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Nirmal Bang Report
As per the performance update released by Marico Ltd. for Q2 FY23, demand sentiments in India during most of the quarter was similar to Q1 FY23, with some signs of positivity in September 2022.
Down-trading in rural markets continued amid strong retail inflation. Urban and premium discretionary segments continued to fare better.
Marico’s domestic business (~77% of FY22 topline) saw low single-digit volume growth with the three-year compound annual growth rate in high single digits, largely pulled down by parachute coconut oil and added hair oils.
The International business maintained its strong momentum with double-digit constant currency growth despite global macro-economic and geo-political uncertainties.
Consolidated revenue thus grew marginally YoY in Q2 FY23 for the second consecutive quarter.
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