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Earnings Call Transcript

Marico Earnings Call Transcript: Key Takeaways

Strong Q2: revenue +13%, EBITA +27%, PAT +31%, EBITA margin 18.2%, helped by softer copra and mix. FY27 EBITDA guidance raised to mid-20s growth, while A&P spend rose 44%.

Guidance and delivery
Management target Revenue 13.0% FY29
Highlights
Revenue growthConsolidated revenue +13% YoY; India volume +10%, international +13% cc.
MarginsEBITA margin +200bps to 18.2%; gross margin up ~600bps YoY.
Demand visibilityIndia demand resilient; management flags crude, inflation and rural rainfall risks.
Management confidenceOver-optimistic: 'stellar', 'unprecedented', 'strong all round' language, though guidance is raised.

Growth

Revenue +13% (India volume +10%, international +13% constant currency). EBITA +27%, largely margin-led from copra deflation and mix.

Outlook

FY27 EBITDA growth guided at mid-20s (from ~20%) and revenue at teens, above ₹15,000 Cr. Mid-teens EBITDA growth from FY28, with FY29 revenue aspiration of ₹20,000 Cr.

Risks

Crude-linked derivatives and wedge oils are rising, and rural rainfall is deficient in some states. Bangladesh is soft, edible oil volumes are falling, and copra gains may fade.

Last quarter's promises, checked

Delivered

  • Guided one double-digit India volume quarter in next 3 qtrs → Q2 India volume +10% (= BEAT)
  • Guided ~20% EBITDA growth (aspire) → Q2 EBITA +27%, metric differs (= BEAT)
  • Guided Parachute mid-single-digit volume → Q2 +13% (= BEAT)

Partly delivered

  • Guided FY27 revenue >₹15,000 Cr (double-digit) → Q2 revenue +13%, full year unverified (= PARTIAL)

Missed

  • Guided international mid-teens cc growth → Q2 +13% cc (= MISS)
Source

Earnings Call Transcript filed with NSE, NSE: MARICO. Summary written with AI assistance from the document.

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Marico Ltd: key numbers

Share price
₹893.25
Market cap
₹1,16,141 Cr
Revenue (annual)
₹13,611 Cr
Net profit (annual)
₹1,762 Cr
P/E (TTM)
57.5×Sector 40.9×
Promoter holding
58.83%-0.08% QoQ
FII holding
22.25%Current quarter

Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.

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