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    Marico: Market share gains aid volume growth; accumulate

    Focus on its food portfolio and value segment of the hair oil market will help Marico in growing market share

    Nandish Shah
    Ruchi Agrawal
    October 29, 2020 / 11:34 AM IST
    Marico: Market share gains aid volume growth; accumulate

    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 (CMP: Rs 363, Market capitalization: Rs 46,885 crore) reported its September 2020 quarter results, which were broadly in line with Street expectations. Volumes growth in India stood at 11 percent as against street expectations of 7 percent and was a key positive. With improving consumer sentiment and better supply chain operations at near pre-covid levels, the majority of Marico’s portfolio came back to growth on a year-on-year basis. Raw material prices have witnessed some increase which the management...

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