Marico - Firing On All Cylinders In Q3: IDBI Capital 

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IDBI Capital Report

Marico Ltd. Q3 FY21 result was in line with our estimates. Strong recovery is witnessed across all categories (essential and discretionary).

Food portfolio grew fastest (up 74%YoY) followed by value added hair oil (up 21%YoY) and Saffola (up 17%YoY).

Parachute reported volume growth of 8% YoY, ahead of the company’s medium term aspiration of 5-7%.

Traditional trade and e-commerce continued to outperform while modern trade reached pre-Covid-19 level. Revenue from rural India grew faster than urban India.

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