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    Marico: Demand to stabilise, accumulate on declines

    Marico's focus on its food portfolio and the value segment of hair oils could help the firm cope with this difficult macro environment

    Nandish Shah
    July 28, 2020 / 11:35 AM IST
    Marico: Demand to stabilise, accumulate on declines

    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 350; Market capitalization: Rs 45,246 crore) results beat the Street’s expectations. Its India business volume declined by 14 percent and international volumes declined by 4 percent in constant currency terms. More than 90 percent of its portfolio gained market share on a MAT (moving annual total) June 2020 basis with an acceleration seen during the June 2020 quarter. Domestic business (contributes to 77 percent of sales)-Value added hair oil was affected Marico’s flagship brand Parachute (38 percent of...

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