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Marico: Market share gains, penetration-led strategy continue

Investors should look out for growth in food portfolio and recovery in rural demand

January 31, 2022 / 09:22 AM IST
Marico: Market share gains, penetration-led strategy continue

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Marico’s (CMP: Rs 471; Market capitalisation: Rs 60,870 crore) December 2021 quarter numbers were in line with Street expectations. Domestic volume growth remained flattish on a year-on-year (YoY) basis compared with the 18 percent growth in the December 2020 quarter. The management has guided for a positive volume growth in the March 2022 quarter compared with the 25 percent a year earlier. December 2021 quarter performance India (77 percent of revenues and 75 percent of EBIT) volumes grew 7 percent on a...

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