Marico (BOM:531642)

QUOTE AND NEWS
The Economic Times  Aug 25  Comment 
Marico, in recent quarters, and Dabur, in the quarter to June, have been able to increase the profitability of their international businesses.
The Economic Times  Aug 21  Comment 
According to ET, the company's strong first quarter results and promoters' move to raise their stakes in the company also aided sentiment.
The Economic Times  Aug 20  Comment 
Marico Kaya, which is the holding company of Kaya that owns & operates skin clinics, is the only listed entity in the segment.
The Economic Times  Aug 18  Comment 
The company currently has 86 clinics and operates over 18 clinics in the Middle East. It plans to add over 10 clinics and skin bars over two quarters.
The Hindu Business Line  Aug 10  Comment 
Most of its brands are market leaders, giving it flexibility on the pricing front
The Hindu Business Line  Aug 7  Comment 
Hopes urban consumption will pick up
The Economic Times  Aug 5  Comment 
Shares of Marico ended over 3% higher today after the company reported a consolidated net profit of Rs 185.27 crore for the quarter ended June 30.
The Hindu Business Line  Aug 5  Comment 
A six per cent volume expansion and a 25 per cent consolidated sales growth for the April-June 2014 period have put Marico back into the market’s good books. Also piquing market interest...
The Hindu Business Line  Aug 5  Comment 
Shares of FMCG firm Marico Ltd surged over 15 per cent in morning trade today after the company reported a consolidated net profit of Rs 185.27 crore for the quarter ended June 30. After...
The Economic Times  Aug 5  Comment 
Marico rallied as much as 14.7% to hit its fresh 52-week high of Rs 294.45, after the FMCG firm said that it is aiming to double its sales.




 

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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