External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

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Equity Bottom-Up

<div><div><div><div><ul><li>4QFY22 headline performance: MRCO’s 4QFY22 consolidated topline grew by 7.4% YoY to Rs21.6bn (our est. of Rs21.5bn).</li></ul><div><div><div><div><ul><li>4QFY22 margin performance: Gross margin improved to 44.5% (+30bps YoY and +80bps QoQ; vs our est. of 43.8%).</li></ul><div><div><div><div><ul><li>FY22 performance: Revenue, EBITDA and APAT grew by 18.2%, 6.4% and 5.9%, respectively.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

4QFY22 headline performance: MRCO’s 4QFY22 consolidated topline grew by 7.4% YoY to Rs21.6bn (our est. of Rs21.5bn).4QFY22 margin performance: Gross margin improved to 44.5% (+30bps YoY and +80bps QoQ; vs our est. of 43.8%).FY22 performance: Revenue, EBITDA and APAT grew by 18.2%, 6.4% and 5.9%, respectively.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. - Expect near Term Demand to Be Uncertain and Margins to Be Subdued

<ul><li>As per an update released by Marico Ltd (MRCO) on 5th April2022, the FMCG sector continued to witness subdued consumption patterns, primarily on account of weak rural sentiments and persistent inflation in global commodities.</li><li>Inflation, accompanied by price hikes implemented across FMCG categories, affected consumer wallets and eventually resulted in decline in FMCG volume.</li><li>Despite stressed macros, MRCO’s domestic business (~75% of topline) saw low single-digit revenue growth on the back of focused execution and market share gains</li></ul><p><em>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.</em></p>

As per an update released by Marico Ltd (MRCO) on 5th April2022, the FMCG sector continued to witness subdued consumption patterns, primarily on account of weak rural sentiments and persistent inflation in global commodities.Inflation, accompanied by price hikes implemented across FMCG categories, affected consumer wallets and eventually resulted in decline in FMCG volume.Despite stressed macros, MRCO’s domestic business (~75% of topline) saw low single-digit revenue growth on the back of focused execution and market share gainsContent 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: Inflation and Weak Rural Sentiments Weigh on Near-Term Delivery

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.

<p>AU Small Finance Bank: AUBANK's Q3FY22 earnings were 14% ahead of our estimates due to lower-than-expected provisioning. Asset quality continued to improve with negative net slippages in the quarter, driving GNPA down to 2.6% (Q2FY22: 3.2%). The bank sustained its business momentum, with strong disbursement growth (+33% YoY, +59% QoQ). AUBANK has further stepped up its investments on franchise-building blocks (employees, branches, tech) and new asset classes (credit cards, merchant acquiring), which are likely to stretch expense ratios and drag near-term profitability metrics (opex to assets at ~5%).</p><div class="content-highlight"><em>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.</em></div>

AU Small Finance Bank: AUBANK's Q3FY22 earnings were 14% ahead of our estimates due to lower-than-expected provisioning. Asset quality continued to improve with negative net slippages in the quarter, driving GNPA down to 2.6% (Q2FY22: 3.2%). The bank sustained its business momentum, with strong disbursement growth (+33% YoY, +59% QoQ). AUBANK has further stepped up its investments on franchise-building blocks (employees, branches, tech) and new asset classes (credit cards, merchant acquiring), which are likely to stretch expense ratios and drag near-term profitability metrics (opex to assets at ~5%).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.

HSIE Results Daily: NTPC, IndusInd Bank, Marico, AU Small Finance Bank, Max Financial, UTI Asset...

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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 is one of the major FMCG companies present in hair oil, edible oil, foods &amp; personal care segment</li><li>Major brands include Parachute, Saffola, NIhar, Hair &amp; Care, Set Wet, Livon &amp; Beardo</li><li>Target Price &amp; Valuation: We value stock at Rs 550 on ascribing 45x FY24 earnings multiple. FMCG company’s valuation multiples are contracting on slower growth</li></ul><div class="content-highlight"><em>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.</em></div>

Marico is one of the major FMCG companies present in hair oil, edible oil, foods &amp; personal care segmentMajor brands include Parachute, Saffola, NIhar, Hair &amp; Care, Set Wet, Livon &amp; BeardoTarget Price &amp; Valuation: We value stock at Rs 550 on ascribing 45x FY24 earnings multiple. FMCG company’s valuation multiples are contracting on slower growthContent 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: Copra Down; Crude Based RM Still Hurting Margins

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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.

<p>MRCO maintained its positive trajectory in the Foods business. The management reiterated its sales target at INR5b by the end of FY22. Honey, Oodles, and Soya Chunks continue to do well, with strong market share and leadership position within their categories. With a sales target of INR4.5-5b by FY24 from digital first brands, there is a much required diversification in the portfolio, boosting its medium-to-longterm topline growth prospects.</p><div class="content-highlight"><em>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.</em></div>

MRCO maintained its positive trajectory in the Foods business. The management reiterated its sales target at INR5b by the end of FY22. Honey, Oodles, and Soya Chunks continue to do well, with strong market share and leadership position within their categories. With a sales target of INR4.5-5b by FY24 from digital first brands, there is a much required diversification in the portfolio, boosting its medium-to-longterm topline growth prospects.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.

Result broadly in line; gross margin said to improve

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. - Expect near Term Demand to Be Uncertain and Margins to Be Subdued

Marico Ltd.’s (MRCO) consolidated 4QFY22 operating performance was in line with the commentary given in their quarterly update.

Nirmal Bang

Marico Ltd: Inflation and Weak Rural Sentiments Weigh on Near-Term Delivery

As per an update released by Marico Ltd (MRCO) on 5th April2022, the FMCG sector continued to witness subdued consumption patterns, primarily on...

Nirmal Bang

HSIE Results Daily: NTPC, IndusInd Bank, Marico, AU Small Finance Bank, Max Financial, UTI Asset...

AU Small Finance Bank: AUBANK's Q3FY22 earnings were 14% ahead of our estimates due to lower-than-expected provisioning. Asset quality...

HDFC Securities

Marico: Copra Down; Crude Based RM Still Hurting Margins

Marico is one of the major FMCG companies present in hair oil, edible oil, foods & personal care segment. Major brands include Parachute, Saffola,...

ICICI Securities Limited

Result broadly in line; gross margin said to improve

MRCO maintained its positive trajectory in the Foods business. The management reiterated its sales target at INR5b by the end of FY22. Honey,...

Motilal Oswal

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Marico Ltd. - Expect near Term Demand to Be Uncertain and Margins to Be Subdued

Marico Ltd.’s (MRCO) consolidated 4QFY22 operating performance was in line with the commentary given in their quarterly update.

Nirmal Bang

Marico Ltd: Inflation and Weak Rural Sentiments Weigh on Near-Term Delivery

As per an update released by Marico Ltd (MRCO) on 5th April2022, the FMCG sector continued to witness subdued consumption patterns, primarily on...

Nirmal Bang

HSIE Results Daily: NTPC, IndusInd Bank, Marico, AU Small Finance Bank, Max Financial, UTI Asset...

AU Small Finance Bank: AUBANK&#x27;s Q3FY22 earnings were 14% ahead of our estimates due to lower-than-expected provisioning. Asset quality...

HDFC Securities

Marico: Copra Down; Crude Based RM Still Hurting Margins

Marico is one of the major FMCG companies present in hair oil, edible oil, foods & personal care segment. Major brands include Parachute, Saffola,...

ICICI Securities Limited

Result broadly in line; gross margin said to improve

MRCO maintained its positive trajectory in the Foods business. The management reiterated its sales target at INR5b by the end of FY22. Honey,...

Motilal Oswal

AU Small Finance Bank: AUBANK's Q3FY22 earnings were 14% ahead of our estimates due to lower-than-expected provisioning. Asset quality...