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Marico Ltd

BSE: 531642 | NSE: MARICO ISIN: INE196A01026
Market Cap: [Rs.Cr.] 26,038.88 Face Value: [Rs.] 1
Industry: Personal Care - Indian

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Management Discussions

This discussion covers the financial results and other developments during April’13-March ’14 in respect of Marico Consolidated comprising its domestic FMCGbusiness and its International FMCG business (exports from India and the operations of itsoverseas subsidiaries). The Consolidated entity has been referred to as •Marico’or •Group’ or •Your Group’ in this discussion.

Some statements in this discussion describing projections, estimates, expectations oroutlook may be forward looking. Actual results may however differ materially from thosestated on account of various factors such as changes in government regulations, taxregimes, economic developments within India and the countries within which the Groupconducts its business, exchange rate and interest rate movements, impact of competingproducts and their pricing, product demand and supply constraints.


While the long term drivers of India’s consumption story continue to remain robustgiven its large population and demographic profile, the last financial year waschallenging. Slowing GDP growth and sustained inflationary pressure acted as a catalyst totemporarily hinder corporate earnings growth momentum, i.e. as consumers lose confidencein future income, they decrease consumption.

Muted wage growth coupled with double digit inflation is putting pressure on real wagegrowth. This has an adverse impact on urban middle income consumption. The trend in ruralwage growth is not looking good as well; with growth in rural real wages tapering from13.7% in December 2011 to 2.2% in August 2013 [Source: RBI].

One percent rise in GDP roughly adds 1.5 million direct jobs, each job creates threeindirect jobs, and each job supports five people. This means 30 million people areimpacted by one percent growth. The 4 percentage point decline in GDP over the last 3years has therefore impacted earnings (and consumption) of approximately 120 millionpeople.

Growth moderation, high inflation, negative real wage inflation and lack of employmentgeneration have hurt consumer sentiment. Rising inflation and negative real wage inflationimply greater share of wallet going towards non-discretionary items, hence less money tospend on discretionary consumer goods.

Although key economic indicators worsened in the past 3 years, demographic and socialindicators have seen improvement. All India literacy rates have hit new highs andpopulation growth rate, although higher than the global average, has slowed significantly.With improvement in economic growth and slowing population growth, the country’s percapita income is expected to rise further. Per capita disposable income in India has beengrowing at c.13% since 2005 which is higher than the average CPI inflation of c.9%. Thishas resulted in spending on discretionary categories increasing substantially. It has alsoenabled consumers to upgrade to premium products.

Urbanization remains India’s driving force and a key engine of growth accelerationin the past decade. India’s urban sector presently contributes c.63% of India’sGDP (from 45% in 1990). It is estimated that this contribution could go up to 70-75% ofGDP by 2020 [Source: Barclays Research]. Government focus on urban infrastructure andorganized sector jobs would result in the revival of urban sector.

Urbanization has a direct impact on discretionary spends of consumers. Discretionaryconsumption is in its infancy in India. India’s per capita consumption in mostdiscretionary categories is less than 25% of the emerging market average, and the share ofunorganised/local brands is more than 60% in most categories. Besides rising incomes,structural drivers like nuclear families, the rising number of working women andaspirations aid growth in discretionary spends.

Favorable demographics are one of India’s key, sustainable, long-term advantages.A young population is at the heart of India’s demographic dividend. Thus, althoughthe share of working-age population in total population has peaked in most developed andmany developing countries, in India, it will continue to rise until 2035 [Source: CensusIndia]. Such a demographic situation generally brings a surge in economic growth as gainsto society from those in the productive age far outweigh the burden of supporting the oldand the very young. The rising share of young population will support the uptick indomestic consumption and household savings. Both of these are already large components ofthe economy and they result in growth being domestically driven. This will be a key driverof India’s long-term growth despite the current downturn. The dividend typically addstwo percentage points to per capita GDP growth per year, as many economically successfulcountries have demonstrated in the past.

Rural India continues to remain a huge opportunity for consumer companies in India.Over the past decade, the government has stepped up its spending in rural areas leading todouble digit growth in per capita income in rural India. The total government spending inrural India increased to INR 800 billion in 2014 from INR 290 billion in 2008. Minimumsupport price (announced by the government) for various commodities is up c.3x in2007-2013. Higher disposable income in rural has led to consistent outperformance of ruralconsumption growth as compared to urban. However, future growth in rural spends might notmatch up to the historical trends. Growth in rural is expected to now come from expandingdistribution networks.

There is a lot to be optimistic about the long term potential of the consumer sector inIndia. In spite of the near term difficulties, the fundamentals of the Indian economy arerobust.


FY14 was a challenging year for Bangladesh. Post the general elections,political situation and economic sentiments have started to ease, thereby sending positivesignals to the business environment. However the political uncertainty continues to somedegree.

Inflation rate increased during the year mainly due to increasing food inflation onaccount of supply disruptions and wage increases. The International Monetary Fund (IMF)has reduced the estimated growth rate for Bangladesh’s economy for FY14 to 5.4% ascompared to 6% last year. BDT has remained strong against USD as the country’s forexreserve crossed USD 20 billion mark for the first time in history.

Like India, Bangladesh promises substantial long term potential in terms ofsocio-economic growth. The country has a demographic profile very similar to that ofIndia. A population in excess of 160 million and a developing economy provide the perfectconsumer base for the FMCG sector to flourish.

Middle East and North Africa (MENA)

Middle East offers a curious mix of local and expatriate population. This provides FMCGcompanies opportunities to offer branded solutions tailored to the needs of the consumerin the region. Dubai’s economic outlook remains bullish over the coming years as awhole host of sectors possess significant growth prospects. Real GDP for Dubai isforecasted at 4.3% in 2014 and 4.5% in 2015 on the back of tourism, real estate and retailsectors. GDP growth in KSA is forecasted to be at 3.4% spurred by sustained domesticdemand and government’s ongoing infrastructure spending. Retail sales are set tobenefit over the years from structural factors, including rising disposable income,favorable demographics, and increasing urbanization.

The Egyptian economy has embraced liberalization in the recent past, thereby openingthe doors to foreign direct investment and paving the path to economic growth. However,higher inflation levels and deteriorating foreign currency reserves along with theunstable political situation poses a threat to economic growth of the country. GDP growthhas toppled from around 7% in 2006 to expected 1.5% for the year.

A steadily growing population and a developing economy provide a good base for FMCGcompanies. Penetration levels in hair grooming and skin care products are modest. Egyptalso offers a gateway to North African countries such as Algeria, Libya and Morocco.

Our outlook on the long term trends in demand for personal care products in the MENAregion remains positive.


Vietnam is one of the fastest growing countries in South East Asia, with a GDP growthof about 6%. In 2013, the GDP growth was at 5.4%, lower than estimated 6.3%. Thedemographics of the country are very promising, with an extremely young populationproviding an opportunity for FMCG companies to grow rapidly. The country is in the periodof integrating into the world’s economy, as part of globalization.

South Africa

The South African economy is the second largest in Africa behind Nigeria and accountsfor 24% of its GDP in terms of purchasing power parity. High levels of unemployment andinequality are considered to be the most salient economic problems facing the country. Thelong-term potential growth rate of South Africa has been estimated at 3.5%.

However in the near term, South African economy is expected to remain below potentialon higher inflation and interest rates, depreciating currency and subdued domestic demand.In FY14 the household consumption expenditure was contained by slower income growth, highinflation and lower wage payments.

In spite of the near term challenges, South Africa offers a unique opportunity inethnic hair care and grooming. The country also forms a gateway to the rest of sub-SaharanAfrica. Africa is the fastest growing region after China and India, boasting unexploitedmineral wealth, 60% of the world’s uncultivated agricultural land and the youngestage profile of any continent.


Changing Consumer Preferences

A shift in consumer preferences could adversely affect demand. Given the explosion ofsocial media, the speed of such shift could be very swift. Your Group investssignificantly in consumer insighting to adapt to changing preferences. It also invests ineducating the consumers about the functional benefits of using its products. The objectiveis to expand the categories in which the Group operates.

Input Costs

Unexpected changes in commodity prices can reduce margins. The past few years havewitnessed wide fluctuations in the price of input materials. As a result, the overalllevel of uncertainty in the environment continues to remain high.

However, brands with greater equity and pricing power may find it easier to adjustprices when the input prices increase and hold prices when the input prices decline.Further, a firm’s agility to manage price volatility will determine its win at themarket place.

Economic Climate

In situations of economic constraints, items which are in the nature of discretionaryspending are the first to be curtailed. In an extended recession, down trading frombranded to non-branded or premium to mass market products could occur and affect thefinancial performance of the Company.


The competitive intensity in the FMCG sector in India is high and companies need tofocus on branding, distribution and innovation to ensure their survival. Countercampaigning by competitors could reduce the efficacy of promotions. Similarly, aggressivepricing stances by competition have the potential of creating a disruption. Marico hasrecently entered categories such as mass skin care, breakfast cereals, hair styling, postwash leave-on conditioners, deodorants and hair colours where the competitive intensity isrelatively higher as compared to the segments it has been operating in hitherto, such ascoconut oil, hair oils and refined edible oils.

Product Innovation and New Product Launches

Success rate for new product launches in the FMCG sector is low. New products may notbe accepted by the consumer or may fail to achieve the targeted sales volume or value.Cost overruns and cannibalization of sales in existing products cannot be ruled out.Marico has adopted the prototyping approach to new product introductions that helpsmaintain a healthy pipeline and at the same time limits the downside risks.

Foreign Currency Exposure

The Marico Group has a significant presence in Bangladesh, South East Asia, MiddleEast, Egypt and South Africa. The Group is therefore exposed to a wide variety ofcurrencies like the US Dollar, South African Rand, Bangladeshi Taka, UAE Dirham, EgyptianPound, Malaysian Ringgit, and Vietnamese Dong. Import payments are made in variouscurrencies including but not limited to the US Dollar, Australian Dollar and MalaysianRinggit.

Significant fluctuation in these currencies could impact the Company’s financialperformance. The Company is, however, conservative in its approach and uses plain vanillahedging mechanisms.

Funding Costs

Though the FMCG sector is not capital intensive, fund requirements arise on account ofinventory position building, capital expenditure undertaken or funding inorganic growth.Changes in interest regime and in the terms of borrowing will impact the financialperformance of the Group. The Group maintains comfortable liquidity positions, therebyinsulating itself from short term volatility in interest rates.


This may take the form of purchasing brands or purchase of stake in another company andis used as a means for gaining access to new markets or categories, or increasing marketshare. Acquisitions may divert management attention or result in increased debt burden onthe parent entity. It may also expose the company to country specific risk. Integration ofoperations and cultural harmonization may also take time thereby deferring benefits ofsynergies of unification.


Marico has a well-established and comprehensive internal control structure across thevalue chain to ensure that all assets are safeguarded and protected against loss fromunauthorized use or disposition that transactions are authorized, recorded and reportedcorrectly and that operations are conducted in an efficient and cost effective manner. Thekey constituents of the internal control system are:

Establishment and periodic review of business plans Identification of key risks andopportunities and regular reviews by top management and the Board of DirectorsPolicies on operational and strategic risk management Clear and well definedorganization structure and limits of financial authority Continuous identificationof areas requiring strengthening of internal controls.

Operating procedures to ensure effectiveness of business processes

Systems of monitoring compliance with statutory regulations

Well-defined principles and procedures for evaluation of new business proposals/capital expenditure

A robust management information system

A robust internal audit and review system

Ernst & Young LLP has been carrying out internal audits for Marico for the lastthree years. The work of internal auditors is coordinated by an internal team at Marico.This combination of Marico’s internal team and expertise of a professional firmensures independence as well as effective value addition.

Internal audits are undertaken on a continuous basis, covering various areas across thevalue chain like manufacturing, operations, sales and distribution, marketing and finance.The internal audit program is reviewed by the Audit Committee at the beginning of the yearto ensure that the coverage of the areas is adequate. Reports of the internal auditors areregularly reviewed by the management and corrective action is initiated to strengthen thecontrols and enhance the effectiveness of the existing systems. Summaries of the reportsare presented to the Audit Committee of the Board.

The statutory auditors, as part of their audit process, carry out a systems and processaudit to ensure that the ERP and other IT systems used for transaction processing haveadequate internal controls embedded to ensure preventive and detective controls. The auditreport is reviewed by the management for corrective actions and the same is also presentedto and reviewed by the Audit Committee of the Board.


Marico achieved revenue from operations of INR 4,687 Crore (USD 781 million) duringFY14, a growth of 10% over FY13 (FMCG Business). The volume growth underlying this revenuegrowth was at 6%. Profit after Tax (PAT) for FY14 was INR 485 Crore (USD 81 million), agrowth of 12% over FY13 (including exceptional items). Excluding the one-time accountingadjustments made in FY13, the PAT growth for the year was at 19%.

During FY14, the Company received 900% dividend from Marico Bangladesh Limited on whichincome tax charge of INR 34.5 Crore was accounted in the books. This has increased theeffective tax rate (ETR) for the year. Profit growth excluding this tax impact is 26% forFY14.

Over the past 5 years, the FMCG topline and bottom line have grown at a compoundedannual growth rate (CAGR) of 16% and 21% respectively.


Parachute and Nihar

Marico participates in the INR 2800 Crore (USD 466 million) branded coconut oil marketthrough Parachute and Nihar. It is estimated that in volume terms of the total coconut oilmarket about 60% to 65% is in branded form and the balance is loose. With growingaspirations to use branded products, this loose component provides headroom for growth tobranded players. The Company’s flagship brand Parachute, being the market leader, iswell placed to capture disproportionate share of this growth potential on a sustainablebasis.

Parachute’s rigid portfolio (packs in blue bottles), recorded a volume growth ofabout 4% for FY14 over FY13. Copra prices on an annual average have moved up 51% comparedto FY13. It is generally observed that an inflationary environment swings the competitiveposition to the Company’s advantage as it puts pressure on the working capitalrequirements of marginal players. Moreover, an inferior cost structure and thin marginscompel smaller competitors to pass on almost all the increases in input costs, whilst theCompany can opt to absorb a part of the cost push. In a year when the category grew at aslower rate, Parachute along with Nihar marginally improved its market share over the sameperiod last year to 56%.

Growth is being contemplated through conversion from loose oil usage to branded oil andby share gain in rural areas. Parachute’s share in the rural markets, in the range of35% to 40%, is lower than that in the urban markets, thus providing potential headroom forgrowth.

Due to a spurt in copra prices from mid-2013 onwards, the Company has initiated aseries of price increases. Weighted average price increase of 9% and 4% was taken in thesecond and third quarter of the year. The Company had initiated another round of priceincrease in April’14 of about 12-13% across the portfolio on a weighted averagebasis, taking the point to point increase to about 25%. This is sufficient to pass on thecost push and maintain absolute margins, though percentage margins may appear lower on theincreased realization base.


The Saffola refined edible oils franchise grew by 9% in volume terms during FY14compared to FY13. The brand has been able to reverse a softer performance in 2012-13 andaccelerate in the second half of the year based on its effective equity buildingcommunication.

The Company has revamped its top-end variant i.e., New Saffola with an improved and topof the line offering for modern day needs •Saffola Total. The Company also initiateda new communication strategy to establish its superiority. The strategy was implementedwith the release of •High Science campaign in which the consumers were informed ofthe reasons why Saffola is a better product to consume. The brand has seen good tractionsince launch. The Company’s approach is to deliver a product that is best for theconsumers based on science rather than offer plain commodities.

As a result of growing affluence in India, consumers are proactively moving on tohealthy lifestyles. Moreover, awareness about health has been increasing in India.Saffola has made a significant contribution towards increasing the awareness about hearthealth (www.saffolalife.com).

The Saffola range of blended refined oils (available in four variants) operates in thesuper premium niche of the refined edible oils market. Saffola is estimated to reach over3 million households of the 22 million SEC A/B households in India. The brand maintainedits leadership position in the super premium refined edible oils segment with a marketshare of about 55% during the 12 months ended March 2014 (MAT 12 months ended March 13:57%).

In the long term, Saffola expects to establish itself as a leading healthy lifestylebrand that offers healthy food options during all meals of the day. The rise in the numberof nuclear households and that of working women provides an opportunity for convenient andhealthy breakfast food options. The intent of the Company is to come up with value addedofferings. Saffola savory oats are now available in six flavors. Saffola has a marketshare of over 14% by volume in the oats category and has emerged as the number two playerin the category. Saffola Oats has increased its market share by about 24 bps as comparedto last year. Saffola Oats crossed Rs. 50 Crore landmark (USD 8 .3 million) in top lineduring the year under review.

The Company expects to continue the robust growth in Oats.

Hair Oils

Marico’s hair oil brands (Parachute Advansed, Nihar Naturals and Hair & Care)grew by 11% in volume terms during FY14 over FY13. Marico continues to gain market sharein Value Added Hair Oils and has emerged as a clear market leader with 28% share (for 12months ended March 2014) in the INR 4500 Crore (USD 834 million) market as against 26%during the same period last year.

These market share gains have been achieved through providing consumers with specificsolutions, product innovation, packaging restaging, participation in more sub-segments ofthe value added hair oils category, continued media support in some of the brands andpenetrative pricing action in others and expansion of Marico’s direct retail reach inthe rural markets.

Nihar Shanti Amla continues to gain market share and achieved a volume market share ofabout 30% for the 12 months ended March 2014 in the Amla hair oils category (FY13: 25%).Nihar Shanti Amla is now a INR 250 Crore (USD 41.7 million) brand.

Hair oiling is a deeply ingrained habit for leave-in hair conditioning on the Indiansub-continent. The Company has carried out scientific research and conducted successfulclinical trials to establish the benefits of hair oiling. The Company believes thateducating consumers by putting science behind the habit of hair oiling will buildcredibility and create a loyal franchise. (www.parachuteadvansed.com). There is also anemergence of new age hair oils such as argon & mythic oil in the developed marketsthat could create a super-premium segment in India too. This serves to emphasize theconditioning property of hair oils.

Hair oil category has been amongst the fastest growing large sized FMCG segments inIndia. The category has grown at 17% to 18% CAGR over the last 5 years. Marico has a•category play in the segment whereby it offers its consumers a basket of value addedhair oils for their pre-wash and post wash leave-in hair conditioning, nourishment andgrooming needs. The Company’s aim is to participate in all the sub-segments and havea wider portfolio to drive growth. Each brand in the portfolio has grown the overall hairoils franchise by bringing specificity and creating more occasions for use. There may alsobe an opportunity to enhance the overall sensorial experience of using hair oils bycontemporizing the product and packaging formats.

Parachute Advansed Body Lotion

The Company launched India’s first unique multidimensional •spray-on’body lotion. It has a fragrant non-sticky formulation with double sunscreen to cool downthe skin and protect it from the harmful effects of the sun. The new launch will beextensively supported with heavy media and visibility campaign. The variant has beenlaunched in a 100ml SKU with an introductory price of INR 99 .

Parachute Advansed Body Lotion has been voted the no.1 body lotion by Consumer Voice, aGovernment of India recognized organization. When tested on improvement in skin texture,the ability to make skin soft and supple, and other such factors, Parachute Advansed BodyLotion beat the top 12 leading body lotion brands. The brand also won three Effie Awardson debut in Integrated Campaign, Consumer Products and David vs Goliath categories.

The total skin care segment is estimated to be around INR 5000 Crore (USD 833 million)out of which the body lotion segment is around INR 550 Crore (USD 92 million) withpenetration levels below 20%. The Company plans to increase its participation in the skincare segment in the longer term.

Due to the challenging environment, the body lotion category growth rate has fallen tosingle digit. Parachure Advansed Body Lotion has maintained its no.3 position with amarket share of 6%. The Company expects the brand to be back on track next year.(www.facebook.com/Parachute Advansed Body Lotion)

Youth brands (Set Wet, Zatak, Livon)

The acquired portfolio of youth brands grew by 16% during the year over FY13. Due toinflationary trend and restricted spends on discretionary products, the category growthrates of Post Wash Serums, Hair Gels/Creams and Deodorants have come off considerably.

There is a fair degree of consolidation in two of the three streams in theCompany’s youth portfolio. The Company has established a leadership position in theHair Gels and Post Wash Leave-on conditioner (2/3rd of the Youth Portfolio) market withabout 33% and 82% share respectively. High share is expected to benefit the Company’sbrands as they participate in market growth over the medium term.

Set Wet and Zatak deodorants (a third of the Youth portfolio) increased its marketshare marginally to 5% for 12 months ended March 2014, in this crowded category. InFebruary, Set Wet launched a new variant Set Wet Infinity, a non-aerosol perfume spraywith •no-gas’ formulation. The launch was supported by an extensive mediacampaign during the IPL7 cricket season. Set Wet (Deodorants and Gels) is now a INR 100Crore (USD 16.7 million) brand with a strong equity and growing consumer franchise.

Over the next few years, the Company’s growth rates are likely to average around20-25% supported by new advertisement communication and product launches. However in theimmediate term, the growth rates are more likely to be around 15-20%. In the medium termthe company expects some consolidation to take place in the category and gain from ourwider distribution supported by brand building initiatives. However, the environment inthe immediate term is challenging and the category growth may be lower than the mediumterm outlook.

This youth portfolio will also witness a much higher interaction with overseasportfolio thereby leveraging scale and innovation synergies.


Livon Conditioning Cream Colour

This year, the Company entered the Hair Colour category by introducing LivonConditioning Cream Colour. This is a highly differentiated •no ammonia’ productwhich gives women natural looking coloured hair which is soft and shiny. Priced only atRs.39, the Livon Conditioning Cream Colour Kit is packed with features that no other brandof hair colour offers. The product was introduced in January 2014 and is available inthree colours with two SKUs.

The total hair colour category has low penetration and is estimated to be around INR2500 Crores (USD 400 million), of which creams form about 25%. The cream format is thefastest growing in the hair color category with growth rates of about 20%. The Companywill focus on expanding the category by recruiting new users and upgrading powder andhenna users by providing them a superior product at an affordable range. Entry into thehair colour category not only strengthens the Company’s hair care portfolio in Indiabut also establishes our presence in categories which are replicable in other geographies.

Bio-Oil, a distribution alliance with Union Swiss

In partnership with Union Swiss, the Company has introduced Bio-Oil in India duringFY14. Union Swiss is a privately owned MNC based in South Africa. It researches, developsand manufactures oil based skin care products which it licenses for distribution acrossthe world. Marico will be marketing and distributing its flagship brand, Bio-Oil, in Indiaon an exclusive basis. With presence in 76 countries, Bio-Oil is the No.1 selling productto improve appearance of scars and stretch marks.

Bio-Oil is positioned as a premium skin care product priced at Rs. 450 for 60 ml. Scarand stretch mark category is estimated to be around INR 650 Crores (USD 105 million). Itis a nascent category dominated by clinical-looking products with limited categorybuilding investments. Bio-Oil promises to revolutionize the space by balancing•efficacy with beauty, bringing about a fundamental shift in how the categoryoperates. This marks Marico’s foray into premium specialist skin care category.Having Bio-Oil in the portfolio will further strengthen Marico’s presence in channelssuch as chemists and modern trade. The Company will earn an operating margin higher thanthe current Company average. The scale of business is however very small in Marico’soverall context.



Over the years, two platforms have emerged as a core to international business HairNourishment and Grooming. With focus on emerging markets of Asia and Africa, the Companyoperates in geographic hubs leading to supply chain and media synergies. The portfolio inIndia will also witness a much higher interaction with the international portfolio therebyleveraging scale and innovation synergies. Such focused commonalities in portfolio coupledwith market leadership will help the Company create •centers of excellence’across these hubs and transfer learnings across geographies.

The year FY14 began with the unification of India and International leadership whichwill enhance and accelerate this process. The focus of international business in thecoming years will be organic growth. Margins will be maintained in a band and re-investedin the business to reinforce established brands and build new growth engines for thefuture.

Marico’s International FMCG business (its key geographical constituents beingBangladesh, Middle East, Egypt, South Africa and South East Asia) comprised ~25% of theMarico Group’s turnover in FY14.

The overall growth in Marico International was 16%. The underlying volume growth forthe year was 5% over FY13. The Operating margin for the year as a whole was about 16.4%.The Company believes that the sustainable margins are more in the region of 14-15%. Thisdemonstrates a structural shift in International margins based on the cost managementprojects undertaken in the last one year.


Due to the macro-economic instability during the year, the business has grown by 4% ona constant curr

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Key Information

Key Executives:

Harsh Mariwala , Chairman

Nikhil Khattau , Director

Rajeev Bakshi , Director

Atul Choksey , Director

Company Head Office / Quarters:

7th Floor Grande Palladium,
175 CST Rd Kalina Santacruz(E),
Phone : Maharashtra-91-022-66480480 / Maharashtra-
Fax : Maharashtra-91-022-26542636 / Maharashtra-
E-mail : investor@maricoindia.net
Web : http://www.marico.com


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