Marico (BOM:531642)

QUOTE AND NEWS
The Economic Times  Mar 23  Comment 
Sharmila believes that banking and IT sectors, which have a significant weightage in Sensex and Nifty, could hurt the market sentiment.
The Economic Times  Mar 17  Comment 
'Marico Ltd is a ‘BUY’ call with a target of Rs 400 and a stop loss of Rs 375'
The Hindu Business Line  Feb 24  Comment 
Marico says shipments into the country were only a fraction of domestic production
The Economic Times  Feb 6  Comment 
Domestic business recorded a net revenue growth of 18% with SSG of 15 per cent and international business delivered overall growth of 27%
The Hindu Business Line  Feb 4  Comment 
Deodorants will no longer be a priority segment for Marico, which is revamping its youth portfolio at a time when urban demand has been slowing. It has decided to focus on high-margin categori...
The Hindu Business Line  Feb 3  Comment 
Marico has posted 18 per cent increase in net profit from ₹135 crore to ₹160 crore for the third quarter. Revenues increased by 21 per cent at ₹1,452 crore from ₹1,201 crore during...
The Economic Times  Feb 3  Comment 
Marico reported an 18.11 per cent increase in consolidated net profit at Rs 159.88 crore for the third quarter ended December 31, 2014.
The Economic Times  Jan 30  Comment 
"Marico is a 'BUY' call with a target of Rs 374 and a stop loss of Rs 356."
The Hindu Business Line  Jan 18  Comment 
A conclusive break of ₹360 can push the stock higher to ₹380 in the medium term
The Economic Times  Jan 15  Comment 
Marico Ltd is a 'BUY' call with a target of Rs 370 and a stop loss of Rs 345.




 

Marico is one of the leading Indian groups in consumer products and services in the beauty and wellness space. It has products and services in hair care, skin care and healthy foods. Marico's brands and their extensions occupy leadership positions with significant market shares in all categories. The company is present in the skin care services segment through Kaya skin care clinics (85 clinics) in India and the UAE. Marico's branded products are also present in Bangladesh, other South Asian Association for Regional Co-operation (SAARC) countries and the Middle East. Marico has been growing both organically and inorganically. It acquired ‘Nihar’, ‘Oil of Malabar’ and 'Manjal' herbal soap brand in India. It acquired a clutch of brands namely 'Camelia', 'Aromatic' and 'Magnolia' in Bangladesh and ‘Fiancee’ and ‘Haircode’ in Egypt. The company sold the Sundari business and Sil Brand.


Marico reported a strong 25% YoY growth in the consolidated topline for FY09 led by the 22% YoY growth in consumer product business, 43% YoY growth in international business and 57% YoY growth in Kaya. The operating margins were at 13% and the company reported a 12% YoY growth in net profits.


Marico’s business model is based on focused growth across all its brands and territories driven by continuously improving the value proposition to consumers, market expansion and widening its retail reach. It has identified new engines of growth and is also focusing on high margin products. It continues to improve its market share across product categories and is also doing well in the international business. The management’s uncommon thinking of transforming Marico from an oil company to a health and wellness firm is paying off well.


Consolidated picture
(Rs m) 4QFY08 4QFY09 Change FY08 FY09 Change
Net sales 4,659 5,612 20.50% 19,050 23,884 25.40%
Expenditure 4,203 4,879 16.10% 16,588 20,864 25.80%
Operating profit (EBDITA) 456 732 60.70% 2,463 3,020 22.60%
EBDITA margin (%) 9.80% 13.10% 12.90% 12.60%
Other income 52 80 53.70% 96 142 48.80%
Interest 87 113 29.90% 305 357 17.10%
Depreciation 79 104 31.90% 307 358 16.50%
Profit before tax 341 594 74.20% 1,946 2,447 25.80%
Extraordinary items 106 (150) 106 (150)
Tax 39 1 (97.70%) 360 409 13.80%
Profit after tax/(loss) 408 444 8.60% 1,692 1,887 11.50%
Minority interest 1 (1)
Net profit after tax/(loss) 408 444 8.60% 1,691 1,888 11.70%
Net profit margin (%) 8.80% 7.90% 8.90% 7.90%
No. of shares (m) 609 609 609 609
Diluted earnings per share (Rs)* 3.1
Price to earnings ratio (x)* 21.9
* 12 month trailing earnings



Segment Revenue
Rs m 4QFY08 4QFY09 Change FY08 FY09 Change
FMCG 4,337 5,163 19.10% 17,938 22,201 23.80%
% of total revenue 93.10% 92.00% 94.20% 93.00%
Others 322 448 39.20% 1,113 1,683 51.20%
% of total revenue 6.90% 8.00% 5.80% 7.00%
Total 4,659 5,612 20.50% 19,050 23,884 25.40%
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