Morgan Stanley maintains an “Equal-Weight” rating on Marico with a target price of Rs 625.
Sales growth in Q2 was in the high single digits, which aligns with estimates.
While higher prices in the domestic market helped, international operations faced current challenges.
Parachute volumes grew by 5%, supported by a price increase at the beginning of 2024.
Copra inflation led to a price hike at the end of Q2.
Saffola experienced low single-digit revenue growth.
Margins are expected to decrease due to rising vegetable prices in Q2.
