Marico's Strong Q1 Update Sparks Brokerage Upgrades on Earnings Outlook
Marico posted early-twenties revenue growth and double-digit India volume growth in its Q1 update, with Parachute recovering. Morgan Stanley (TP Rs 934), JPMorgan (Rs 900), Macquarie (Rs 890) and Goldman (Rs 900) issued buy/overweight ratings, citing rising confidence in ~15% EBITDA growth ahead.
Marico's Q1 business update showed better-than-expected revenue growth in early twenties, double-digit India volume growth and Parachute recovery, prompting brokerages (Morgan Stanley, JPMorgan, Macquarie, Goldman) to raise earnings confidence with buy/overweight ratings.