Representative Image live bse live nse live Volume Todays L/H More × Shares of FMCG major Marico Ltd lost more than 6.5 percent in early trade on November 7 after the company reported a 3 percent on-year decline in its consolidated net.
Consolidated revenue for the maker of Parachute and Saffola rose 3 percent on-year to Rs 2,496 crore as against Rs 2,419 crore registered in the year-ago quarter.
Its consolidated gross margin expanded 120 basis points on-year to 43.6 percent, while the sequential contraction was due to consumption of higher cost inventories and currency depreciation.
It, however, highlighted better performance in the premium sub-segment.
Brokerage firm Motilal Oswal Financial Services reiterated its ‘buy’ rating on the stock as it maintains its target multiple of 45x September 2024 EPS to arrive at its target price of Rs 620.
“The much-needed diversification is gathering momentum in the Foods and Digital-first brands, which, If sustained, can lead to higher multiples for Marico as compared to the past,” the brokerage said in its results update.

Source - Money Control
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