Marico - Q4FY13 Result Review - Angel Broking

Marico's consolidated top-line grew by 9.7% yoy growth in top-line to Rs. 997cr led by volume growth of 8%. The company's domestic FMCG business (incl. the acquired youth brands) posted growth of 12%, with the volume growth coming in at 14%. However, the international FMCG business posted a de-growth of 1% mainly due to the poor performance of GCC markets. OPM stood at 12.1%, flat on a yoy basis, but below our estimates due to higher other expenses. Recurring PAT rose by a marginal 1% on a yoy basis.

We maintain our Neutral recommendation on the stock.

Source : Equity Bulls

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