Marico Industries :Hold,Weak Q1;performance to rebound from here
类型：投资策略 机构：香港上海汇丰银行有限公司 研究员：香港上海汇丰研究所 日期：2017-08-14
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Q1 volume declined by c9% y-o-y as domestic rural businessand CSD were significantly affected by GST disruptions
Input cost pressure led to margin pressure though loweradvertising spend cushioned the impact
Performance to normalise going forward, we retain our Holdrating and increase our TP to INR282 (from INR275)
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