Marico Ltd

About

Marico Limited is one of India's leading consumer goods companies operating in global beauty and wellness categories. It is present in over 25 countries across emerging markets of Asia and Africa. It nurtures leading brands across categories of hair care, skin care, edible oils, healthy foods, male grooming and fabric care.[1]

Key Points

Product Portfolio
Below are all the product categories that the company caters to in the domestic market and the brands of the company :
1. Coconut Oil - Paracuite, Nihar Naturals.
2. Super-premium Refined edible oils - Saffola.
3. Value added hair oils - Parachute advansed, Nihar naturals, Hair & Care.
4. Healthy foods - Saffola oats, Coco Soul. Coconut oil, Saffola FITTIFY Gourmet Range.
5. Premium Hair Nourishment - Livon Serums, Hair& Care.
6. Male Grooming & Styling - Set Wet, Beardo, Parachute.
7. Skin Care - Kaya Youth, Parachute advansed.
8. Hygiene - Mediker, Veggie Clean.[1]

See full details
  • Market Cap 72,006 Cr.
  • Current Price 557
  • High / Low 587 / 346
  • Stock P/E 60.8
  • Book Value 25.4
  • Dividend Yield 1.35 %
  • ROCE 44.0 %
  • ROE 36.7 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has a good return on equity (ROE) track record: 3 Years ROE 36.88%
  • Company has been maintaining a healthy dividend payout of 74.28%

Cons

  • Stock is trading at 21.95 times its book value
  • The company has delivered a poor sales growth of 5.99% over past five years.

Peer comparison

Sector: FMCG Industry: Personal Care - Indian

Loading peers table ...

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
1,837 1,861 1,609 2,166 1,829 1,824 1,496 1,925 1,989 2,122 2,012 2,525
1,532 1,502 1,316 1,705 1,476 1,451 1,215 1,460 1,600 1,709 1,693 2,044
Operating Profit 305 359 293 461 353 373 281 465 389 413 319 481
OPM % 17% 19% 18% 21% 19% 20% 19% 24% 20% 19% 16% 19%
Other Income 30 22 28 9 36 29 22 83 -6 24 10 27
Interest 10 9 12 12 13 12 13 9 8 7 10 8
Depreciation 31 31 39 35 35 32 38 34 33 36 36 33
Profit before tax 294 341 270 423 341 358 252 505 342 394 283 467
Tax % 27% 26% -49% 26% 26% 23% 21% 23% 20% 21% 20% 22%
Net Profit 212 246 399 308 247 272 194 381 264 307 219 356
EPS in Rs 1.64 1.91 3.09 2.39 1.91 2.11 1.50 2.95 2.04 2.38 1.70 2.76

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
2,642 3,135 3,980 4,596 4,687 5,733 6,017 5,918 6,322 7,334 7,315 8,048 8,648
2,265 2,747 3,495 3,970 3,939 4,863 4,966 4,759 5,185 6,009 5,846 6,459 7,046
Operating Profit 376 388 485 626 748 870 1,051 1,159 1,137 1,325 1,469 1,589 1,602
OPM % 14% 12% 12% 14% 16% 15% 17% 20% 18% 18% 20% 20% 19%
Other Income 7 101 30 70 58 59 93 96 85 103 95 107 55
Interest 26 41 42 58 34 23 21 17 16 40 50 34 33
Depreciation 60 71 73 87 77 84 95 90 89 131 140 139 138
Profit before tax 298 376 400 552 695 822 1,029 1,149 1,117 1,257 1,374 1,523 1,486
Tax % 22% 23% 20% 26% 27% 29% 30% 29% 26% 10% 24% 21%
Net Profit 232 286 317 396 485 573 711 799 814 1,114 1,021 1,172 1,146
EPS in Rs 1.90 2.33 2.58 3.07 3.76 4.45 5.51 6.19 6.31 8.63 7.91 9.08 8.88
Dividend Payout % 17% 14% 14% 16% 46% 28% 77% 57% 67% 55% 85% 83%
Compounded Sales Growth
10 Years:10%
5 Years:6%
3 Years:8%
TTM:22%
Compounded Profit Growth
10 Years:16%
5 Years:11%
3 Years:13%
TTM:12%
Stock Price CAGR
10 Years:23%
5 Years:14%
3 Years:19%
1 Year:58%
Return on Equity
10 Years:34%
5 Years:36%
3 Years:37%
Last Year:37%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 593 854 1,082 1,917 1,296 1,760 1,888 2,257 2,456 2,873 2,921 3,151
Borrowings 446 774 785 872 680 428 331 239 312 352 338 351
426 544 689 854 925 873 1,010 998 1,175 1,542 1,576 1,795
Total Liabilities 1,526 2,233 2,617 3,707 2,965 3,125 3,358 3,623 4,072 4,896 4,964 5,426
372 823 857 1,670 888 1,076 1,050 1,085 1,110 1,300 1,396 1,612
CWIP 113 33 40 148 4 3 37 11 27 45 58 24
Investments 83 89 296 152 311 284 544 608 543 450 733 854
959 1,289 1,424 1,738 1,762 1,763 1,727 1,919 2,392 3,101 2,777 2,936
Total Assets 1,526 2,233 2,617 3,707 2,965 3,125 3,358 3,623 4,072 4,896 4,964 5,426

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
202 244 397 432 660 665 818 649 516 1,062 1,214 2,068
-207 -405 -352 -830 -202 -186 -203 -125 59 -367 -22 -933
28 274 -119 442 -339 -625 -601 -574 -567 -698 -1,147 -1,119
Net Cash Flow 23 113 -74 44 119 -147 14 -51 8 -3 45 16

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 21 21 19 16 17 11 15 15 20 26 27 18
Inventory Days 155 163 146 173 151 139 110 193 190 147 157 108
Days Payable 108 73 73 96 95 79 80 107 103 98 108 109
Cash Conversion Cycle 68 111 92 93 73 71 46 101 106 74 76 17
Working Capital Days 51 45 37 32 21 35 20 38 54 43 41 4
ROCE % 35% 26% 25% 24% 29% 39% 45% 45% 41% 41% 43% 44%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
59.71 59.71 59.71 59.70 59.60 59.60 59.60 59.62 59.61 59.61 59.61 59.61
25.10 26.44 26.56 25.72 24.90 23.84 22.69 23.72 23.66 24.16 24.04 24.98
7.24 5.88 5.47 5.79 8.63 9.47 10.51 9.75 10.26 9.99 10.06 9.57
0.13 0.14 0.17 0.19 0.19 0.21 0.23 0.23 0.18 0.18 0.18 0.09
7.67 7.76 8.01 8.51 6.60 6.81 6.89 6.60 6.21 5.95 6.01 5.66
0.15 0.07 0.08 0.08 0.08 0.07 0.08 0.08 0.08 0.10 0.10 0.10

Documents