Marico share price hits 10% UPPER CIRCUIT today; Kotak says BUY, target price Rs 465
Marico share price today: Kotak Institutional Equities says that Marico’s 4Q growth print (India volume/value up 25%/35% yoy; 2-yr CAGR at 10%/12%) was robust even after factoring benefit of some planned normalization of historical skew in 4Q and 1Q revenues. The core portfolio– CNO, VAHO and Saffola – has started displaying resilience and a food portfolio, led by oats and supported by new launches, is driving a fresh promise
Kotak increases revenue growth forecast, trim margins and broadly FY2022-23E EPS. Kotak rollover and revise FV to Rs 465 (Rs 450 earlier) implying 40X Jun-23 PE: Reuters