Marico Q4 Review - Strong Demand But Pressure On Margins: Dolat Capital

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Dolat Capital Report

Marico Ltd.’s Q4 FY21 revenues came marginally ahead, but Ebitda and adjusted profit after tax came in line with our estimates.

India business posted 37% revenue growth with 25% volume increase.

Value added hair oil reported 22% value and volume growth – soft performance considering 18%/11% value/volume decline in the base quarter.

Saffola continues to outperform with 43%/17% value/volume growth.

The performance was encouraging considering very tough base of 25% volume and value growth.

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