Maricos 4QFY15 revenue grew 14.4% YoY to Rs 12.3bn, aided by the significant price hikes taken across the product portfolio to offset part of RM inflation (copra up 16% YoY). The domestic business was impacted by de-stocking leading to a muted volume growth of 3% in India (but secondary volume growth was healthy at 7%). The overseas business posted 6% revenue growth ( 8% in const currency).