Motilal Oswal has given Buy recommendation for Marico recommended buy rating on the stock with a target price of Rs 600 in its researc with a target price of Rs. 600 in its research report issued on May 05, 2022

Motilal Oswal’s research report on Marico

MRCO’s 4QFY22 result was in line our estimates. With: a) key raw material, Copra, likely to be stable in FY23E; b) likelihood of 5-7% domestic volume growth in FY23E; c) continued healthy outlook on its international business sales and margins; and d) inexpensive valuation of 39x FY24E, we remain positive on MRCO from a one-year perspective amid an uncertain outlook for peers, especially given its high-teens earnings growth potential in FY23E, which is much higher than peers. Maintain BUY.

Outlook

We maintain our target multiple of 45x FY24E EPS to arrive at our TP of INR600. We reiterate our BUY rating on the stock.

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