On consolidated basis
Quarter ended September 2024 compared with Quarter ended September 2023.
Net sales (including other operating income) of Marico has increased 7.59% to Rs 2664 crore. Operating profit margin has declined from 20.07% to 19.59%, leading to 5.03% rise in operating profit to Rs 522.00 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 42.80% to 41.66%. Purchase of finished goods cost rose from 8.82% to 9.28%. Employee cost increased from 7.24% to 7.72%. Other expenses rose from 21.90% to 22.41%. Selling and administration expenses rose from 10.37% to 10.51%. Other income rose 115.79% to Rs 82 crore. PBIDT rose 12.90% to Rs 604 crore. Provision for interest fell 45% to Rs 11 crore. Loan funds rose to Rs 498.00 crore as of 30 September 2024 from Rs 493.00 crore as of 30 September 2023. Inventories rose to Rs 1,371.00 crore as of 30 September 2024 from Rs 1,299.00 crore as of 30 September 2023. Sundry debtors were higher at Rs 1,297.00 crore as of 30 September 2024 compared to Rs 1,166.00 crore as of 30 September 2023. Cash and bank balance declined from Rs 947.00 crore as of 30 September 2023 to Rs 727.00 crore as of 30 September 2024. Investments declined from Rs 1,363.00 crore as of 30 September 2023 to Rs 1,066.00 crore as of 30 September 2024. PBDT rose 15.15% to Rs 593 crore. Provision for depreciation rose 5.13% to Rs 41 crore. Fixed assets increased to Rs 1,915.00 crore as of 30 September 2024 from Rs 958.00 crore as of 30 September 2023. Intangible assets declined from Rs 1,809.00 crore to Rs 871.00 crore. Profit before tax grew 15.97% to Rs 552.00 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 119 crore, compared to Rs 116 crore. Effective tax rate was 21.56% compared to 24.37%. Minority interest increased 42.86% to Rs 10.00 crore. Net profit attributable to owners of the company increased 19.83% to Rs 423.00 crore. Equity capital stood at Rs 129.00 crore as of 30 September 2024 to Rs 129.00 crore as of 30 September 2023. Per share face Value remained same at Rs 1.00. Promoters’ stake was 59.20% as of 30 September 2024 ,compared to 59.40% as of 30 September 2023 . Promoters pledged stake was 0.13% as of 30 September 2024 ,compared to 0.13% as of 30 September 2023 .
For year-to-date (YTD) results analysis.
Net sales (including other operating income) of Marico has increased 7.15% to Rs 5307 crore. Operating profit margin has jumped from 21.62% to 21.63%, leading to 7.19% rise in operating profit to Rs 1,148.00 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 42.03% to 41.37%. Purchase of finished goods cost rose from 8.05% to 8.49%. Employee cost increased from 7.38% to 7.63%. Other expenses rose from 21.05% to 21.46%. Selling and administration expenses rose from 9.63% to 9.72%. Other income rose 41.67% to Rs 119 crore. PBIDT rose 9.70% to Rs 1267 crore. Provision for interest fell 24.32% to Rs 28 crore. Loan funds rose to Rs 498.00 crore as of 30 September 2024 from Rs 493.00 crore as of 30 September 2023. Inventories rose to Rs 1,371.00 crore as of 30 September 2024 from Rs 1,299.00 crore as of 30 September 2023. Sundry debtors were higher at Rs 1,297.00 crore as of 30 September 2024 compared to Rs 1,166.00 crore as of 30 September 2023. Cash and bank balance declined from Rs 947.00 crore as of 30 September 2023 to Rs 727.00 crore as of 30 September 2024. Investments declined from Rs 1,363.00 crore as of 30 September 2023 to Rs 1,066.00 crore as of 30 September 2024. PBDT rose 10.82% to Rs 1239 crore. Provision for depreciation rose 9.33% to Rs 82 crore. Fixed assets increased to Rs 1,915.00 crore as of 30 September 2024 from Rs 958.00 crore as of 30 September 2023. Intangible assets declined from Rs 1,809.00 crore to Rs 871.00 crore. Profit before tax grew 10.93% to Rs 1,157.00 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 250 crore, compared to Rs 247 crore. Effective tax rate was 21.61% compared to 23.68%.Minority interest increased 25% to Rs 20.00 crore. Net profit attributable to owners of the company increased 13.72% to Rs 887.00 crore. Equity capital stood at Rs 129.00 crore as of 30 September 2024 to Rs 129.00 crore as of 30 September 2023. Per share face Value remained same at Rs 1.00. Promoters’ stake was 59.20% as of 30 September 2024 ,compared to 59.40% as of 30 September 2023 . Promoters pledged stake was 0.13% as of 30 September 2024 ,compared to 0.13% as of 30 September 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 increased to Rs 1,905.00 crore as of 31 March 2024 from Rs 1,451.00 crore as of 31 March 2023. Intangible assets increased from Rs 862.00 crore to Rs 863.00 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
Q2 FY25, Domestic Volume increased by 5% YoY and International up 13% in Constant
Currency compared to Q2 FY24.
More than 80% of the domestic business
either gained or sustained market share and penetration on MAT basis.
In Q2 FY25, demand trends in India was
stable with rural growing at 2x the pace of urban on YoY basis.
In
Q2 FY25, Parachute Coconut Oil witnessed volume growth of 4% YoY, Saffola
Franchise volume remained flat and hair oil segment witnessed de-growth of 8%
YoY in value terms.
In Q2 FY25, in international business Bangladesh
business increased by 8% YoY, MENA up 43%, South Africa up 20% and Vietnam up
7% on YoY basis.
Management Comments :
Saugata Gupta, MD & CEO, commented, “We
closed the first half of the fiscal on a fairly positive note with the growth
trajectory of the business heading in the right direction. We have delivered
healthy volume-led revenue growth in the domestic business buoyed by sustained
market share and penetration gains across core portfolios. Foods and
Digital-first brands continued to ramp up impressively and reinforce the
diversification agenda. The international business has exhibited remarkable strength
despite challenging operating conditions in select markets. We will take
calibrated pricing actions in response to the rising trend in input costs,
while focusing on achieving our stated growth aspirations for the year.”
| Marico : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202409 | 202309 | Var.(%) | 202409 | 202309 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,664.00 | 2,476.00 | 7.59 | 5,307.00 | 4,953.00 | 7.15 | 9,653.00 | 9,764.00 | -1.14 | | OPM (%) | 19.59 | 20.07 | -48 bps | 21.63 | 21.62 | 1 bps | 20.99 | 18.54 | 245 bps | | OP | 522.00 | 497.00 | 5.03 | 1,148.00 | 1,071.00 | 7.19 | 2,026.00 | 1,810.00 | 11.93 | | Other Inc. | 82.00 | 38.00 | 115.79 | 119.00 | 84.00 | 41.67 | 142.00 | 144.00 | -1.39 | | PBIDT | 604.00 | 535.00 | 12.90 | 1,267.00 | 1,155.00 | 9.70 | 2,168.00 | 1,954.00 | 10.95 | | Interest | 11.00 | 20.00 | -45.00 | 28.00 | 37.00 | -24.32 | 73.00 | 56.00 | 30.36 | | PBDT | 593.00 | 515.00 | 15.15 | 1,239.00 | 1,118.00 | 10.82 | 2,095.00 | 1,898.00 | 10.38 | | Depreciation | 41 | 39 | 5.13 | 82 | 75 | 9.33 | 158 | 155 | 1.94 | | PBT | 552.00 | 476.00 | 15.97 | 1157 | 1043 | 10.93 | 1937 | 1743 | 11.13 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 552 | 476 | 15.97 | 1157 | 1043 | 10.93 | 1937 | 1743 | 11.13 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT after EO | 552 | 476 | 15.97 | 1157 | 1043 | 10.93 | 1937 | 1743 | 11.13 | | Taxation | 119 | 116 | 2.59 | 250 | 247 | 1.21 | 435 | 421 | 3.33 | | PAT | 433 | 360 | 20.28 | 907 | 796 | 13.94 | 1502 | 1322 | 13.62 | | Minority Interest (MI) | 10 | 7 | 42.86 | 20 | 16 | 25.00 | 21 | 20 | 5.00 | | Net profit | 423 | 353 | 19.83 | 887 | 780 | 13.72 | 1481 | 1302 | 13.75 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 423 | 353 | 19.83 | 887 | 780 | 13.72 | 1481 | 1302 | 13.75 | | EPS (Rs)* | 3.27 | 2.73 | 19.83 | 6.85 | 6.02 | 13.72 | 11.44 | 10.06 | 13.75 | | | * EPS is on current equity of Rs 129.47 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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