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Nirmal Bang Report
Marico Ltd.’s consolidated Q4 FY22 operating performance was in-line with the commentary given in their quarterly update. The fast moving consumer goods sector continued to witness subdued consumption patterns, primarily on account of weak rural sentiments and persistent inflation in global commodities.
Inflation, accompanied by price hikes implemented across fmcg categories, affected consumer spending and eventually resulted in decline in fmcg volume.
Despite stressed macros, Marico’s domestic business (~75% of topline) saw low 5.1% YoY growth with 1% underlying volume growth (on a high base of 25%) on the back of focused execution and market share gains.
Volume growth on a two-year compound annual growth rate basis stood strong at 12%. Within the sales channels, general trade was subdued with rural slightly behind urban while alternate channels posted growth.
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