Marico Ltd. share price target

Revenue decreased by 1.74% to Rs. 1413.98 Cr in Q3FY17 when compared to the previous quarter. Also, it fell by 7.49% when compared with Q3FY16.

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...

Consolidated net revenues contracted by 7.4% YoY to Rs 14.2bn vs. expectation of 5.5% decline. Domestic revenues degrew by 9% with 4% volume fall. EBITDA & PAT grew by -6.1% & -5.7% YoY.

ICICI Securities Ltd | Retail Equity Research Marico reported 7.5% YoY decline in consolidated sales for the quarter to | 1414 crore (I-direct estimate: | 1324.5 crore) marred by demonetisation in the domestic market and a subdued performance of the international business. India business witnessed a 4% volume on account of a) consumption impact due to currency crunch and b) significant pipeline reduction due to disruption in wholesale channel. Despite an adverse environment, Saffola clocked 6% YoY volume...

Maricos net revenues contracted by 1% YoY to Rs 14.4bn, lower than our expectation of 4.6% growth. Domestic business declined by 3% while volume was up by 3.4%. EBITDA & APAT grew by 11% & 18%.

ICICI Securities Ltd | Retail Equity Research Marico reported a subdued performance for the quarter as the domestic volume growth was muted at 3.4% YoY primarily led by a price hike advancement in the Parachute rigid portfolio in anticipation of an increase in raw material prices. This led to 6% volume decline for the Parachute portfolio, impacting overall revenue growth for the company. Consolidated sales declined marginally by 0.9% YoY to | 1439 crore (I-direct estimate: | 1566.7 crore)...

Marico has reported mixed results in 2QFY17 with its consolidated revenues falling by 0.9% yoy to Rs14.4bn, while PAT rose by 18.1% yoy to Rs1.8bn. While volume grew by 3.5% yoy, flagship brand Parachute's volume dipped by sharp 6% yoy. Trimming down our earnings estimate by 4%, we expect Marico to report revenue and earnings CAGR of 8.7% & 13.4%, respectively through FY16-18E. Since our rating downgrade post 1QFY17 results, the stock has corrected by 8% vs. flattish performance of benchmark indices. We...

Domestic volume growth at 8% yoy was above our estimates and that of most FMCG peers; value growth was lower than our/street estimates due to price cuts in Parachute. International business grew 6% yoy led by MENA, South East Asia, and South Africa; Bangladesh growth declined, thereby impacting overall international growth. Gross margins expanded further on lower input cost (Copra/ HDPE down 41%/9% yoy).Phillip Capital value the stock at 38x our FY18 earnings (35x earlier) at Rs 300 (vs. Rs 260 earlier) and maintain Neutral.

Trendlyne has 9 reports on MARICO updated in the last year from 5 brokers with an average target of Rs 267.6. Brokers have a rating for MARICO with 4 price upgrades in past 6 months and 1 price downgrades in past 1 Year.

ICICI Securities Ltd | Retail Equity Research Marico delivered yet another quarter of healthy volume growth with 8% growth in Q1FY17. However, price cuts taken by the company owing to a decline in copra prices proved to be a drag on the topline as consolidated net sales remained flat at | 1749.9 crore for Q1FY17 Parachute rigid packs, value added hair oils and Saffola reported robust volume growth of 7%, 9% and 11%, respectively Operating margins expanded 314 bps to 21.3% on the back of a...

Sales below estimates; EBITDA and PAT exceed expectations: Marico (MRCO) posted flat consolidated net sales growth of 0.1% YoY (est. of +10.5% YoY) to INR17.5b (Ind-AS), EBITDA growth of 16.8% YoY (est. of +13.5% YoY) to INR3.7b and adjusted PAT growth of 17.2% YoY (est. of +13.1% YoY) to INR2.68b. Volume growth was 8% for both the domestic (est. of 11%) and international businesses. Domestic business reported flat revenue growth, with market shares gained/maintained across all key segments Parachute (7% volume and...