Marico (MRCO) 2QFY21 result was in line with our estimates. Strong recovery witnessed across all categories (essential and discretionary). Food portfolio grew fastest (+55%YoY) followed by Saffola (+20%YoY) and Coconut Oil (+10%YoY). Positively, VAHO returned back to growth trajectory after 3 consecutive quarter of decline. Traditional trade and e-com continued to outperform. Revenue from rural India grew faster than urban India. Input cost remained largely inflationary and is likely to remain-so up-till 3QFY21. MRCO has launched Immuniveda and Arogyam Chyawan Amrut under Saffola brand to boost immunity based health-food portfolio. We have introduced FY23E in our...