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 54,314 Cr.
  • Current Price 421
  • High / Low 439 / 277
  • Stock P/E 48.1
  • Book Value 28.5
  • Dividend Yield 1.78 %
  • ROCE 43.1 %
  • ROE 34.4 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 35.68%
  • Company has been maintaining a healthy dividend payout of 69.21%

Cons

  • Stock is trading at 14.78 times its book value
  • The company has delivered a poor sales growth of 4.99% over past five years.

Peer comparison

Sector: FMCG Industry: Personal Care - Indian

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
1,480 2,027 1,837 1,861 1,609 2,166 1,829 1,824 1,496 1,925 1,989 2,122
1,228 1,661 1,532 1,502 1,316 1,705 1,476 1,451 1,215 1,460 1,600 1,709
Operating Profit 252 366 305 359 293 461 353 373 281 465 389 413
OPM % 17% 18% 17% 19% 18% 21% 19% 20% 19% 24% 20% 19%
Other Income 23 24 30 22 28 9 36 29 22 83 -6 24
Interest 5 9 10 9 12 12 13 12 13 9 8 7
Depreciation 23 31 31 31 39 35 35 32 38 34 33 36
Profit before tax 247 350 294 341 270 423 341 358 252 505 342 394
Tax % 26% 26% 27% 26% -49% 26% 26% 23% 21% 23% 20% 21%
Net Profit 181 255 212 246 399 308 247 272 194 381 264 307
EPS in Rs 1.40 1.98 1.64 1.91 3.09 2.39 1.91 2.11 1.50 2.95 2.04 2.38

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
2,372 2,642 3,135 3,980 4,596 4,687 5,733 6,017 5,918 6,322 7,334 7,315 7,532
2,068 2,265 2,747 3,496 3,990 3,939 4,863 4,966 4,759 5,185 6,009 5,846 5,984
Operating Profit 304 376 388 484 607 748 870 1,051 1,159 1,137 1,325 1,469 1,548
OPM % 13% 14% 12% 12% 13% 16% 15% 17% 20% 18% 18% 20% 21%
Other Income -3 7 101 31 90 58 59 93 96 85 103 95 123
Interest 36 26 41 42 58 34 23 21 17 16 40 50 37
Depreciation 36 60 71 73 87 77 84 95 90 89 131 140 141
Profit before tax 230 298 376 400 552 695 822 1,029 1,149 1,117 1,257 1,374 1,493
Tax % 18% 22% 23% 20% 26% 27% 29% 30% 29% 26% 10% 24%
Net Profit 189 232 286 317 396 485 573 711 799 814 1,114 1,021 1,146
EPS in Rs 1.55 1.90 2.33 2.58 3.07 3.76 4.45 5.51 6.19 6.31 8.63 7.91 8.87
Dividend Payout % 21% 17% 14% 14% 16% 46% 28% 77% 57% 67% 55% 85%
Compounded Sales Growth
10 Years:11%
5 Years:5%
3 Years:7%
TTM:1%
Compounded Profit Growth
10 Years:16%
5 Years:13%
3 Years:11%
TTM:-9%
Stock Price CAGR
10 Years:20%
5 Years:11%
3 Years:10%
1 Year:42%
Return on Equity
10 Years:34%
5 Years:36%
3 Years:36%
Last Year:34%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
61 61 61 61 64 64 64 129 129 129 129 129 129
Reserves 393 593 854 1,082 1,917 1,296 1,760 1,888 2,257 2,456 2,873 2,921 3,546
Borrowings 374 446 774 785 872 680 428 331 239 312 352 338 326
314 426 544 689 854 925 873 1,010 998 1,175 1,542 1,608 1,787
Total Liabilities 1,142 1,526 2,233 2,617 3,707 2,965 3,125 3,358 3,623 4,072 4,896 4,996 5,788
338 372 823 857 1,670 888 1,076 1,050 1,085 1,110 1,300 1,396 1,636
CWIP 58 113 33 40 148 4 3 37 11 27 45 58 32
Investments 12 83 89 296 152 311 284 544 608 543 450 733 936
734 959 1,289 1,424 1,738 1,762 1,763 1,727 1,919 2,392 3,101 2,809 3,184
Total Assets 1,142 1,526 2,233 2,617 3,707 2,965 3,125 3,358 3,623 4,072 4,896 4,996 5,788

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
185 202 244 397 432 660 665 818 649 516 1,062 1,218
-99 -207 -405 -352 -830 -202 -186 -203 -125 59 -367 -27
-72 28 274 -119 442 -339 -625 -601 -574 -567 -698 -1,146
Net Cash Flow 14 23 113 -74 44 119 -147 14 -51 8 -3 45

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 37% 35% 26% 25% 24% 29% 39% 45% 45% 41% 41% 43%
Debtor Days 17 21 21 19 16 17 11 15 15 20 26 27
Inventory Turnover 3.69 2.69 2.60 2.75 2.36 2.36 2.95 3.23 2.21 2.13 2.42 2.33

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
59.71 59.71 59.71 59.71 59.71 59.70 59.60 59.60 59.60 59.62 59.61 59.61
27.42 25.56 25.10 26.44 26.56 25.72 24.90 23.84 22.69 23.72 23.66 24.16
6.38 7.54 7.24 5.88 5.47 5.79 8.63 9.47 10.51 9.75 10.26 9.99
0.13 0.13 0.13 0.14 0.17 0.19 0.19 0.21 0.23 0.23 0.18 0.18
6.22 6.92 7.67 7.76 8.01 8.51 6.60 6.81 6.89 6.60 6.21 5.95
0.15 0.15 0.15 0.07 0.08 0.08 0.08 0.07 0.08 0.08 0.08 0.10

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