Marico Industries :Hold,Weak Q1;performance to rebound from here

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)