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Marico Ltd

BSE: 531642 | NSE: MARICO ISIN: INE196A01026
Market Cap: [Rs.Cr.] 27,903.18 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 2014 -March 2015 in respect of Marico Consolidated comprising its domestic and internationalFMCG business. The Consolidated entity has been referred to as 'Marico' or 'Group' or'Company' 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, exchange rate and interest rate movements, impact ofcompeting products and their pricing, product demand and supply constraints within Indiaand the countries within which the Group conducts its business.



The Indian economy has been through challenging times in the last two years, faced withprolonged high inflation coupled with low growth. However, it has transitioned from beingone of the most fragile economies amongst the emerging markets in mid-2013 to one that iscurrently receiving significant capital inflows. Business sentiment improved post May 2014with the change in government which is pro-growth and is taking efforts to boostinvestments.

India's consumer inflation, which had been in the double digits between 2010 and 2013,has come

down to about 5%, in part due to the RBI's tight monetary policy, the government'smoves to contain food inflation and the sharp decline in commodity prices especially crudeoil.

While sentiment appears to have improved, it has not yet translated to tangibleimprovement in consumption across the sector. However, India's USD 37 billion FMCG sector[Source: Nielsen] is witnessing perceptible signs of a sustained recovery. The primaryfactors expected to drive the recovery are a stronger GDP and rise in employment.

The new government has gradually been improving the ease of doing business, clearingprojects that have been stuck, bringing in accountability in bureaucracy and makingefforts to increase both domestic and foreign direct investment. Opening of more than 120million bank accounts, auction of coal blocs, awarding highway contracts, deregulation ofdiesel prices and increased FDIs in defense, railway infrastructure and construction aresome of the positive reforms undertaken by the new government so far. The Union Budget forFY16 provides a roadmap for the government's policy thrust. This is expected to have apositive impact on consumption.

The government's GDP forecast for FY16 is 8.1%-8.5% compared to 7.4% in FY15 based onthe new way of calculating GDP At this level, it is estimated to be on par with China,currently the fastest growing economy in the world. However, these growth rates aredifficult to reconcile with other developments in the economy. As the government itselfpoints out, the data should be interpreted with caution and seen as signs of a recoveringrather than a surging economy.

The fundamentals of the consumer sector in India continue to remain strong. Accordingto United Nations, India is forecasted to be the most populous country by 2030. Inaddition, the dependency ratio (ratio of non-working age people to working age)

is expected to decline and drop below China in the next two decades [Source: UN]. Evenamong the ASEAN countries, India has one of the best demographic profiles.

Apart from population growth, India is witnessing other trends that make it afavourable market from a consumption perspective. These include urbanisation, increase inthe number of nuclear families, improvement in education levels, more women in theworkforce and modernisation of lifestyles.

India's GDP per capita has more than tripled over the past decade. Variousmacro-economic studies have shown that growth in per capita consumption is not linear withper capita income. S-curve analysis suggests that at the current GDP/capita of USD 1500,consumption should accelerate from the current levels, especially in premium categories.

The above macro-economic and demographic statistics make India look like a veryattractive market for all consumer companies. However, like any other market, India hasits own share of challenges, overcoming which will be the key to growth and profitability.Economic inequality continues to remain one of the most formidable challenges in thecountry. At the lower end of the population, as much as 50% of consumption expenditure canbe on food, making these households highly vulnerable to down-trading in times of highfood inflation. Two-thirds of the Indian population lives in remote villages that are notwell connected with the main cities. While this adds to the cost of serving rural markets,it also calibrates distribution expansion strategies. Regional players offer strongcompetition in these regions as they use a heavy discounting model with distributors whichmake some of the commoditised categories vulnerable. Lastly, monsoon continues to play animportant role in the economy as more than 50% of the GDP comprises agriculture. The yeargone by witnessed a less than normal rain fall with prediction on the forthcoming monsoonnot being very favourable. Although, the growth in industry and service sectors over theyears has reduced vulnerability to monsoon, it continues to be an important factorimpacting disposable income and consumer sentiments.

In spite of these challenges, India's economy is well poised for growth given thecorrection in macro imbalances, weak global commodity prices, structural reforms by thenew government and the cyclical recovery that is in progress.


The Bangladesh population is estimated at more than 160 million. It is largely anethnically homogenous society with the highest population density in the world.

Over the last year, inflation rate has been steadily declining. Government subsidypayments were cut with a fall in global petroleum prices. The country's Forex Reservecontinues to be on a rising trend. However, Bangladesh witnessed a fresh wave of politicaluncertainty towards the end of the financial year, which is expected to impact businesssentiment.

In the long term, Bangladesh promises substantial potential in terms of socio-economicgrowth. A developing economy with a young demographic profile provides the perfectconsumer base for the FMCG sector to flourish.

Middle East and North Africa (MENA)

Falling global oil prices in recent weeks have brought the economic vulnerabilities ofthe GCC region to the forefront. However, countries like the UAE may not have an immediateimpact on the back of tourism, real estate, and retail sectors. The GDP of UAE isforecasted to grow at 4.6% in 2015. In Saudi Arabia, subdued inflationary conditions areexpected to continue.

The Egyptian economy has embraced liberalisation in the recent past, thereby openingthe doors to foreign direct investment and paving the path to economic growth.International rating agency Fitch upgraded Egypt's credit rating to "B" with a"Stable" outlook. Fitch expects annual GDP growth to continue to strengthen from2.1% in 2013 to 4.7% in 2016. However, strengthening dollar and falling forex reserves arelikely to impact EGP

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.


Vietnam is one of the fastest growing countries in South East Asia. In the year 2014,the Vietnamese economy grew by 6.0%, higher than the governments' target of 5.8%. Localeconomy is maintaining recovery momentum and is expected to grow faster going forward. TheVietnam government also approved a hike in minimum wages rate by 15% effective 1stJanuary, 2015. The demographics of the country are very promising, with an extremely youngand educated population providing an opportunity for FMCG companies to grow rapidly.

South Africa

The South African GDP grew by 1.5% in 2014 but is expected to rebound to 2.0% in 2015,as a large Rand depreciation may stimulate an export- led recovery. High levels ofunemployment and inequality are considered to be the most salient economic problems facingthe country. The long-term potential growth rate of South Africa has been estimated at3.5%.


Changing Consumer Preferences

Demand can be adversely affected by a shift in consumer preferences. Given theexplosion and ever growing popularity of social media, the speed of such a shift could bevery swift.

Marico invests significantly in consumer insighting to adapt to changing preferences.

Input Costs

Unexpected changes in commodity prices can impact margins. The past few years havewitnessed wide fluctuations in the input materials prices. As a result, the overall levelof 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.

Macro-Economic Factors

In situations of economic constraints, items which are in the nature of discretionaryspending are the first to be curtailed. Factors such as low GDP growth and high foodinflation can result in down-trading from branded to non-branded or premium to mass marketproducts.

Political Risks

Unrest and instability in countries of operation can significantly impact the business.

Marico operates in the Developing & Emerging economies of Asia and Africa and isexposed to political risk in Bangladesh, Vietnam, Middle East, Egypt, Myanmar, and SouthAfrica.


Increase in the number of competing brands in the marketplace, counter campaigning andaggressive pricing by competitors have the potential of creating a disruption.

Marico has entered categories such as mass skin care, breakfast cereals, hair styling,post wash leave- in conditioners, deodorants, shampoos (in South East Asia) and haircolours where the competitive intensity is relatively higher as compared to the segmentsit has been operating in hitherto, such as coconut 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 sales target. Even more so in caseswhere industry leaders invest behind creating new categories.

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

Marico has a significant presence in Bangladesh, South East Asia, Middle East, Egyptand South Africa. The Group is therefore exposed to a wide variety of currencies like theUS Dollar, South African Rand,

• Establishment and periodic review of business plans

• Identification of key risks and opportunities and regular reviews by topmanagement and the Board of Directors

• Policies on operational and strategic risk management

• Clear and well defined organisation structure and limits of financial authority

• Continuous identification of 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 businessproposals/capital expenditure

• A robust management information system

• A robust internal audit and review system

Marico invests heavily in "hiring right" and "talent development &engagement". This helps provide fulfilling careers to members in Marico.


Inadequate compliance systems and processes pose a reputation risk for an organisation.They may result in financial losses and penalties.

Marico has invested in compliance systems and processes to ensure that all itsfunctions and units are aware of the laws and regulations to comply with, and thatadequate monitoring mechanism are put in place to ensure compliance.


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

Bangladeshi Taka, UAE Dirham, Egyptian Pound, Malaysian Ringgit and Vietnamese Dong.Import payments are made in various currencies including but not limited to the US Dollar,Australian Dollar and Malaysian Ringgit.

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, thereby insulating itself fromshort term volatility in interest rates.


Acquisitions may divert management attention or result in increased debt burden on theparent entity. It may also expose the company to country specific risk. Integration ofoperations and cultural harmonisation may also take time thereby deferring benefits ofsynergies of unification.

Marico has been able to integrate its acquisitions with the mainstream with focus ontalent and processes. Given its comfortable liquidity position and conservative capitalmanagement practices, the acquisitions have not put any pressure on the financial positionof the Group.

Private Labels

Expansion of modern trade can lead to the emergence of private labels. While the riskof private labels has been relatively low in India, this can change considerably quicklywith e-commerce gaining traction in Urban India.

Talent acquisition and retention

Inappropriate hiring and inability to retain top talent may impact a firm's ability topursue its growth strategies effectively.

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 firm ensuresindependence 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, andfinance. The internal audit program is reviewed by the Audit Committee at the beginning ofthe year to ensure that the coverage of the areas is adequate. Reports of the internalauditors are regularly reviewed by the management and corrective action is initiated tostrengthen the controls and enhance the effectiveness of the existing systems. Summariesof the reports are 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 ofthe Board.


Marico achieved revenue from operations of INR 5,733 crore (USD 940 million) duringFY15, a growth of 22% over FY14. The volume growth underlying this revenue growth was at4%. Profit After Tax (PAT) for FY15 was INR 573 crore (USD 94 million), a growth of 18%over FY14.

Over the past 5 years, the FMCG top line and bottom line have grown at a compoundedannual growth rate (CAGR) of 18% and 15% respectively.

Domestic FMCG Business: Marico India

The FMCG business in India achieved a turnover of INR 4,449 crore (USD 730 million)during the year, a growth of 26% over the same period last year. The business delivered 6%volume growth. The operating margin of the India business during FY15 was 17.7% beforecorporate allocation. The Company believes

that an operating margin in the band of 17% to 18% is sustainable in the medium term.

Coconut Oil

Parachute's rigid portfolio (packs in blue bottles) crossed the landmark of INR 1,500crore (USD 245 million) in revenues in FY15. The portfolio recorded a volume growth of 6%for FY15 over FY14. Competitive position being favourable throughout the year, Parachutealong with Nihar increased its market share by more than 100 bps to 57% during the 12months ended March 2015. A strong volume growth coupled with market share gains is atestimony to the pricing power that Parachute enjoys.

The non-focused part of the portfolio (pouch packs) witnessed contraction as the rawmaterial prices faced inflationary pressures while the Company maintained minimumthreshold margins.

The Company undertook a detailed study on the branded coconut oil market size. Based onthe study, the branded coconut oil market size is INR 4,500 crore (USD 738 million).However, there is also a significant part of the market of approximately 35-40% in volumeterms which is still in loose form. This loose component provides headroom for growth tothe branded players. The Company's flagship brand Parachute, being the market leader, iswell placed to capture a significant share of this growth potential on a sustainablebasis. This is expected to be complemented by share gain in rural market where Parachute'sshare is lower than its urban market share.

Foods: Super premium refined edible oils and oat cereals

The Saffola refined edible oils franchise grew by 6% in volume terms for the year.Super premium refined oils category growth was impacted in the second half of the yearmainly on account of increased price premium with respect to other branded refined oils.In line with the Company strategy of not sacrificing long term growth for short termgains, Marico did not take any pricing action on the portfolio. Instead, towards the endof the year, the Company initiated a few alternative steps to correct the growthtrajectory going forward. This

includes introduction of a new SKU of 500ml to encourage trials, increased distributionand driving one of the variants through focused market actions. These initiatives arecurrently in the prototype stage and will be scaled up basis market feedback.

Despite a lower rate of growth, the brand gained market share by 268 bps and furtherstrengthened its leadership position in the super premium refined edible oils segment to58% during the 12 months ended March 2015.

In the Oats category, Saffola has a strong no.2 position with a value market share of21% during the 12 months ended March 2015 and an exit market share of 24%. Variousdistribution initiatives undertaken by the Company have resulted in Saffola oats now beingthe most distributed oats brand in the country. Saffola flavoured oats are available ineight variants. Two sweet flavours with fruits were introduced to complement the bouquetof six savoury (masala) flavours. Focus on value added offerings in the oats segment hasenabled the Company to capture a 61% value share in the flavoured oats market on a12-months basis. The portfolio is consistently gaining share with March 2015 exit valuemarket share of 67%. During the year, the franchise reached a top line of INR 80 Crore(USD 13 million). The Company's ability to localise the product to suit the Indian palateand drive consumption by increasing the occasion of use, apart from breakfast toin-between meals, has been the key catalyst in creating and succeeding in this category.The Company continues to focus on improving the margins in this franchise with focusedcost management initiatives in order to ensure sustainable profitable growth.

In order to encourage consumers to adopt healthy eating habits, the franchise hasintroduced Saffola Fit Foodie (www.fitfoodie.in) - a one stop destination for healthyrecipes designed by Saffola's expert panel, headed by Vikas Khanna, the master chef. Thishas ensured productive interaction between the consumer and the brand.

Value Added Hair Oils

Marico's hair oil brands (Parachute Advansed, Nihar Naturals, and Hair & Care) grewby 10% in volume terms during the year.

Marico continues to grow faster than the value added hair oils market of INR 5,800crore (USD 950 million). During the year, the Company further strengthened its marketleadership by 88 bps to 29% volume share (for 12 months ended March 2015) and continues topremiumise with value share gain of 210 bps to 22% for the same period. Going forward, theCompany will continue to focus on premiumisation to drive growth in the category.

Towards the premiumisation journey, Parachute Advansed Aromatherapy was launched as aprototype in Mumbai. The launch aims at making hair oiling relevant to urban lifestylethrough the benefit of de-stressing and relaxation.

This year, this portfolio reached many milestones. Parachute Advansed Jasmine and NiharNaturals Perfumed oil crossed the turnover of INR 250 Crore (USD 40 million) each. NiharShanti Amla is now an INR 300 crore (USD 50 million) brand. The Company's Value Added HairOils portfolio crossed INR 1,000 crore (USD 164 million) landmark this year with 4 strongbrands. Parachute Advansed Ayurdevic Oil, with a presence in southern states, is growingrapidly and is expected to clock a turnover of circa INR 60-65 crore (USD 10 million) nextyear. The Value Added Hair Oils franchise, has registered a compounded annual growth rateof 20% in volume terms over the last 5 years.

Nihar Shanti Amla continues to gain market share and achieved a volume market share ofabout 33% for the 12 months ended March 2015 in the Amla hair oil category (MAT FY14:30%). The exit market share of Nihar Shanti Amla was more than 36% reflecting a continuedstrong trajectory of growth. The increased scale of the franchise enables the Company tobenefit from operating leverage thereby improving net margins despite competitive pricing.

Loose mustard oil is the most widely used hair oil in the Hindi heartland. To addressthis market, the Company is prototyping Nihar Naturals Shanti Sarson Kesh Tel, a valueadded mustard hair oil. It delivers the goodness of mustard but with pleasant sensorial.The prototype was launched in Rajasthan in February 2015 and has received a positiveresponse.

The hair oils category has been amongst the fastest growing large sized FMCG segmentsin India and compares very well with other highly penetrated personal care categories.There is also an emergence of new age hair oils in the developed markets that could createa super-premium segment in India too. This serves to emphasise that hair oils can driveboth beauty and nourishment. Marico will continue to focus on upgrading the portfolio byplaying across segments that cater to the consumer's needs of nourishment andproblem-solution.

Body Lotion

Body Lotion, an INR 1,000 crore (USD 164 million) category in India, remained flatduring FY15. In spite of the muted growth in the category, Parachute Advansed Body lotiongained volume share and maintained its No.3 position with 6% share forthe 12 months endedMarch 2015.

The body lotion penetration level is below 20% in India. The Company plans to increaseits participation in the skin care segment in the longer term.

Youth Portfolio

The Youth Portfolio plays in three categories i.e., Hair Gels, Leave-in serums andDeodorants. The Set Wet gels and Livon portfolio (which also consists of a hair gaintonic) forms 2/3rd of the Youth Portfolio. The Company will focus on expanding these highmargin categories while maintaining share in the cluttered deodorants category (l/3rd ofthe Youth Portfolio).

The portfolio has grown by 5% in value terms during FY15. As a result of the revampedstrategy, the portfolio is expected to get back to the medium term outlook of consistent15-20% growth.

Set Wet gels and Livon serums have 44% and 82% share in their respective categories.These categories are at a very nascent stage as their penetration in India is far lower ascompared to other emerging markets. Being market leaders, the Company is well poised toinnovate and grow the market. The re-launch of Set Wet gels was accompanied with a jump indistribution. The coverage was scaled up in both urban and rural markets by 53% from April2014.

During the year, the Company launched Livon Moroccan Silk Serum. It combines thegoodness of Moroccan Argan Oil with the easy-to-apply serum format and is especiallysuited for Indian hair. It has been launched in two SKUs (30ml @ INR 149 and 59ml @ INR259) and is available in the top 20 cities. With the current distribution stabilised, thefootprint of the brand is planned for further increase to the Livon brand universe in thenext year.

Set Wet and Zatak deodorants maintained its share in the deodorants category at 4%. Thecategory is large and growing with fragmented market shares. The Company aims atmaintaining its share in the category through tactical support. It will also benefit fromthe positive rub-off from Set Wet gels brand building initiatives. In the medium term, theCompany expects some consolidation to take place in the category and gain from its widedistribution supported by brand building initiatives.


Marico's rural sales continue to clock a faster pace of growth at 32% compared to urbansales of 23%. Sales in Modern Trade (9% of the domestic turnover) continued its good runwith 24% growth for the full year. CSD and Institutional sales (7% of the domesticturnover) grew at a healthy rate of 33% for FY15. The continued focus on distributionexpansion in rural markets has pushed the Company's rural sales to 33% of total domesticsales in FY15. In rural, incremental direct coverage provides an ideal platform to enhancethe reach of the Value Added Hair Oils portfolio. The Company has increased its directrural reach by 25% to 50,000 villages in the last two years.

This year, the Company embarked on a Go-To- Market (GTM) transformation journey. Withforay into newer categories such as breakfast foods, body lotion, male grooming and hairserums, it is important to expand the direct distribution in urban areas beyond generaltrade to other channels such as modern trade, open format, chemist/cosmetic stores.

Project ONE (Outlet Network Expansion) was conceived with an objective of increasingMarico's direct coverage in its top 6 metros. The project has increased direct coverage inthese cities by 60%. Project ONE has significantly augmented the reach of the Company'sbrands by improving assortment and availability at the outlet. It has met with a verypositive response from the retailer community as it gives them convenience of service andaccess to promotions. Project ONE has delivered a business of INR 33 crore (USD 5 million)in FY15. The Company will expand the coverage of this initiative in FY16.

Robust IT infrastructure is the backbone of any successful sales system and towardsthat, the Company has embarked on a journey to refresh and reconfigure its point of saleIT infrastructure and software systems. This would enable the Company to improvevisibility, sales force productivity and strengthen commercial controls. This project isexpected to be delivered by the middle of FY16. The Company has also initiated usage ofadvanced analytics to predict optimal assortment at a store level. The project iscurrently being pilot-tested in one major city.

International FMCG Business:

Marico International

Marico's International FMCG business (its key geographical constituents beingBangladesh, South East Asia, Middle East, Egypt and South Africa) comprised 22% of theMarico Group's turnover in FY15. The business reported a 10% constant currency growthduring the year. The operating margin for the full year was at 17.1% (before corporateallocations). The Company will endeavour to maintain international margins in the regionof 16-17% and continue to invest and plough back savings to drive growth.

During the year, the International Business continued to focus on the following keypivots of growth in its chosen emerging markets in Asia and Africa:

1. Aggressive growth in non-Parachute portfolio in Bangladesh

2. Recovery in Middle East

3. GTM transformation in Egypt

4. Invest in new markets


(45% of the International Business)

The Bangladesh business reported a top line constant currency growth of 13% during theyear. The top line growth during the year was driven by overall volume growth of 3% backedby strong performance in the value added hair oils portfolio.

Parachute coconut oil grew by 7% in constant currency terms during the year andmaintained leadership position with 81% share. Given that the scope of growth inBangladesh's Parachute franchise is limited, the Company has taken substantial measures indeploying adjacent sources of growth to diversify the portfolio.

During the year, the Company's Value Added Hair Oils portfolio grew at a healthy rateof 38% in constant currency terms and maintained its market position at No.3. As hair fallis a critical issue among Bangladeshi women, this year the Company also launched ParachuteAdvansed Extra Care - a coconut based hair oil with added ingredients like fenugreek(Methi), Indian gooseberry (Amla) and Aloe vera. The product has been received well and isexpected to be the next pillar of growth in the country. The management will aim at beingthe market leader in the category in the medium term.

The Company's HairCode brand (coupled with HairCode Active variant) gained 420 bpsmarket share and continued to lead the powdered hair dye market with a value market shareof around 37%. During FY15, the brand grew by 9% in constant currency terms. HairCodeKeshkala, a liquid hair dye launched earlier this year, has been received well and isconsistently gaining market share.

In the last couple of years, the Company has made significant investments to expand itsnoncoconut oil portfolio such as value added hair oils, hair dyes, deodorants, leave-inconditioners and premium edible oils. These products have been accepted well and areexpected to create a portfolio of the future in Bangladesh. This year, the Company alsolaunched Set Wet Infinity deodorant and Parachute Advansed Body Lotion in the Bangladeshmarket. Consequent to these initiatives, the noncoconut oil portfolio is now ~20% of thetotal business in Bangladesh as compared to 10% three years back.

The Company expects to leverage its strong distribution network and learning from theIndia market to quickly scale up its new product introductions in Bangladesh. From FY17onwards, more than 80% of the incremental growth in the Bangladesh business is expected tocome from the non-coconut oil portfolio backed by modest growth in core coconut oilbusiness.

Middle East and North Africa

(MENA - 18% of the International Business)<

Futures & Options Quote
Future Data Not present
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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