Marico - Q1FY2014 Result Review - Angel Broking

For 1QFY2014 Marico's results were better than our estimates. The company's consolidated top-line rose by 8.9% to Rs. 1,380cr, aided by volume growth of 10%. Domestic and International FMCG business posted volume growth of 10% and 9% respectively. OPM rose by 187bp yoy to 16.5%, aided by higher gross margins and lower other expenses as a % of sales. Bottom-line rose by 25.4% yoy to Rs. 157cr. We maintain a neutral rating on the stock.

Source : Equity Bulls

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