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Edelweiss Research is also available on www.edelweissresearch.com, Bloomberg - EDEL, Thomson Reuters, and Factset Edelweiss Securities Limited
KEY DATA
Rating HOLD Sector relative Neutral Price (INR) 564 12 month price target (INR) 580 Market cap (INR bn/USD bn) 729/9.7 Free float/Foreign ownership (%) 40.4/23.7
What’s Changed Target Price
Rating/Risk Rating ⚊
QUICK TAKE
Results in line; ad spends to go up
Marico’s Q2FY22 revenue, EBITDA and PAT growth of 21.6%, 8.7% and 8.4% YoY, respectively, met our estimates. Domestic volume was up 8% YoY on a soft base of 11% YoY. Saffola foods sustained its healthy run – up 70% YoY – with both core and new franchises pitching in. Parachute volumes grew 7% YoY, with 180bps volume market share gain. International business (IB) posted healthy 13% YoY (cc) growth.
Overall, we like Marico from a long-term standpoint. However, given the company is entering a period of high base, not to mention more aggression from Dabur under its new MD, we would wait before getting constructive on Marico. Maintain ‘HOLD’ with a revised TP of INR580.
FINANCIALS (INR mn)
Year to March FY21A FY22E FY23E FY24E
Revenue 80,480 94,721 1,04,276 1,13,847
EBITDA 15,910 18,471 20,960 23,794
Adjusted profit 11,860 14,365 16,579 18,826
Diluted EPS (INR) 9.2 11.1 12.8 14.6
EPS growth (%) 10.5 21.1 15.4 13.6
RoAE (%) 38.3 40.4 40.2 40.3
P/E (x) 61.4 50.7 43.9 38.7
EV/EBITDA (x) 45.0 38.6 33.8 29.6
Dividend yield (%) 1.3 1.2 1.4 1.6
PRICE PERFORMANCE
Steady growth
What we like: Parachute saw 7% YoY volume growth, and 18% YoY value growth
with 180bps YoY volume market share gain. VAHO grew 16% YoY with 40bps YoY
volume market share gain. Saffola foods grew 70% YoY led by penetration gains and
oats, which grew 36% YoY. International business grew 13% YoY on constant
currency basis. Traditional trade stayed firm on a high base.
What we don’t like: EBITDA and gross margin compressed 207bps and 556bps YoY
respectively. Saffola refined edible oils was subdued mainly by trade destocking and
partly due to lower in-home consumption.
Other highlights: Male grooming, and Livon serum grew in double digits. Beardo is
on way to INR1000mn exit for the year. Soya chunks have gained 20% market share.
Q2FY22 conference call: Key takeaways
Despite moderation in growth, rural outpaced urban during the quarter and on a 2-
year CAGR basis. The company gained MS in 90% of the portfolio on an MAT basis.
Copra price is under control and will be range-bound. Saffola Oodles is scaling up
well in GT and MT. The company expects to report double-digit revenue growth with
mid-single-digit volume growth in H2FY22. EBITDA margin to rise Q4FY22 onwards.
Explore:
Outlook and valuation: Robust sales growth; maintain ‘HOLD’
We expect the revenue trajectory to continue to be robust. Competitive intensity
(we expect Adani Wilmar to become even more aggressive post listing) in the hair oil
category needs to be monitored. Rolling forward the valuation to Mar-23E, we are
revising up the TP to INR580 (earlier INR550) while maintaining ‘HOLD/SN’.
Financials Year to March Q2FY22 Q2FY21 % Change Q1FY22 % Change
Net Revenue 24,190 19,890 21.6 25,250 (4.2)
EBITDA 4,230 3,890 8.7 4,810 (12.1)
Adjusted Profit 3,090 2,850 8.4 3,560 (13.2)
Diluted EPS (INR) 2.4 2.2 8.4 2.8 (13.2)
Above In line Below
Profit
Margins
Revenue Growth
Overall
39,000
43,600
48,200
52,800
57,400
62,000
350
400
450
500
550
600
Oct-20 Jan-21 Apr-21 Jul-21 Oct-21
MRCO IN Equity Sensex
India Equity Research Consumer Staples October 28, 2021
MARICO RESULT UPDATE
Abneesh Roy Tushar Sundrani Amritasai Sista +91 (22) 6620 3141 +91 (22) 6620 3004 [email protected] [email protected] [email protected]
Corporate access
Financial model Podcast
Video
MARICO
Edelweiss Securities Limited
2 Edelweiss Research is also available on www.edelweissresearch.com, Bloomberg - EDEL, Thomson Reuters, and Factset
Financial Statements
Income Statement (INR mn) Year to March FY21A FY22E FY23E FY24E
Total operating income 80,480 94,721 1,04,276 1,13,847
Gross profit 37,780 43,572 49,218 54,419
Employee costs 5,700 6,346 6,778 7,400
Other expenses 9,190 10,704 11,679 12,523
EBITDA 15,910 18,471 20,960 23,794
Depreciation 1,390 1,349 1,419 1,624
Less: Interest expense 340 323 328 335
Add: Other income 940 1,618 2,042 2,301
Profit before tax 15,120 18,417 21,255 24,137
Prov for tax 3,240 4,052 4,676 5,310
Less: Other adj 130 0 0 0
Reported profit 11,990 14,365 16,579 18,826
Less: Excp.item (net) (130) 0 0 0
Adjusted profit 11,860 14,365 16,579 18,826
Diluted shares o/s 1,291 1,291 1,291 1,291
Adjusted diluted EPS 9.2 11.1 12.8 14.6
DPS (INR) 7.5 6.7 7.7 8.8
Tax rate (%) 21.4 22.0 22.0 22.0
Important Ratios (%) Year to March FY21A FY22E FY23E FY24E
Other exp (% of rev) 11.4 11.3 11.2 11.0
Con A&P (% of rev) 8.7 8.5 9.4 9.4
Gross margin (%) 46.9 46.0 47.2 47.8
EBITDA margin (%) 19.8 19.5 20.1 20.9
Net profit margin (%) 14.7 15.2 15.9 16.5
Revenue growth (% YoY) 10.0 17.7 10.1 9.2
EBITDA growth (% YoY) 8.2 16.1 13.5 13.5
Adj. profit growth (%) 10.5 21.1 15.4 13.6
Assumptions (%) Year to March FY21A FY22E FY23E FY24E
GDP (YoY %) (8.0) 9.0 7.0 7.0
Repo rate (%) 4.0 4.0 4.3 5.3
USD/INR (average) 75.0 73.0 72.0 71.0
Domestic vol growth (2.0) 7.5 7.5 7.5
Intl business growth 12.0 14.4 9.3 9.3
COGS % of sales (con) 53.1 54.0 52.8 52.2
Staff cost (% of rev) 7.1 6.7 6.5 6.5
Dep- % of gross block 12.5 11.0 10.5 11.0
Yield on cash 4.6 9.0 10.0 9.5
Valuation Metrics Year to March FY21A FY22E FY23E FY24E
Diluted P/E (x) 61.4 50.7 43.9 38.7
Price/BV (x) 22.5 18.8 16.6 14.7
EV/EBITDA (x) 45.0 38.6 33.8 29.6
Dividend yield (%) 1.3 1.2 1.4 1.6
Source: Company and Edelweiss estimates
Balance Sheet (INR mn) Year to March FY21A FY22E FY23E FY24E
Share capital 1,290 1,290 1,290 1,290
Reserves 31,110 37,361 42,501 48,337
Shareholders funds 32,400 38,651 43,791 49,627
Minority interest 180 180 180 180
Borrowings 3,480 2,980 2,480 1,980
Trade payables 11,340 12,612 13,576 14,654
Other liabs & prov 4,370 4,370 4,370 4,370
Total liabilities 53,240 60,263 65,866 72,280
Net block 7,690 3,296 3,127 2,752
Intangible assets 8,430 8,430 8,430 8,430
Capital WIP 240 250 250 250
Total fixed assets 16,360 11,976 11,807 11,432
Non current inv 2,260 2,260 2,260 2,260
Cash/cash equivalent 15,720 18,159 21,962 26,609
Sundry debtors 3,880 5,190 5,714 6,238
Loans & advances 510 510 510 510
Other assets 13,700 21,358 22,804 24,420
Total assets 53,240 60,263 65,866 72,280
Free Cash Flow (INR mn) Year to March FY21A FY22E FY23E FY24E
Reported profit 11,990 14,365 16,579 18,826
Add: Depreciation 1,390 1,349 1,419 1,624
Interest (net of tax) 340 323 328 335
Others (340) 0 0 0
Less: Changes in WC 7,300 (7,696) (1,005) (1,063)
Operating cash flow 20,680 8,341 17,320 19,722
Less: Capex (1,250) (1,260) (1,250) (1,250)
Free cash flow 19,430 7,081 16,070 18,472
Key Ratios Year to March FY21A FY22E FY23E FY24E
RoE (%) 38.3 40.4 40.2 40.3
RoCE (%) 44.3 48.1 48.9 49.8
Inventory days 107 108 130 130
Receivable days 21 17 19 19
Payable days 90 85 87 87
Working cap (% sales) 1.7 9.6 9.6 9.8
Gross debt/equity (x) 0.1 0.1 0.1 0
Net debt/equity (x) (0.4) (0.4) (0.4) (0.5)
Interest coverage (x) 42.7 53.0 59.6 66.3
Valuation Drivers Year to March FY21A FY22E FY23E FY24E
EPS growth (%) 10.5 21.1 15.4 13.6
RoE (%) 38.3 40.4 40.2 40.3
EBITDA growth (%) 8.2 16.1 13.5 13.5
Payout ratio (%) 361.1 477.3 519.1 660.9
Edelweiss Securities Limited
MARICO
Edelweiss Research is also available on www.edelweissresearch.com, Bloomberg - EDEL, Thomson Reuters, and Factset 3
Trends at a glance
Key growth rates Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22
Domestic volume 6.0 1.0 (1.0) (3.0) (14.0) 11.0 15.0 25.0 21.0 8.0
Parachute coconut oil in rigid packs 9.0 (1.0) (2.0) (8.0) (11.0) 10.0 8.0 29.0 12.0 7.0
Value added hair oil 7.0 0.1 (7.0) (11.0) (30.0) 4.0 21.0 22.0 34.0 NA
Saffola 3.0 1.0 11.0 25.0 16.0 20.0 17.0 17.0 24.0 NA
International* 9.0 8.0 8.0 (5.0) 2.0 12.0 11.0 25.0 20.0 14.0
Modern Trade * 30.0 29.0 12.0 44.0 (17.0) (12.0) 0.1 (17.0) 10.0 NA
E-commerce * 100.0 75.0 5.0 29.0 37.0 39.0 88.0 81.0 61.0 NA
Rural *# 6.0 (3.0) (2.0) (15.0) (10.0) 22.0 24.0 42.0 17.0 NA
Urban *# (5.0) (11.0) (7.0) (12.0) (17.0) 14.0 10.0 23.0 17.0 NA
CSD * NA 5.0 14.0 (18.0) (48.0) (29.0) (10.0) 59.0 56.0 NA
Premium hair nourishment *# 28.0 7.0 (5.0) (19.0) NA NA NA NA NA NA
Male grooming * 0.1 (1.0) (1.0) (9.0) NA NA NA NA NA NA
Saffola healthy foods * 38.0 34.0 37.0 22.0 30.0 55.0 74.0 134.0 100.0 70.0
Source: Company
* Reported value growth (% YoY) in INR
# for Q2FY20 onwards reported in volume terms (% YoY)
Summary of growth (%)
Category / Business - Reported growth (%) Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22 Share of Group’s Turnover
basis FY21 results
Group: total reported value growth 8.7 16.3 34.0 31.0 22.0
FMCG business (India) 8.0 18.0 37.0 35.0 24.0 77.0
Parachute coconut oil in rigid packs 8.0 9.0 38.0 20.0 18.0 38.0
Value added hair oil (1.0) 21.0 22.0 35.0 16.0 22.0
Saffola (refined edible oil) 16.0 26.0 43.0 60.0 46.0 22.0
International business group: total 12.0 11.0 25.0 20.0 14.0 23.0
Source: Company
*Q1FY22 onwards Saffola refers to the Saffola franchise, comprising Refined Edible Oils and Foods
Constant currency growth in international business
Region - Constant currency growth Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22
Bangladesh 10.0 16.0 15.0 20.0 9.0 16.0
Middle East and North Africa (27.0) (6.0) (1.0) 62.0 74.0 20.0
South Africa (25.0) 16.0 7.0 48.0 52.0 8.0
South East Asia (17.0) 4.0 3.0 13.0 16.0 (2.0)
New geographies - Srilanka, Nepal & Bhutan (16.0) (5.0) 16.0 18.0 67.0 50.0
Source: Company
Q2FY22 conference call: Key takeaways
Overall
Company gained market share in more than 90% of the portfolio in the India
business on MAT basis.
Modern trade is showing signs of recovery
Rural saw some moderation towards the end of the quarter
MARICO
Edelweiss Securities Limited
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Both franchises of the Premium Personal Care (contributing less than 5% of
revenues) witnessed improving traction and posted double-digit growth.
Livon Serums moved ahead of pre-COVID run rates, while Male Grooming is still
to attain the pre-COVID run rates.
Beardo and Just Herbs scaled up in line with expectations
More time is needed to conclude any trend in rural consumption
High global inflation and supply chain challenges are important monitorables
No disruption in diversification journey in India and abroad
Company is focusing on chemist and food outlets in urban areas
We may see a high single digit volume growth in Q4FY22
Company has decided to discontinue VAHO and Saffola volume disclosure due to
change in KPI internally and competitive reasons
Company will continue to indicate Saffola and VAHO volumes
Company is seeing recovery in discretionary spends from consumers
Company expects good growth from GT channel
Company remains confident on INR5000mn target for digital channel
Company aim is to progressively bring down dependence on commodity based
products like Parachute, Saffola and Amla hair oil
Parachute and VAHO
Parachute Rigids grew 7% YoY in volumes, backed by increasing penetration in
both core and non-core markets.
Volume market share of the brand rose by 180 bps YoY in rigid packs (MAT
Sep’21)
Value Added Hair Oils delivered value growth of 16% YoY, largely driven by
volumes.
Mid and premium segment brands gained salience during the quarter.
The Company gained 40 bps YoY in volume market share (MAT Sep’21)
Company will continue to chase 10% YoY volume growth in VAHO
Company will look at more value growth and value added segment in VAHO
Saffola
Saffola Edible Oils had a muted quarter, largely due to volatility in edible oil prices
(leading to trade destocking during the quarter) and partly owing to lower in-
home consumption.
Saffola Foods grew by ~70% YoY in value terms, with both core and new
franchises pitching in
The base Oats franchise grew by 36% YoY in value terms backed by increased
penetration and market share gains
Edelweiss Securities Limited
MARICO
Edelweiss Research is also available on www.edelweissresearch.com, Bloomberg - EDEL, Thomson Reuters, and Factset 5
Saffola Honey is tracking in line with internal targets and should reach an exit run
rate of INR1000mn this year
Saffola Oodles and Saffola Mealmaker Soya Chunks also continued to scale up
well.
The new Saffola Chyawanprash, launched under the Immuniveda range, comes
with a renewed mix based on the learnings from the earlier avatar
Adoption of chyawanprash category in South India has improved
The Saffola franchise, comprising Refined Edible Oils and Foods, grew 46% YoY in
value terms.
International business
In the International business, Bangladesh clocked 16% YoY constant currency
growth.
South East Asia was down 2% YoY in constant currency terms, due to the severe
COVID surge and strict lockdowns enforced in the region.
MENA and South Africa grew 20% YoY and 8% YoY in constant currency terms
There is relatively lesser impact on international business margins
Margins
Advertising & Sales Promotion spends was at 8% of sales, as the Company
maintained its investments in core franchises and recent foods innovations.
Ad spends will rise in the forthcoming quarters.
Copra price was down 11% sequentially and down 5% YoY.
With the supply outlook improving, prices are expected to remain range bound
in the near term.
COVID-19 led disruptions and major weather anomalies in key growing regions
led to sustained inflation in global vegetable oil prices.
Rice Bran oil was up 59% YoY and 7% sequentially in line with global trends.
The reduction in the import duty on vegetable oils is yet to reflect in domestic
vegetable oil prices, but some correction is expected in the coming quarters
Crude oil remains inflationary
Gross margin will improve sequentially
Medium term margin guidance remains unchanged
Company has started a series of measures from August to tackle inflation, some
of its effect will show in Q4FY22
MARICO
Edelweiss Securities Limited
6 Edelweiss Research is also available on www.edelweissresearch.com, Bloomberg - EDEL, Thomson Reuters, and Factset
Outlook and valuation: Robust sales growth; maintain ‘HOLD’
We like Marico’s focus on improving volumes over the long term and market share
gains, a strategy that management has adhered to over the past few years. Even as
the company has had an eye on market share, it compromised on margin. However,
incrementally, we believe the company needs to get much more aggressive on
innovation and push its products across channels.
The focus on innovation is good—be it in the healthy foods segment with the launch
of Nashta range, Saffola FITTIFY range, Saffola Active Soups, Saffola Active Slimming
Nutri-Shake, Saffola Masala Oats and Saffola Honey.
In the international business too, Bangladesh remains strong. Political turmoil,
currency devaluation and overall macroeconomic challenges—although receding—
persist in the MENA region.
We expect revenue trajectory to continue to be robust following management
interventions. Competitive intensity in the hair oil category, which is susceptible to
down-trading, needs to be monitored. Rolling forward the valuation to Mar-23E, we
are revising up the TP to INR580 (earlier INR550) while maintaining ‘HOLD/SN’. The
stock is trading at 43.9x FY23E EPS.
One year PE chart
Source: Edelweiss Research
100
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Edelweiss Securities Limited
MARICO
Edelweiss Research is also available on www.edelweissresearch.com, Bloomberg - EDEL, Thomson Reuters, and Factset 7
Standalone financial performance (INR mn)
(INR mn) Q2FY22 Q2FY21 % YoY change Q1FY22 % QoQ change
Net Sales 19,160 15,500 23.6 20,430 (6.2)
Total 19,160 15,500 23.6 20,430 (6.2)
COGS 12,040 8,790 37.0 13,180 (8.6)
Gross Profit 7,120 6,710 6.1 7,250 (1.8)
Employee cost 960 870 10.3 990 (3.0)
Advt. and promotion 1,160 1,140 1.8 1,040 11.5
Other Expenditure 2,040 1,900 7.4 1,810 12.7
Total expenses 4,160 3,910 6.4 3,840 8.3
EBITDA 2,960 2,800 5.7 3,410 (13.2)
Depreciation 230 260 (11.5) 240 (4.2)
EBIT 2,730 2,540 7.5 3,170 (13.9)
Other inc 1,280 1,450 (11.7) 290 341.4
Interest net 80 50 60.0 60 33.3
Exceptional Items (330) NM - NM
PBT 3,930 3,610 8.9 3,400 15.6
Tax 640 470 36.2 770 (16.9)
Reported PAT 3,290 3,140 4.8 2,630 25.1
EPS 2.5 2.4 4.8 2.0 25.1
As % of net sales
COGS 62.8 56.7 613 64.5 (167)
Employee 5.0 5.6 (60) 4.8 16
Advt.and promotion 6.1 7.4 (130) 5.1 96
Other expenditure 10.6 12.3 (161) 8.9 179
EBITDA 15.4 18.1 (262) 16.7 (124)
PAT 17.2 20.3 (309) 12.9 430
Tax Rate 16.3 13.0 327 22.6 (636)
Source: Company
MARICO
Edelweiss Securities Limited
8 Edelweiss Research is also available on www.edelweissresearch.com, Bloomberg - EDEL, Thomson Reuters, and Factset
Financial snapshot (INR mn)
Year to March Q2FY22 Q2FY21 % change Q1FY22 % change YTD22 FY22E FY23E
Total income from operations 24,190 19,890 21.6 25,250 (4.2) 49,440 94,721 1,04,276
Cost of goods sold 13,920 10,340 34.6 14,890 (6.5) 28,810 51,150 55,058
Gross profit 10,270 9,550 7.5 10,360 (0.9) 20,630 43,572 49,218
Staff cost 1,530 1,370 11.7 1,500 2.0 3,030 6,346 6,778
Advert. & sales promotion 1,940 1,890 2.6 1,750 10.9 3,690 8,051 9,802
Other expenditure 2,570 2,400 7.1 2,300 11.7 4,870 10,704 11,679
Total expenditure excl COGS 6,040 5,660 6.7 5,550 8.8 11,590 25,101 28,259
EBITDA 4,230 3,890 8.7 4,810 (12.1) 9,040 18,471 20,960
Depreciation, amort. & imp. 330 330 0.0 330 0.0 660 1,349 1,419
EBIT 3,900 3,560 9.6 4,480 (12.9) 8,380 17,122 19,540
Interest Expense 100 80 25.0 80 25.0 180 323 328
Other income 250 270 (7.4) 270 (7.4) 520 1,618 2,042
Profit Before Tax 4,050 3,750 8.0 4,670 (13.3) 8,720 18,417 21,255
Provision for Tax 890 690 29.0 1,020 (12.7) 1,910 4,052 4,676
Minority Interest 70 90 NM 90 NM 160 0 0
Exceptional Items (Net of Tax) 0 -330 0 0 0 0
Reported Profit 3,090 2,640 17.0 3,560 (13.2) 6,650 14,365 16,579
Adjusted Profit 3,090 2,850 8.4 3,560 (13.2) 6,650 14,365 16,579
No. of Shares outstanding (mn) 1,290 1,290 1,290 1,290 1,291 1,291
Adjusted Diluted EPS 2.4 2.2 8.4 2.8 (13.2) 5.2 11.1 12.8
as % of net revenues
COGS 57.5 52.0 556 59.0 -143 58.3 54.0 52.8
Staff expenses 6.3 6.9 -56 5.9 38 6.1 6.7 6.5
Advert. & sales promotion 8.0 9.5 -148 6.9 109 7.5 8.5 9.4
Other expenditure 10.6 12.1 -144 9.1 152 9.9 11.3 11.2
EBITDA 17.5 19.6 -207 19.0 -156 18.3 19.5 20.1
EBIT 16.1 17.9 -178 17.7 -162 16.9 18.1 18.7
PBT 16.7 18.9 -211 18.5 -175 17.6 19.4 20.4
Adjusted Profit 12.8 14.3 -155 14.1 (133) 13.5 15.2 15.9
Tax rate 22.0 18.4 358 21.8 13 21.9 22.0 22.0
Source: Company, Edelweiss Research
Edelweiss Securities Limited
MARICO
Edelweiss Research is also available on www.edelweissresearch.com, Bloomberg - EDEL, Thomson Reuters, and Factset 9
Company Description
Marico has evolved into one of the leading Indian FMCG companies from a coconut
oil manufacturer over the past few years. It has positioned itself on the beauty and
wellness platform and caters to hair care, health care, and skin care. Its brands
include Parachute, Parachute Advansed, Nihar, Nihar Naturals, Hair & Care, and
Fiancee in hair care, Saffola and Fittify range in Foods, Set Wet, Hair Code, X-Men in
Male Grooming. Marico has captured inorganic growth opportunities with
acquisition in Africa as well as Bangladesh.
Investment Theme
Marico is amongst the leading beneficiaries of the changing preference of Indian
consumer for better personal care and food products. The company has established
strong ground in its core categories (hair oil and edible oil) with dominant market
shares. It has been able to distinguish itself by offering niche products through
brands such as Saffola (flavoured oats), Livon while extending Parachute to various
new generation hair care products such as hair creams and value-added hair oils.
Improvement in sales and margins of international businesses are to aid
consolidated performance.
Key Risks
Coconut oil forms the biggest share of Marico’s top line and bottom line. Any
volatility in Copra prices tends to swing gross margins for Marico.
Appreciation of rupee against Egyptian pound, Bangladeshi currency and other
international currencies puts the growth in revenues and profits at risk.
MARICO
Edelweiss Securities Limited
10 Edelweiss Research is also available on www.edelweissresearch.com, Bloomberg - EDEL, Thomson Reuters, and Factset
Additional Data Management
MD and CEO Mr. Saugata Gupta
CFO Mr. Pawan Agrawal
Chairman Mr. Harsh Mariwala
Director Mr. B S Nagesh
Auditor BSR & Co. LLP
Holdings – Top 10* % Holding % Holding
First State Inv 4.44 Vanguard Group 0.65
Life Insurance 2.03 Icici Prudentia 0.58
First Senior Gl 1.63 Uti Asset Manag 0.57
Blackrock 1.33 Bank Of Montrea 0.54
Bombay Oil Indu 0.66 Norges Bank 0.51
*Latest public data
Recent Company Research Date Title Price Reco
15-Sep-21 Déjà vu: GST hike in coconut oil?; Edel Flash
522 Hold
25-Aug-21 Ramping up e-commerce; Company Update
522 Hold
30-Jul-21 Gross margin disappoints; H2 brighter; Result Update
547 Hold
Recent Sector Research Date Name of Co./Sector Title
27-Oct-21 ITC Decent recovery; all eyes on panel; Result Update
25-Oct-21 Tata Consumer Products
Gross margin recovers; tea volume soft; Result Update
25-Oct-21 Colgate-Palmolive Modest growth continues; Result Update
Rating Interpretation
Source: Bloomberg, Edelweiss research
Daily Volume
Source: Bloomberg
Rating Distribution: Edelweiss Research Coverage
Buy Hold Reduce Total
Rating Distribution* 178 56 19 254
>50bn >10bn and <50bn <10bn Total
Market Cap (INR) 226 43 3 272
*1 stocks under review
Rating Rationale
Rating Expected absolute returns over 12 months
Buy: >15%
Hold: >15% and <-5%
Reduce: <-5%
TP392
TP379
TP420
225
300
375
450
525
600
Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21
(IN
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MRCO IN Equity Buy Hold Reduce0
6
12
18
24
30
Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21
(Mn
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Edelweiss Securities Limited
MARICO
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MARICO
Edelweiss Securities Limited
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Aditya Narain
Head of Research