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Marico Ltd.’s Q1 FY21 revenues and Ebitda came in line, adjusted profit after tax was below our estimates.
India business posted 35% revenue growth with 21% volume increase (down 14% in Q1 FY21).
Value added hair oils grew 35%/34% in value/volume terms respectively on a weak base, with volume market share gains.
Saffola franchise continues to outperform with 60/24% value/volume growth.
The performance was encouraging considering unfavourable base.
Gross margin contracted 760 basis points during the quarter due to sharp increase in copra prices.
Marico has implemented ~9/50% price hike in parachute/saffola during past couple of quarters to mitigate inflation.
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