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Antique Stock Broking maintains hold on Marico, target price Rs 357

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Antique Stock Broking has maintained hold rating on Marico in long term with a target price of Rs 357.

Shares of Marico ended down 0.85% at Rs 331.95 on Monday while BSE Sensex closed 787.98 points (1.90%) down at 40,676.63. Company FinancialsFor the quarter ended 30-09-2019, the company has reported consolidated sales of Rs 1829.00 Crore, down -15.56 % from last quarter Sales of Rs 2166.00 crore and down -.43 % from last year same quarter Sales of Rs 1836.82 crore.

The company has reported net profit after tax of Rs 252.00 crore in the latest quarter.

The company’s top management includes Mr.Ananth Sankaranarayanan, Mr.B S Nagesh, Mr.Harsh Mariwala, Mr.Nikhil Khattau, Mr.Rajeev Bakshi, Mr.Rajen Mariwala, Mr.Rishabh Mariwala, Mr.Saugata Gupta, Ms.Hema Ravichandar.

Company has B S R - Co.

LLP as its auditors.

As on 30-09-2019, the company has a total of 1,290,944,398 shares outstanding.

Investment RationaleMarico's pre-quarter update for the three months ended December was below expectations suggesting a marginal decline in domestic sales volumes, while benign raw material cost will continue to aid margin expansion.

Sales performance should witness some improvement led by focused marketing initiatives and pricing interventions, the brokerage said.

Antique has cut EPS estimate by 6% in FY20 and 14% in FY21.




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