Marico Ltd

About [ edit ]

Marico Limited is one of India’s leading consumer goods companies operating in the health, beauty, and wellness space. Marico, promoted by Mr. Mariwala and his family members # was incorporated in 1988 and during 1990 took over the then 40-year old consumer products business of The Bombay Oil Industries Limited. It made its initial public offer for equity shares in March 1996. #. It has nurtured over 25 brands in the categories of hair care, skin care, edible oils, healthy foods, male grooming, fabric care, and hygiene. #
Marico touches the lives of 1 out of every 3 Indians, through its portfolio of brands such as Parachute, Saffola, Coco Soul, etc. # It is a market leader in ~90% of its business segments.
#

  • Market Cap 61,282 Cr.
  • Current Price 475
  • High / Low 488 / 304
  • Stock P/E 53.0
  • Book Value 23.5
  • Dividend Yield 1.58 %
  • ROCE 40.9 %
  • ROE 35.2 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 32.68%
  • Company has been maintaining a healthy dividend payout of 58.61%

Cons

  • Stock is trading at 20.19 times its book value
  • The company has delivered a poor sales growth of 5.45% over past five years.

Peer comparison

Sector: FMCG Industry: Personal Care - Indian

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
1,685 1,496 1,500 1,290 1,777 1,454 1,434 1,188 1,516 1,550 1,667 1,604
1,403 1,264 1,231 1,072 1,428 1,192 1,148 969 1,184 1,271 1,363 1,370
Operating Profit 282 232 269 218 349 262 286 219 332 279 304 234
OPM % 17% 16% 18% 17% 20% 18% 20% 18% 22% 18% 18% 15%
Other Income 23 84 97 97 7 101 76 102 19 112 77 81
Interest 5 6 5 5 8 9 7 9 6 5 5 6
Depreciation 25 24 24 25 29 27 27 30 26 26 27 28
Profit before tax 275 286 337 285 319 327 328 282 319 360 349 281
Tax % 22% 21% 23% -51% 21% 21% 18% 21% 20% 13% 16% 13%
Net Profit 214 225 261 430 251 259 270 224 255 314 293 244
EPS in Rs 1.66 1.74 2.02 3.33 1.94 2.01 2.09 1.74 1.98 2.43 2.27 1.89

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
2,007 2,350 2,965 3,407 3,682 4,681 4,861 4,851 5,170 5,971 5,853 6,337
1,693 2,018 2,557 2,885 3,124 4,018 4,032 3,894 4,295 4,961 4,738 5,183
Operating Profit 314 333 408 522 559 663 829 957 875 1,010 1,115 1,154
OPM % 16% 14% 14% 15% 15% 14% 17% 20% 17% 17% 19% 18%
Other Income 22 101 51 97 235 140 191 262 154 301 289 286
Interest 18 32 28 44 30 17 15 13 8 24 33 22
Depreciation 25 28 31 33 46 55 69 64 67 104 113 107
Profit before tax 293 375 399 542 717 731 936 1,142 954 1,183 1,258 1,311
Tax % 20% 16% 16% 21% 20% 25% 26% 26% 25% 5% 20% 16%
Net Profit 235 315 337 429 577 545 691 843 718 1,129 1,006 1,106
EPS in Rs 1.93 2.57 2.74 3.33 4.48 4.23 5.36 6.53 5.56 8.75 7.79 8.56
Dividend Payout % 17% 13% 13% 15% 39% 30% 79% 54% 76% 54% 87% 35%
Compounded Sales Growth
10 Years:10%
5 Years:5%
3 Years:7%
TTM:8%
Compounded Profit Growth
10 Years:16%
5 Years:11%
3 Years:15%
TTM:13%
Stock Price CAGR
10 Years:22%
5 Years:14%
3 Years:14%
1 Year:50%
Return on Equity
10 Years:30%
5 Years:31%
3 Years:33%
Last Year:35%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
61 61 61 64 64 64 129 129 129 129 129 129
Reserves 511 812 1,063 1,927 1,909 2,278 2,409 2,856 2,954 3,387 3,402 2,906
Borrowings 377 552 572 722 562 271 204 108 122 131 110 142
289 260 364 454 608 617 696 670 815 1,111 1,124 1,305
Total Liabilities 1,237 1,686 2,061 3,168 3,144 3,231 3,439 3,763 4,020 4,758 4,765 4,482
130 222 240 335 494 482 460 519 509 643 701 669
CWIP 110 25 36 145 2 2 37 8 25 42 55 14
Investments 209 470 672 1,316 1,367 1,335 1,595 1,664 1,507 1,440 1,723 1,343
788 968 1,112 1,371 1,281 1,412 1,347 1,571 1,979 2,633 2,286 2,456
Total Assets 1,237 1,686 2,061 3,168 3,144 3,231 3,439 3,763 4,020 4,758 4,765 4,482

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
173 196 363 444 256 552 629 471 409 785 969 1,682
-198 -318 -277 -953 109 60 -86 87 187 -79 128 -641
14 128 -94 521 -369 -612 -549 -560 -602 -704 -1,080 -1,052
Net Cash Flow -12 7 -8 13 -3 -1 -6 -2 -6 2 17 -11

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
ROCE % 38% 29% 27% 24% 28% 29% 35% 38% 33% 35% 36% 41%
Debtor Days 17 18 12 13 15 10 14 17 20 26 29 18
Inventory Turnover 2.83 2.76 3.02 2.51 2.44 3.21 2.85 2.28 2.10 2.41 2.34 3.61

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
59.71 59.71 59.71 59.71 59.70 59.60 59.60 59.60 59.62 59.61 59.61 59.61
25.56 25.10 26.44 26.56 25.72 24.90 23.84 22.69 23.72 23.66 24.16 24.04
7.54 7.24 5.88 5.47 5.79 8.63 9.47 10.51 9.75 10.26 9.99 10.06
0.13 0.13 0.14 0.17 0.19 0.19 0.21 0.23 0.23 0.18 0.18 0.18
6.92 7.67 7.76 8.01 8.51 6.60 6.81 6.89 6.60 6.21 5.95 6.01
0.15 0.15 0.07 0.08 0.08 0.08 0.07 0.08 0.08 0.08 0.10 0.10

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