Macquarie on Marico OutPerform, Target Price cut to Rs 580 While like sharp turnaround to +ve vol growth in Saffola vs double-digit decline for 1Q, margin weakness for 2Q was a _ve Cut FY23E/FY24E/FY25E EPS 3% Rising sales salience of foods/digital brands should lower future EPS volatility

MARICO UPDATE Q2FY23 Slightly muted – India posted low single-digit volume growth – Consolidated revenue in Q2 grew low single digits YoY – Gross margin to contract QoQ – EBITDA Margins to be same YoY due to higher A&P Spends – Net profit impacted by higher Tax Rate

Goldman Sach on Marico Buy, Target Price Rs 620 2QFY23 update: Strong volume recovery led by rebound in Saffola International business: Double-digit constant currency growth. Margin expansion lower than expected, short term pressure due to timing of price cuts