Marico Shares Gain On Robust Q1 Results; Brokerages Recommend 'Buy'

Marico's stock increased roughly 2% in early trade on July 5 after the business released its first-quarter operating results for FY22. According to the company's press statement, the India business grew by 30 percent or more in sales, with double-digit volume increase.

Marico announced on Friday that its domestic business grew by more than 30% in the first quarter of the fiscal year 2021-2022, owing to double-digit volume increase.

This quarter's result includes a little correction of the historical revenue bias from Q1 to the prior quarter (Q4 FY21). It went on to say that Parachute Coconut Oil exceeded expectations in the medium term.

Following its quarterly update, brokerages took a mixed view on Marico, with Goldman Sachs maintaining a Neutral call and Citi recommending that investors Buy rating the FMCG company. Brokerages firm Sharekhan and motilal Oswal gave Buy rating with traget of Rs 610 on the stock.

The company's board of directors will meet through audio-visual means on July 30, 2021 to evaluate and approve the company's unaudited consolidated and standalone financial statements for the quarter ended June 30, 2021.

Marico was trading at Rs 526 on the NSE at 10.15 a.m., up Rs 6.40, or 1.24%. On 30 June 2021 and 24 September 2020, the stock reached a 52-week high of Rs 543.55 and a 52-week low of Rs 333.30, respectively.

Marico Limited is one of India's major consumer goods companies, offering health, beauty, and wellness products and services to consumers. Marico has offices in over 25 countries across Asia and Africa, with its headquarters in Mumbai, Maharashtra, India. The stock has given a return of rs 29.28% since the begening of year and 1-year return is 49.22%.

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