Shares of Marico Ltd. rose 3.81% in intraday trade, the most in over a month, to Rs 579.2 apiece after the company said that the consumer sentiment remained healthy in India business.
In its quarterly update, Marico said that revenue growth in the quarter was in low twenties while volume growth was close to double-digits on a 2-year CAGR basis. In an exchange filing, Marico said gross margins are expected to be marginally better than the previous quarter, but would be under pressure on a YoY basis as input costs continue to rise. Marico expected modest bottom line growth in the quarter.
Of the 41 analysts tracking the company, 28 maintained ‘buy’, nine maintained ‘hold’ and four maintained ‘sell’ recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 3.2%