Marico holds a strong foothold in the rural and semi-urban regions. With recovery in economic activities and growing demand for its products, Marico's performance should continue to improve further. We revise Target to Rs.483 based on 42x FY23E adj. EPS and recommend HOLD rating due to recent surge in stock price. Robust growth in volume supports topline Q4FY21 revenue surged 34.5% YoY (-5.2% QoQ) to Rs. 2,012cr, as the company benefited from strong volume growth of 25% in domestic market and constant...