Marico - Q3FY12 Result Update - Emkay

Reco: ACCUMULATE
CMP: Rs 163
Target Price: Rs 172

No Hiccups, Hereon, Maintain ACCUMULATE

- Upbeat volume growth drives performance in Q3FY12; Revenue +29.4% yoy to Rs10.6 bn, Ebidta +22.1% yoy Rs1.2 bn and APAT +21% yoy Rs841 mn

- Domestic business registered volume growth of 13% yoy and International business registered organic growth of 16% yoy

- Shares optimistic outlook, Volume growth of 10-12% yoy in FY13E; Parachute at 8-10%, Saffola 14-16% and Hair Oils 20%

- Forecast strong earnings performance in ensuing quarter, Retain FY13E earnings at Rs7.5/Share. Maintain ACCUMULATE rating with target price of Rs172/Share.

Source : Equity Bulls

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