Marico- Impressive volumes, Maintain ACCUMULATE :Emkay

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Marico

Impressive volumes, Maintain ACCUMULATE

ACCUMULATE

CMP: Rs167                                        Target Price: Rs172

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n     Impressive volume growth drives a positive surprise in revenue, which grew 32.7% to Rs10.5bn. Higher copra prices restricts PAT growth to 15.3% to Rs850mn, in line

n     Volume growth of 10% in Parachute and 15% in Saffola, post the sharp price increases – 32% in Parachute and 12% in Saffola, comes as a positive surprise

n     Improvement in volume growth versus Q4FY11 and copra prices softening of 10% from recent peak boosts future earnings

n     Upgrade our FY13E EBITDA and APAT estimates by 9% and 11% respectively. Maintain our ACCUMULATE rating with target price of Rs172/Share