Marico Ltd. share price target

Maricos 3QFY16 results were in line with our estimates. Saffola and value-added hair oils (VAHO) reported strong come back with double-digit volume growth, which were the highlights of the quarter.

Marico's numbers for 3QFY16 were ahead of our estimates. Consolidated revenues increased 7.3% to Rs15.5bn, which was 3% ahead of our expectations. EBITDA grew by 25.1% to Rs2.9bn vs. estimate of Rs2.7bn and consolidated net profits came in at Rs2bn, vs. estimate of Rs1.9bn. Overall volume growth for the quarter stood at 10%, which was the highest in past ten quarters. We estimate a 10.3% and 17.6% CAGR in revenues and earnings through FY15-18E. However the stock trades at 30.6x FY18E...

Maricos 2QFY16 result came below our estimates, but the overall performance was a mixed bag. The performance of core product portfolio ? Parachute rigid packs (~27% of conso revenue) and value-added hair oils (VAHO) (~19% of conso revenue) ? was encouraging, but youth brands and international business (IB) were a let-down.

8 Revenue growth was below estimates due to pricing deflation of 1.5% yoy even as volumegrowthwasinline.Pricedeflationwillincreaseinforthcomingquarters. 9 Parachute rigid packs saw strong volume growth (Q2 +11% yoy, +9% H1) and value...

Marico reported revenues of Rs14.8bn, a growth of 3.8% yoy, lower than our estimate of Rs15.9bn. EBITDA came in at Rs2.3bn vs. estimate of Rs2.4bn. However net profit was ahead of estimate by 3% at Rs1.5bn. Overall volume growth for the quarter stood at 4.4%. Based on expected EPS of Rs13 in FY17E, the stock is trading at P/E multiple of...

Marico's Q1FY16 numbers were marginally below our revenue estimates, but EBIDTA and earningswerebetterthanexpectedoncoststructuremanagement.Thecompanysurprised positivelyinValueAddedHairOils(VAHO)categorybutSaffolaandInternationalbusiness...

Marico's Q1FY16 results came above our estimates (1) revenues were up 9.9% to Rs17.8bn (vs. our est of Rs17.7bn) (2) operating profit jumped 22.0% to Rs3.3bn (vs est of Rs2.9bn) and adjusted net profit grew by 28.4% to Rs2.4 bn (vs est of Rs2.1bn). The domestic consumer business recorded 12% growth led by price hikes in recent quarters and 6% volume growth.

Maricos Q4FY15 net sales & operating profit were marginally below our estimates, while PAT growth was better than expected

inventory at distributor level as a part of an ongoing IT project of the company. The domesticbusinessvolumesgrewby3%yoyinprimarychannelbutsignificantlyhigherat7% yoyinthesecondarychannel.Theinternationalbusinesssawmutedgrowthduetopolitical...

Maricos 4QFY15 revenue grew 14.4% YoY to Rs 12.3bn, aided by the significant price hikes taken across the product portfolio to offset part of RM inflation (copra up 16% YoY). The domestic business was impacted by de-stocking leading to a muted volume growth of 3% in India (but secondary volume growth was healthy at 7%). The overseas business posted 6% revenue growth ( 8% in const currency).