28 August 2011

MARICO Key takeaways ��::Kotak Sec Consumer Congerence,

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MARICO
Key takeaways
�� The company guides for medium-term volume growth rate in value-added hair oil at
~17%, coconut oil at ~7% and Saffola at ~15%.
�� It aims to make profit in Kaya on an overall basis this year though maybe not in India. In
FY2013E, India business will likely turn profitable.
�� If the copra price falls, the company will pass on the benefit entirely in recruiter packs and
a substantial part (~70% - 80% in our view) in bigger SKUs.
�� The company is increasing the focus on the functional foods segment and in about 10
years, aims to cover food requirements throughout the day.

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