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For quarter ending June 2024, consolidated Net sales (including other operating income) of Marico has increased 6.70% to Rs 2643 crore compared to quarter ended June 2023. Sales of India segment has gone up 7.39% to Rs 1,962.00 crore (accounting for 74.23% of total sales). Sales of International segment has gone up 4.77% to Rs 681.00 crore (accounting for 25.77% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 5.25% to Rs 641.00 crore. PBIT of India segment rose 3.74% to Rs 444.00 crore (accounting for 69.27% of total PBIT). PBIT of International segment rose 8.84% to Rs 197.00 crore (accounting for 30.73% of total PBIT). PBIT margin of India segment fell from 23.43% to 22.63%. PBIT margin of International segment rose from 27.85% to 28.93%. Overall PBIT margin fell from 24.59% to 24.25%. Operating profit margin has jumped from 23.17% to 23.69%, leading to 9.06% rise in operating profit to Rs 626.00 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 41.21% to 41.08%. Purchase of finished goods cost rose from 7.21% to 7.68%. Employee cost decreased from 7.54% to 7.53%. Other expenses rose from 20.13% to 20.48%. Selling and administration expenses rose from 8.83% to 8.91%. Other income fell 19.57% to Rs 37 crore. PBIDT rose 6.94% to Rs 663 crore. PBDT rose 7.13% to Rs 646 crore. Provision for depreciation rose 13.89% to Rs 41 crore. Profit before tax grew 6.70% to Rs 605.00 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 131 crore, compared to debit of Rs 131 crore. Effective tax rate was 21.65% compared to 23.10%. Minority interest increased 11.11% to Rs 10.00 crore. Net profit attributable to owners of the company increased 8.67% to Rs 464.00 crore. Promoters’ stake was 59.28% as of 30 June 2024 ,compared to 59.42% as of 30 June 2023 . Promoters pledged stake was 0.13% as of 30 June 2024 ,compared to 0.13% as of 30 June 2023 .
Full year results analysis.
Net sales (including other operating income) of Marico has declined 1.14% to Rs 9653 crore. Sales of India segment has gone down 2.98% to Rs 7,132.00 crore (accounting for 73.88% of total sales). Sales of International segment has gone up 4.48% to Rs 2,521.00 crore (accounting for 26.12% of total sales). Profit before interest, tax and other unallocable items (PBIT) has jumped 13.05% to Rs 2,157.00 crore. PBIT of India segment rose 10.92% to Rs 1,523.00 crore (accounting for 70.61% of total PBIT). PBIT of International segment rose 18.50% to Rs 634.00 crore (accounting for 29.39% of total PBIT). PBIT margin of India segment rose from 18.68% to 21.35%. PBIT margin of International segment rose from 22.17% to 25.15%. Overall PBIT margin rose from 19.54% to 22.35%. Operating profit margin has jumped from 18.54% to 20.99%, leading to 11.93% rise in operating profit to Rs 2,026.00 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 48.41% to 41.06%. Purchase of finished goods cost rose from 5.63% to 7.83%. Employee cost increased from 6.80% to 7.74%. Other expenses rose from 20.31% to 22.25%. Selling and administration expenses rose from 8.77% to 9.92%. Other income fell 1.39% to Rs 142 crore. PBIDT rose 10.95% to Rs 2168 crore. Provision for interest rose 30.36% to Rs 73 crore. Loan funds declined from Rs 608.00 crore as of 31 March 2023 to Rs 528.00 crore as of 31 March 2024. Inventories rose to Rs 1,336.00 crore as of 31 March 2024 from Rs 1,225.00 crore as of 31 March 2023. Sundry debtors were higher at Rs 1,069.00 crore as of 31 March 2024 compared to Rs 1,015.00 crore as of 31 March 2023. Cash and bank balance rose to Rs 943.00 crore as of 31 March 2024 from Rs 756.00 crore as of 31 March 2023. Investments declined from Rs 1,096.00 crore as of 31 March 2023 to Rs 602.00 crore as of 31 March 2024. PBDT rose 10.38% to Rs 2095 crore. Provision for depreciation rose 1.94% to Rs 158 crore. Fixed assets declined from Rs 1,451.00 crore as of 31 March 2023 to Rs 968.00 crore as of 31 March 2024. Intangible assets increased from Rs 862.00 crore to Rs 1,800.00 crore. Profit before tax grew 11.13% to Rs 1,937.00 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 435 crore, compared to Rs 421 crore. Effective tax rate was 22.46% compared to 24.15%. Minority interest increased 5% to Rs 21.00 crore. Net profit attributable to owners of the company increased 13.75% to Rs 1,481.00 crore. Equity capital stood at Rs 129.00 crore as of 31 March 2024 to Rs 129.00 crore as of 31 March 2023. Per share face Value remained same at Rs 1.00. Promoters’ stake was 59.35% as of 31 March 2024 ,compared to 59.42% as of 31 March 2023 . Promoters pledged stake was 0.13% as of 31 March 2024 ,compared to 0.13% as of 31 March 2023 . Cash flow from operating activities increased to Rs 1,436.00 crore for year ended March 2024 from Rs 1,419.00 crore for year ended March 2023. Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 153.00 crore, compared to Rs 182.00 crore during the year ended March 2023. Other Highlights
In
Q1 FY25, Domestic Volume increased by 4% and International up 10% in Constant
Currency compared to Q1 FY24.
Company’s
90%+ of the domestic portfolio either sustained or gained market share on MAT
basis.
In
Q1 FY25, Parachute Coconut Oil witnessed volume growth of 2% YoY, Saffola
Franchise volume grew in mid-single digit and hair oil segment witnessed de-growth
of 7% YoY in value terms.
In
Q1 FY25, in international business Bangladesh business increased by 10%, MENA
up 20%, South Africa up 28% and South-East Asia remained flat on YoY basis.
The
company expects operating margin to inch up over the
next few years with leverage benefits as well as premiumisation of the
portfolios across both the India and International businesses.
Management Comments :
Saugata
Gupta, MD & CEO, commented, “The
new fiscal has started on a promising note for both the domestic and
international businesses with revenue growth visibly turning a corner. We
expect to sustain the improving trajectory in the core domestic business on the
back of consistent market share and penetration gains coupled with the ongoing
initiatives to revive growth in traditional trade and expand direct reach under
Project SETU. We will also maintain steadfast focus on the profitable scale up
of the Foods and Digital-first brands. The international business has been
veritably consistent over the last few years and is expected to maintain its
double-digit constant currency growth momentum. We will aim to deliver on each
of the key performance parameters and drive healthy revenue-led earnings growth
in the near and medium term.“
| Marico : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202406 | 202306 | Var.(%) | 202403 | 202303 | Var.(%) |
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| Net Sales (including other operating income) | 2,643.00 | 2,477.00 | 6.70 | 9,653.00 | 9,764.00 | -1.14 | | OPM (%) | 23.69 | 23.17 | 51 bps | 20.99 | 18.54 | 245 bps | | OP | 626.00 | 574.00 | 9.06 | 2,026.00 | 1,810.00 | 11.93 | | Other Inc. | 37.00 | 46.00 | -19.57 | 142.00 | 144.00 | -1.39 | | PBIDT | 663.00 | 620.00 | 6.94 | 2,168.00 | 1,954.00 | 10.95 | | Interest | 17.00 | 17.00 | 0 | 73.00 | 56.00 | 30.36 | | PBDT | 646.00 | 603.00 | 7.13 | 2,095.00 | 1,898.00 | 10.38 | | Depreciation | 41 | 36 | 13.89 | 158 | 155 | 1.94 | | PBT | 605.00 | 567.00 | 6.70 | 1937 | 1743 | 11.13 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 605 | 567 | 6.70 | 1937 | 1743 | 11.13 | | EO Income | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 605 | 567 | 6.70 | 1937 | 1743 | 11.13 | | Taxation | 131 | 131 | 0 | 435 | 421 | 3.33 | | PAT | 474 | 436 | 8.72 | 1502 | 1322 | 13.62 | | Minority Interest (MI) | 10 | 9 | 11.11 | 21 | 20 | 5.00 | | Net profit | 464 | 427 | 8.67 | 1481 | 1302 | 13.75 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 464 | 427 | 8.67 | 1481 | 1302 | 13.75 | | EPS (Rs)* | 3.58 | 3.30 | 8.67 | 11.44 | 10.06 | 13.75 | | | * EPS is on current equity of Rs 129.46 crore, Face value of Rs 1, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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| Marico : Consolidated Segment Results | | | Quarter ended | Year ended |
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| % of (Total) | 202406 | 202306 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
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| Sales | | India | 74.23 | 1,962.00 | 1,827.00 | 7.39 | 73.88 | 7,132.00 | 7,351.00 | -2.98 | | International | 25.77 | 681.00 | 650.00 | 4.77 | 26.12 | 2,521.00 | 2,413.00 | 4.48 | | Total Reported Sales | 100.00 | 2,643.00 | 2,477.00 | 6.70 | 100.00 | 9,653.00 | 9,764.00 | -1.14 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 2,643.00 | 2,477.00 | 6.70 | 100.00 | 9,653.00 | 9,764.00 | -1.14 | | PBIT | | India | 69.27 | 444.00 | 428.00 | 3.74 | 70.61 | 1,523.00 | 1,373.00 | 10.92 | | International | 30.73 | 197.00 | 181.00 | 8.84 | 29.39 | 634.00 | 535.00 | 18.50 | | Total PBIT | 100.00 | 641.00 | 609.00 | 5.25 | 100.00 | 2,157.00 | 1,908.00 | 13.05 | | Less : Interest | | 17.00 | 17.00 | 0 | | 73.00 | 56.00 | 30.36 | | Add: Other un-allcoable | | -19.00 | -25.00 | 24.00 | | -147.00 | -109.00 | -34.86 | | PBIT Margin(%) | | India | | 22.63 | 23.43 | -79.64 | | 21.35 | 18.68 | 267.67 | | International | | 28.93 | 27.85 | 108.19 | | 25.15 | 22.17 | 297.72 | | PBT | 100.00 | 605.00 | 567.00 | 6.70 | 100.00 | 1,937.00 | 1,743.00 | 11.13 |
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