Sharekhan's research report on Marico
Management expects revenue growth to improve to double digits in H2FY2025 with volume growth in the improving trajectory and international business expected to perform despite uncertainties in key markets. Share of foods and premium personal care portfolio to domestic business revenues will rise to 25% by FY2027 from 20% in FY2024 with an over 20% CAGR growth in both the businesses. Consolidated OPM to remain flat in FY2025. Management expects margins to inch up gradually over the next five years, leveraging on premiumisation of the portfolio.
Outlook
We re-iterate a Buy on Marico with a revised PT of Rs. 821. Stock trades at 52x, 45x and 39x its FY25E, FY26E and FY27E earnings, respectively with near to medium-term growth prospects intact.
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