Unperturbed by short-term margin pressures, Marico eyes blended margins of 14-15 percent in domestic and international business, says MD and CEO Saugata Gupta.
Marico , one of India's leading FMCG company is entering segments that have an attractive growth profile including Masala oats (new savoury oats), male grooming and body lotions. In addition, it is also targeting premiumisation in value-added hair oil segment.
Saugata Gupta, MD and CEO, Marico hopes the Masala Oats category to rake in Rs 100 crore in the next one year.
Analysts believe that an uptick in key categories pinned with new products should drive over 20 percent consolidated revenue growth.
Despite recent price hikes due to sustained uptick in copra prices and high base prices, the company's volume growth in India stood at 6.5 percent for the April-June quarter as against an estimate of 7 percent growth. Marico is targeting 8-10 percent of volume growth in the second half of this fiscal. Unperturbed by short-term margin pressures, the company eyes blended margins of 14-15 percent in domestic and international business. Further, Gupta does not see additional price hikes for the balance of the year.
Marico's rural growth will outperform urban growth rates in mid-term, while urban growth starts reviving from current levels, he says in an interview with CNBC-TV18.
Below is the verbatim transcript of the interview:
Q: Are you seeing any improvement in rural demand at all?
A: If you look at the last three years, rural growth has been the one, which has been doing pretty well. It was the urban growth that was a little dampener in the last two years. So I don't see any change in the rural growth. What has happened is that the monsoon deficit is far lower than what was expected and that it concentrated in a couple of states. So rural will continue to grow but what is more important, we believe is that the urban growth is going to come back because that has been at a little bit slow especially in the discretionary side of FMCG and that is something that is expected to come back although it will be a gradual uptick in that growth with the improvement in consumer sentiment.
Marico stock price
On September 10, 2014, at 11:13 hrs Marico was quoting at Rs 287.15, down Rs 3.45, or 1.19 percent. The 52-week high of the share was Rs 296.45 and the 52-week low was Rs 200.00.
The company's trailing 12-month (TTM) EPS was at Rs 9.05 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 31.73. The latest book value of the company is Rs 30.60 per share. At current value, the price-to-book value of the company is 9.38.
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