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News: In a quarterly update of Marico, the company saw marginal volume growth with single digit value growth in India business. Parachute saw volume decline whereas VAHO witnessed low single digit growth in value terms. With the sharp price hikes in last one year, the company saw double digit value growth in Saffola edible oil. With copra prices remaining soft, the company saw flat gross margins in Q4FY22
Views: The company saw low single digit volume growth mainly due to growth in Parachute on the back of softening copra prices & strong growth in foods & digital brands. We believe crude & rice-bran oil prices adversely impacted the growth for the company which would have been a strong quarter for the company
Impact: Neutral