Marico (MRCO) 4QFY21 result was above our estimates. Strong recovery witnessed across all categories (essential and discretionary). Food portfolio grew fastest (+134%YoY) and reached Rs 3bn mark. Parachute Coconut Oil, VAHO and Saffola continued strong revenue growth trend driven by penetration and market share gains. Revenue from rural India grew faster than urban India. Input cost pressure continued to impact gross margin (GM declined for 3rd consecutive quarter). MRCO has taken c. 15% and 4% price hike in Saffola Edible oil and Coconut oil during 4QFY21 to address input cost inflation. Management expects inflation in raw material cost to subside by 2HFY22....