn). Domestic revenue grew by 7.9% YoY, led by volume growth of 11% YoY with the core franchise leading growth during the quarter. The three core categories of Parachute Rigids, Value Added Hair Oils (VAHO) and Saffola (Refined Edible Oils) posted volume growth of 10%…</p>
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India

Marico Limited manufactures consumer products and services in the beauty and wellness space. The Company is known for its presence in the following categories: Coconut Oil, Hair Oils, Anti-lice Treatment, Premium Refined Edible Oils and Fabric Care. Marico Limited is present in the Skin Care Services segment through Kaya Skin Clinics.

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