External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Marico’s Q2FY2025 performance was largely in line with expectations, with consolidated revenues growing by 8% y-o-y (India biz volumes grew 5%) and OPM declining marginally by 48 bps y-o-y to 19.6%, adjusted PAT grew by ~9% y-o-y.</li><li>Management expects volume growth to sequentially improve in the quarters ahead.</li><li>Revenue growth will improve to double digits with pricing growth expected to further improve in H2. Company eyes double-digit growth in FY2025. Input cost pressure was higher than expected.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Marico’s Q2FY2025 performance was largely in line with expectations, with consolidated revenues growing by 8% y-o-y (India biz volumes grew 5%) and OPM declining marginally by 48 bps y-o-y to 19.6%, adjusted PAT grew by ~9% y-o-y.Management expects volume growth to sequentially improve in the quarters ahead.Revenue growth will improve to double digits with pricing growth expected to further improve in H2. Company eyes double-digit growth in FY2025. Input cost pressure was higher than expected.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Marico's 2QFY25 results were marginally above our estimates, driven by better-than-expected operating profits</li><li>Domestic volume growth of 5% during 2QFY25 was in line with expectations and was supported by the following factors: a) Parachute's secondary volume offtake grew in high single digits, aided by market share gains and accelerated conversion from loose to branded products, especially in an inflationary copra environment</li><li>b) Saffola reported flat volumes as the pricing cycle for the brand turned favourable after eight quarters</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Marico's 2QFY25 results were marginally above our estimates, driven by better-than-expected operating profitsDomestic volume growth of 5% during 2QFY25 was in line with expectations and was supported by the following factors: a) Parachute's secondary volume offtake grew in high single digits, aided by market share gains and accelerated conversion from loose to branded products, especially in an inflationary copra environmentb) Saffola reported flat volumes as the pricing cycle for the brand turned favourable after eight quartersContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Marico - High RM Costs to Impact Margins in 2HFY25

<ul><li>We recently engaged with Marico's management and conducted comprehensive channel checks across India to assess underlying demand trends</li><li>Based on these findings, we maintain our high-conviction BUY rating within the staples sector, with a target price of INR 775 (50x Dec-26 EPS, reflecting a 20% premium to the 5-year average P/E)</li><li>We believe the worst is behind us, with factors such as muted volume growth, pricing corrections, challenges in the new business segment, and temporary currency headwinds</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We recently engaged with Marico's management and conducted comprehensive channel checks across India to assess underlying demand trendsBased on these findings, we maintain our high-conviction BUY rating within the staples sector, with a target price of INR 775 (50x Dec-26 EPS, reflecting a 20% premium to the 5-year average P/E)We believe the worst is behind us, with factors such as muted volume growth, pricing corrections, challenges in the new business segment, and temporary currency headwindsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Marico: On an Improving Trajectory. Maintain BUY

<ul><li>Sharekhan's research report on Marico Management expects revenue growth to improve to double digits in H2FY2025 with volume growth in the improving trajectory and international business expected to perform despite uncertainties in key markets.</li><li>Share of foods and premium personal care portfolio to domestic business revenues will rise to 25% by FY2027 from 20% in FY2024 with an over 20% CAGR growth in both the businesses.</li><li>Consolidated OPM to remain flat in FY2025. Management expects margins to inch up gradually over the next five years, leveraging on premiumisation of the portfolio.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sharekhan's research report on Marico Management expects revenue growth to improve to double digits in H2FY2025 with volume growth in the improving trajectory and international business expected to perform despite uncertainties in key markets.Share of foods and premium personal care portfolio to domestic business revenues will rise to 25% by FY2027 from 20% in FY2024 with an over 20% CAGR growth in both the businesses.Consolidated OPM to remain flat in FY2025. Management expects margins to inch up gradually over the next five years, leveraging on premiumisation of the portfolio.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Marico Ltd - Striving for Consistent Earnings Growth

<ul><li>Marico’s 1QFY25 results were in line with the preview update released by the company</li><li>Domestic volume growth of 4% during 1QFY25 was on expected lines</li><li>We maintain Marico as a high-conviction BUY within staples with a TP of Rs 725 (50x June-26 EPS, 20% premium to its 5-year average PE) and upgrade the target multiple from 45x to 50x, as the worst is behind us w.r.t muted volume growth, pricing correction, loss related to new business and transient currency headwinds</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Marico’s 1QFY25 results were in line with the preview update released by the companyDomestic volume growth of 4% during 1QFY25 was on expected linesWe maintain Marico as a high-conviction BUY within staples with a TP of Rs 725 (50x June-26 EPS, 20% premium to its 5-year average PE) and upgrade the target multiple from 45x to 50x, as the worst is behind us w.r.t muted volume growth, pricing correction, loss related to new business and transient currency headwindsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Marico (1QFY25 Results Review): All Ducks in a Row for a Healthy Volume Revival.

India

Marico is an Indian multinational consumer goods company specializing in beauty, wellness, and personal care products. It offers brands in categories such as hair care, skin care, edible oils, health foods, male grooming, and fabric care, including iconic brands like Parachute, Saffola, Set Wet, and Livon. Marico is headquartered in Mumbai, India, and was founded on April 2, 1990.

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Marico (MRCO IN)

Marico Ltd - Decent Q2

Marico’s Q2FY2025 performance was largely in line with expectations, with consolidated revenues growing by 8% y-o-y (India biz volumes grew 5%)

Sharekhan

Marico - High RM Costs to Impact Margins in 2HFY25

Domestic volume growth of 5% during 2QFY25 was in line with expectations and was supported by the following factors: a) Parachute's secondary...

HDFC Securities

Marico: On an Improving Trajectory. Maintain BUY

We recently engaged with Marico's management and conducted comprehensive channel checks across India to assess underlying demand trends

HDFC Securities

Marico Ltd - Striving for Consistent Earnings Growth

Consolidated OPM to remain flat in FY2025. Management expects margins to inch up gradually over the next five years, leveraging on premiumisation...

Sharekhan

Marico (1QFY25 Results Review): All Ducks in a Row for a Healthy Volume Revival.

Marico’s 1QFY25 results were in line with the preview update released by the company. Domestic volume growth of 4% during 1QFY25 was on expected lines

HDFC Securities

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