Buy Marico, target price Rs 570: Religare Broking

Religare Broking has buy call on Marico with a target price of Rs 570. The current market price of Marico is Rs 536.2. Religare Broking recommended to keep stop loss at Rs 515.

Marico, incorporated in the year 1988, is a Large Cap company (having a market cap of Rs 69689.33 Crore) operating in FMCG sector.

Marico key Products/Revenue Segments include Edible Oil, Others, Personal Care, Export Incentives, Scrap for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-03-2023, the company has reported a Consolidated Total Income of Rs 2308.00 Crore, down -8.05 % from last quarter Total Income of Rs 2510.00 Crore and up 5.63 % from last year same quarter Total Income of Rs 2185.00 Crore. Company has reported net profit after tax of Rs 305.00 Crore in latest quarter.

Investment Rationale
Seeing consolidation for two months. Likely to witness a breakout soon.

Promoter/FII Holdings
Promoters held 59.42 per cent stake in the company as of 30-Jun-2023, while FIIs owned 24.96 per cent, DIIs 10.2 per cent.