Marico Q1 Results Review - Steady Progress On Key Parameters: ICICI Securities

ICICI Securities Report

Marico Ltd. continues to be on track to execute its stated objectives of increasing direct distribution by 50% by FY27 (Phase 1 initiated in six states) and accelerate growth in diversified portfolio (foods grew 37% YoY and digital-first brands is tracking well).

Within core portfolio, parachute improved revenue growth led by pricing actions (+6% YoY) while volume growth remained stable (+2% YoY despite stock correction); Value added hair oil portfolio continues to decline (-5% YoY) due to competitive concerns which it plans to mitigate through brand investments and focus on mid and premium segments.

It expects to deliver double-digit revenue growth in FY25 led by improving performance in coming quarters driven by improving volume growth trajectory and pricing actions in domestic portfolio.

It further expects to maintain operating margins in FY25 at ~21%. Maintain Buy.

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