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Marico Ltd (Q4 FY10) – BUY (Target Rs124, Upside 10.7%)
India Infoline Research Team / 17:24 , Apr 29, 2010

CMP Rs112, Target Rs124, Upside 10.7%

  • Marico registers muted ~ 6.4% yoy growth in revenues at Rs6bn;~14% volume growth was marred by reduction in prices
  • International FMCG business revenues grew ~16% yoy, in spite of rupee appreciation; Kaya recorded a volume growth of 15% yoy
  • OPM expands by 80bps to 14.1% aided by decline in raw material cost; sharp rise in adspend restricts further expansion
  • PBT records 16.8% yoy growth driven by improved operating efficiency and lower interest burden
  • We expect the company to witness 9.5% CAGR in revenues and 12.3% CAGR in net profit over FY10-12E. Maintain BUY
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