We maintain our Hold rating on Marico Ltd with an upward revised target price of Rs 342 (earlier Rs 333). During FY18, Marico registered revenue growth of 7% YoY with volume growth of 1.3%. Rural growth continued to outpace urban growth. Adjusted PAT rose 7% YoY. Persistent inflation in copra prices (up 75%) during the year continued to dent margins. EBITDA was down 1.8% in FY18 with a margin contraction of 170bps to 18%. In FY18, Marico undertook aggregated price hike of 22% in Parachute. Management expects copra prices to remain firm in H1FY19 and expects operating margin to be in the range of 17-18% over the medium term. Better monsoon, benefits of GST implementation, recovery in CSD channel, changing macros are expected...