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Multiple Levers To Drive Growth: HDFC Securities

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

HDFC Securities Retail Research

We believe Marico Ltd.’s strong brands, which allow it to charge a premium price and hold dominant market share in its core categories, give it a narrow economic moat.

With a strong foothold in its core products, Marico has successfully diversified its products offering (through brand extensions and acquisitions) in foods and direct-to-consumer space to prop up sales growth.

Further, the company is focused on scaling up its portfolio with premium products that target millennial and are margin accretive in the long run. In the international business too, Bangladesh remains strong. Meanwhile, signs of revival are visible in pockets such as Vietnam.

Thus, with multiple levers to drive growth, Marico looks amongst the better bets in large cap fast moving consumer goods space.

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