Marico (BOM:531642)

QUOTE AND NEWS
The Economic Times  Jun 4  Comment 
The new products, made of millets such as jowar and bajra under its ayurveda brand Ayush, will mainly compete with MTR, Kellogg's, PepsiCo and Marico in the Rs 3,000-crore breakfast market.
The Economic Times  Apr 18  Comment 
Buy Marico Ltd. at a price target of Rs 326.4 and a stoploss at Rs 317.4 from entry point.
The Hindu Business Line  Apr 17  Comment 
FMCG major Marico has picked up a 22.5 per cent stake in Revolutionary Fitness for an undisclosed amount. Revolutionary Fitness owns Revofit, an integ
The Economic Times  Apr 3  Comment 
The Nifty FMCG index was trading 0.32 per cent down at 26,417 around 11:45 am (IST) on Tuesday.
The Economic Times  Mar 21  Comment 
Marico witnessed the biggest spurt in open interest at 37.30%, followed by SRF 31.62%.
The Economic Times  Mar 21  Comment 
Buy Marico Ltd. at a price target of Rs 327.0 and a stop loss at Rs 313 from entry point.
The Hindu Business Line  Mar 20  Comment 
Attracts buyers as a defensive bet
The Economic Times  Mar 20  Comment 
FMCG firm Marico witnessed the biggest spurt in open interest at 19.43 per cent.
The Economic Times  Mar 20  Comment 
Buy Marico Ltd. at a price target of Rs 320.0 and a stop loss at Rs 308 from entry point.
The Economic Times  Mar 13  Comment 
Capillary is also looking to increase its business from the consumer goods segment where it ventured early this year and has got clients like Marico and Johnson and Johnson.




 

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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