Marico (MRCO) 3QFY21 result was in line with our estimates. Strong recovery is witnessed across all categories (essential and discretionary). Food portfolio grew fastest (+74%YoY) followed by VAHO (+21%YoY) and Saffola (+17%YoY). Parachute reported volume growth of 8% YoY, ahead of the company's medium term aspiration of 5-7%. Traditional trade and e-com continued to outperform while modern trade reached precovid level. Revenue from rural India grew faster than urban India. Input cost remained largely inflationary. MRCO's new launches of Honey and Arogyam Chyawan Amrut are tracking well. Management expects near term demand to remain favorable. We broadly maintain our estimates. Due to rally in stock price our revised rating stands at...