Phillip Capital Research

Y/E Mar, Rs mn	FY11	FY12	FY13	FY14E	FY15E
Price					301
Target					265
Reco					NEU
Net Sales	31,262	39,679	45,840	46,767	56,735
Growth (%)		27	16	2	21
EBIDTA	4,183	4,840	6,214	7,467	8,635
EBITDA Margin		12	14	16	15
Net Profit	2,378	3,184	3,583	4,866	5,518
Growth (%)		34	13	36	13
EPS, Rs	4	5	6	8	9
PER, x	77.7	58.1	53.8	39.8	35.1
EV/EBIDTA, x	48	41	32	26	22
P/BV, x	20	16	10	14	11
ROE, %	26	28	18	36	31
Total debt/Equity (%)	60.5	57.2	30.6	17.3	0.5

Latest Reports
Date	Description	Country	Analyst	Download

06-May-2023	Marico Ltd (MRCO IN) 4QFY23 Result Update: Benign RM index to drive volume growth and margin recovery in FY24 ; Maintain NEUTRAL with TP of Rs. 525	India	Vishal Gutka
03-Feb-2023	Marico Ltd (MRCO IN) 3QFY23 - Result Update: Nothing much to be gung-ho about; Maintain NEUTRAL with TP of Rs. 460/	India	Vishal Gutka
04-Nov-2022	Marico Ltd (MRCO IN) 2QFY23: Quarter Update- 2HFY23 volume growth trends looking moderate ; Maintain NEUTRAL with TP of Rs. 460/	India	Vishal Gutka
09-Aug-2022	Marico Ltd (MRCO IN) 1QFY23 Result Update: Volume growth to remain subdued in short term ; Maintain NEUTRAL with TP of Rs. 460/	India	Vishal Gutka
05-May-2022	Marico Ltd (MRCO IN) 4QFY22 Result Update: Challenging macro to weigh on profitability growth; Maintain Neutral with TP of Rs. 475	India	Vishal Gutka
05-May-2022	Marico Ltd (MRCO IN) 4QFY22 Result Update: Challenging macro to weigh on profitability growth; Maintain Neutral with TP of Rs. 475	India	Vishal Gutka
29-Jan-2022	Marico Industries (MRCO IN): Quarterly Update - Near term challenges to remain; however sequentially performance is expected to improve ; Maintain NEUTRAL with TP of Rs. 465	India	Vishal Gutka
28-Oct-2021	Marico Industries (MRCO IN): 2QFY22 - Volume growth to moderate in 2HFY22 ; Maintain NEUTRAL with TP of Rs. 535	India	Vishal Gutka
30-Jul-2021	Marico - 1QFY22: ; Patchy track record on innovation and volatile margins compels us not to give valuation premium - Maintain NEUTRAL with TP - Rs. 520	India	Vishal Gutka
24-May-2021	Marico - Company Update : Risk-reward unfavourable now; all positives priced in - Downgrade to Neutral	India	Vishal Gutka
30-Apr-2021	Marico 4QFY21: Perfectly oiled for growth despite inflationary pressure - Maintain BUY	India	Vishal Gutka
28-Jan-2021	Marico 3QFY21: Perfectly oiled for growth - Upgrade to BUY	India	Vishal Gutka
28-Oct-2020	Marico Q2FY21: Strong performance across business units - Maintain Neutral	India	Vishal Gutka
28-Jul-2020	Havells India Ltd (BUY; TP: 649) Q1FY21 - In line revenues; cost measures resulted in better margins	India	Vishal Gutka
04-May-2020	Marico Q4FY20: Nothing much to cheer about - Maintain Neutral	India	Vishal Gutka
31-Jan-2020	Marico Q3FY20: Loads of Oiling required before growth makes a comeback	India	Vishal Gutka
29-Oct-2019	Marico Ltd Q2FY20: Soft RM price acts as savior in otherwise weak quarter : Downgrade to Neutral	India	Vishal Gutka
01-Aug-2019	Marico Ltd Q1FY20: Well oiled performance: Maintain BUY	India	Vishal Gutka
07-May-2019	Marico Ltd Q4FY19: Good times ahead: Maintain BUY	India	Vishal Gutka
05-Feb-2019	Marico Ltd: Good times ahead: Maintain BUY	India	Vishal Gutka
03-Jan-2019	Marico Ltd: Perfectly oiled to perform: Maintain BUY	India	Vishal Gutka
01-Nov-2018	Marico Q2FY19: Better days ahead	India	Vishal Gutka
02-Aug-2018	Marico Q1FY19: Copra inflation risk abating	India	Vishal Gutka