Growth trajectory to improve; Upgrade to BUY Marico has reported weak performance in 3QFY17 in the aftermath of demonetisation. Its consolidated net sales fell by 7.5% to Rs14.1bn with volumes dipping by 3%, while consolidated net profit declined by 6.8% to Rs1.9bn. We expect Marico's revenue and earnings to deliver 7% and 14% CAGR, respectively through FY16-18E. Marico's stock price has corrected by 15% in the past 6 months. We expect improvement in the value and volume growth trajectory going forward on the back of strong recovery in Parachute...