Buy Marico, target price Rs 610: Axis Securities

Axis Securities has buy call on Marico with a target price of Rs 610. The current market price of Marico is Rs 571.35. Axis Securities recommended to keep stop loss at Rs 550.
Marico, incorporated in the year 1988, is a Large Cap company (having a market cap of Rs 73588.26 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 30-06-2023, the company has reported a Consolidated Total Income of Rs 2523.00 Crore, up 9.32 % from last quarter Total Income of Rs 2308.00 Crore and down -2.02 % from last year same quarter Total Income of Rs 2575.00 Crore. Company has reported net profit after tax of Rs 436.00 Crore in latest quarter.

Investment Rationale
Consolidation range (560-460) breakout with huge volumes, Daily and weekly RSI is in positive terrain.

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.