Marico Q2 net may rise 18% at Rs 101.3 cr: Motilal Oswal

Motilal Oswal has come out with its second quarter (July-September) earnings estimates for the FMCG sector. The brokerage house expects Marico to report a 34.8 percent degrowth quarter-on-quarter (up 18 percent Y-o-Y) in net profit at Rs 101.3 crore.

Revenues of Marico are expected to decrease by 7.4 percent Q-o-Q (up 10.6 percent Y-o-Y) to Rs 1,277.9 crore, according to Motilal Oswal.

Earnings before interest, tax, depreciation and amortisation (EBITDA) are likely to fall by 25.7 percent Q-o-Q (up 14.2 percent Y-o-Y) to Rs 168.7 crore.

Motilal Oswal's Report on Marico:

We expect sales growth of 10.6 percent to INR 12.8 billion, led by 10 percent domestic organic volume growth. We expect Parachute, Saffola and value-added hair oils to post 6 percent, 10 percent and 15 percent volume growth, respectively.

International business should post 15 percent revenue growth, in our view.

We estimate a gross margin decline of 50bp, as copra prices are increasing. Also, MRCO has taken selective price cuts in Parachute
and Saffola to drive volume growth.

MRCO has guided 250-300bp Y-o-Y international margin expansion.

Expect PAT growth of 18 percent.

The stock trades at 25.6x FY15E EPS of INR 8.6.

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