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Economic Times
06-05-2025
- Business
- Economic Times
Marico pins FY26 hopes on rural revival, premium push
FMCG major Marico is betting on a broad-based consumption recovery and gradual margin improvement in foods and digital-first segments to power its performance in FY26 after closing FY25 on a steady note. While the company reported margin pressure during the March quarter, it expects to sustain the double-digit growth in revenue and operating profit in the current fiscal year. Analysts have raised earnings estimates by 5-9% for FY26 and FY27 supported by expectations of better top line growth and control on margin. ADVERTISEMENT Marico's consolidated revenue and net profit grew 20% and 8% year-on-year to Rs2,730 crore and Rs345 crore, respectively. The company stated that it expects gradually improving growth in the core categories on the back of moderating retail and food inflation as well as the promise of a normal monsoon season. However, higher raw material costs and advertising, sales and promotion (ASP) expenses pulled the operating margin before depreciation and amortisation (EBITDA margin) down to the 12-quarter low of 16.8%, which was also 260 basis points lower than the year-ago level. As a percentage of revenue, ASP spends was 11.2%, up from 9.9% year-ago as the company focussed on strengthening brands amid intense competition. The input costs relative to revenue increased to 51.4% in the March 2025 quarter from 48.4% in the year-ago period. According to brokerage reports, prices of key inputs including copra and vegetable oils increased by 25-48% year-on-year. Prabhudas Lilladher Capital expects prices to remain high in the near term. 'The usual 18–24 months pricing cycle has been extended, and copra prices are predicted to remain high in the June 2025 quarter,' the brokerage noted in a report. It expects margin pressures to subside after the first half of India business, which contributes over 75% to the top line, growth in volume and revenue was at a 14-quarter high in the three months ended March 2025. Volume grew by 7% compared with a 3% growth in the year-ago quarter. Revenue grew by 23% to Rs2,068 business, comprising the company's products in the haircare, food and beauty segments sold in over 25 countries, registered constant currency growth (CCG) of 16% in the March 2025 quarter. The growth rate has gradually improved from 6% in the December 2023 quarter despite macroeconomic headwinds and currency devaluations. ADVERTISEMENT The company expects to achieve a double-digit EBITDA growth in FY26 compared with 4% growth in the March quarter aided by margin expansion in the foods segment and a stronger product mix in international markets. Emkay has upgraded Marico to 'BUY' from 'Add', raising the target price by 16% to Rs810 while raising earnings estimates by 5-9% over FY26-27. Elara Capital has reiterated its 'Accumulate' rating while increasing the target price to Rs785 from Rs752. The stock was last traded at Rs 720 on Tuesday on the BSE. (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
06-05-2025
- Business
- Time of India
Marico pins FY26 hopes on rural revival, premium push
Marico posted 20% revenue and 8% profit growth in Q4FY25, despite margin pressure from higher input and advertising costs. It expects improved performance in FY26, aided by a normal monsoon, easing inflation, and expansion in food and international segments. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads FMCG major Marico is betting on a broad-based consumption recovery and gradual margin improvement in foods and digital-first segments to power its performance in FY26 after closing FY25 on a steady note. While the company reported margin pressure during the March quarter, it expects to sustain the double-digit growth in revenue and operating profit in the current fiscal year. Analysts have raised earnings estimates by 5-9% for FY26 and FY27 supported by expectations of better top line growth and control on consolidated revenue and net profit grew 20% and 8% year-on-year to Rs2,730 crore and Rs345 crore, respectively. The company stated that it expects gradually improving growth in the core categories on the back of moderating retail and food inflation as well as the promise of a normal monsoon higher raw material costs and advertising, sales and promotion (ASP) expenses pulled the operating margin before depreciation and amortisation (EBITDA margin) down to the 12-quarter low of 16.8%, which was also 260 basis points lower than the year-ago level. As a percentage of revenue, ASP spends was 11.2%, up from 9.9% year-ago as the company focussed on strengthening brands amid intense competition. The input costs relative to revenue increased to 51.4% in the March 2025 quarter from 48.4% in the year-ago period. According to brokerage reports, prices of key inputs including copra and vegetable oils increased by 25-48% Lilladher Capital expects prices to remain high in the near term. 'The usual 18–24 months pricing cycle has been extended, and copra prices are predicted to remain high in the June 2025 quarter,' the brokerage noted in a report. It expects margin pressures to subside after the first half of India business, which contributes over 75% to the top line, growth in volume and revenue was at a 14-quarter high in the three months ended March 2025. Volume grew by 7% compared with a 3% growth in the year-ago quarter. Revenue grew by 23% to Rs2,068 business, comprising the company's products in the haircare, food and beauty segments sold in over 25 countries, registered constant currency growth (CCG) of 16% in the March 2025 quarter. The growth rate has gradually improved from 6% in the December 2023 quarter despite macroeconomic headwinds and currency company expects to achieve a double-digit EBITDA growth in FY26 compared with 4% growth in the March quarter aided by margin expansion in the foods segment and a stronger product mix in international has upgraded Marico to 'BUY' from 'Add', raising the target price by 16% to Rs810 while raising earnings estimates by 5-9% over FY26-27. Elara Capital has reiterated its 'Accumulate' rating while increasing the target price to Rs785 from Rs752. The stock was last traded at Rs 720 on Tuesday on the BSE.
Business Recorder
02-05-2025
- Business
- Business Recorder
Gold price per tola falls Rs1,300 in Pakistan
Gold prices in Pakistan declined on Friday in line with their decrease in the international market. In the local market, gold price per tola reached Rs344,500 after it shed Rs1,300. Similarly, 10-gram gold was sold at Rs295,353 after it registered a decrease of Rs1,114, as per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Wednesday, gold price per tola reached Rs345,800 after it shed Rs3,400. The international rate of gold also declined on Friday. As per APGJSA, the rate was at $3,263 per ounce (with a premium of $20), a decrease of $13 during the day. Meanwhile, Silver price per tola remained at Rs3,427 in Pakistan.
Business Recorder
01-05-2025
- Business
- Business Recorder
Gold prices drop significantly
KARACHI: Gold prices saw a significant drop on Wednesday, as the global market receded below $3,300 per ounce, traders said. The precious metal lost Rs3,400 and Rs2,915, reaching Rs345,800 per tola and Rs296,467 per 10 grams, respectively, All Pakistan Sarafa Gems and Jewelers Association said. Domestic silver prices fell by Rs70 and Rs50, settling at Rs3,427 per tola and Rs2,938 per 10 grams, respectively, the association added. International market registered a noticeable decline by $34, bringing down the gold bullion value to $3,276 per ounce while silver was selling for over $32 per ounce. Copyright Business Recorder, 2025
Express Tribune
30-04-2025
- Business
- Express Tribune
Gold loses Rs3,400/tola
Listen to article Gold prices in Pakistan slipped on Wednesday, mirroring a decline in international markets, as the precious metal continued to trade within a narrow range amid mixed market signals. In the domestic market, gold dropped by Rs3,400 per tola to settle at Rs345,800, while the 10-gram rate fell by Rs2,915 to Rs296,467, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Internationally, gold prices also retreated, with the rate falling by $34 to $3,276 per ounce (inclusive of a $20 premium). Silver prices in Pakistan were not spared either, slipping by Rs70 per tola to Rs3,427. Analysts say gold remains range-bound due to conflicting forces in play. "Gold is currently oscillating between strong support at the $3,26070 zone and resistance around $3,360-80," said Adnan Agar, Director at Interactive Commodities. "The market lacks momentum and is stuck in this band. A breakout on either side could trigger decisive movement." He pointed out that escalating geopolitical tensionssuch as developments in the US-China trade war or any worsening of India-Pakistan relationscould push prices higher. Conversely, signs of de-escalation or trade resolution could exert downward pressure. Meanwhile, the State Bank of Pakistan (SBP) raised a total of Rs882.66 billion through two auctions held on April 30, 2025. In the Pakistan Investment Bond - Floating Rate (PFL) Semi-Annual Auction, SBP accepted bids worth Rs320.66 billion, with Rs93.05 billion raised for 5-year bonds and Rs227.61 billion for 10-year bonds. No bids were accepted for the 2-year tenor. For the Market Treasury Bills (MTBs) Auction, SBP raised Rs562 billion across four tenors: Rs65.18 billion for 1-month, Rs151.66 billion for 3-month, Rs99.42 billion for 6-month, and Rs245.74 billion for 12-month bills. Combined, these auctions successfully mobilised Rs882.66 billion, reflecting strong investor participation in government debt instruments. The Pakistani rupee recorded a slight gain against the US dollar on Wednesday, rising by 0.02% in the interbank market. By the end of the trading session, the rupee closed up 5 paisa settling at 280.97 against the dollar, compared to 281.02 on Tuesday. Globally, the US dollar remained stable during the day but was on track for its worst monthly performance since November 2022, as unpredictable trade policies under President Donald Trump created pressure on the greenback while benefiting currencies like the euro, yen, and Swiss franc.
