Earnings Report /
Bangladesh

Marico Bangladesh: 1Q 21/22 – 11% sales growth led to c8% NPAT growth amid GPM dent and higher opex

  • 1Q 21/22 EPS of BDT 34.29 (+c8% YoY) meet our expectations, led by c11% YoY revenue growth

  • Declared BDT20/share interim cash dividend; we expect Marico to pay a total BDT100/share cash dividend for FY 21-22

  • Downgrade to Hold with increased TP of BDT2,350 (+1.5% revision) for June 2022, ETR 2.5%

Auneea Haque
Auneea Haque

Research Associate

Tanay Kumar Roy
Tanay Kumar Roy

Research Analyst

IDLC Securities
28 July 2021
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