INSUBCONTINENT EXCLUSIVE:
CLSA has upgraded Marico to buy from underperform and revised target price up to Rs 435 from Rs 330
The firm said it likes Marico’s growth focus, which is evident from increased emphasis on launches
A sharp rise in copra prices took a toll on margins resulting in earnings downgrades in past few quarters, but this is likely to change as
copra prices are already down from the peak, said CLSA.
"Copra (key input) prices are down 17 per cent from its peak and a further
correction should drive up margins in 2HFY19 (October 2018-March 2019) and improve outlook," said CLSA
Marico on Friday had reported 10.25 per cent rise in consolidated net profit at Rs 260.13 crore for the quarter ended June 30
The company had reported a net profit of Rs 235.93 crore in April-June quarter of 2017-18
Total income during the reported quarter stood at Rs 2,050.8 crore
It was Rs 1,714.53 crore in the June quarter of 2017-18.
