ICICI Direct's research report on Marico
Marico is one of the major FMCG companies present in hair oil, edible oil, foods & personal care segment. Major brands include Parachute, Saffola, Nihar, Hair & Care, Set Wet, Livon & Beardo. Marico has an overall distribution network of more than 5 million outlets and direct reach of ~1 million outlets. Through its stockist network, it reaches 58000 villages • With high gross margins of 45-50%, the company is able to spend 8-9% of its sales on advertisements to support new categories and products.
We change our rating on the stock from BUY to HOLD rating. We value the stock at Rs 530 on ascribing 45x FY24 earnings multiple.
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