Marico

28 Jan 2022 , 07:25 PM

For the quarter ending Dec 2021, consolidated Net sales (including other operating income) of Marico has increased 13.43% to Rs 2407 crore compared to quarter ended Dec 2020.? Sales of India segment has gone up 11.68% to Rs 1,817.00 crore (accounting for 75.49% of total sales).??Sales of International segment has gone up 19.19% to Rs 590.00 crore (accounting for 24.51% of total sales).??

Profit before interest, tax and other unallocable items (PBIT) has jumped 5.23% to Rs 443.00 crore.??PBIT of India segment fell 5.23% to Rs 308.00 crore (accounting for 69.53% of total PBIT).??PBIT of International segment rose 40.63% to Rs 135.00 crore (accounting for 30.47% of total PBIT).??

PBIT margin of India segment fell from 19.98% to 16.95%.??PBIT margin of International segment rose from 19.39% to 22.88%.??Overall PBIT margin fell from 19.84% to 18.40%.??

Operating profit margin has declined from 19.46% to 17.91%, leading to 4.36% rise in operating profit to Rs 431.00 crore.??Raw material cost as a % of total sales (net of stock adjustments) increased from 47.82% to 50.90%. ??Purchase of finished goods cost rose from 4.46% to 4.88%. ??Employee cost decreased from 7.10% to 6.05%. ??Other expenses fell from 20.82% to 20.05%. ??Selling and administration expenses rose from 9.26% to 9.37%. ??

Other income fell 8.33% to Rs 22 crore.??PBIDT rose 3.66% to Rs 453 crore.??Provision for interest rose 42.86% to Rs 10 crore.??

PBDT rose 3.02% to Rs 443 crore.??

Profit before tax grew 3.30% to Rs 407.00 crore.??Share of profit/loss were nil in both the periods.??Provision for tax was expense of Rs 90 crore, compared to Rs 82 crore.??Effective tax rate was 22.11% compared to 20.81%.

Minority interest increased 40% to Rs 7.00 crore.??Net profit attributable to owners of the company increased 0.98% to Rs 310.00 crore.??

Promoters stake was 59.51% as of 31 December 2021 ,compared to 59.61% as of 31 December 2020 .??
?
For year-to-date (YTD) results analysis.

Net sales (including other operating income) of Marico has increased 21.79% to Rs 7351 crore.??Sales of India segment has gone up 23.06% to Rs 5,679.00 crore (accounting for 77.25% of total sales).??Sales of International segment has gone up 17.66% to Rs 1,672.00 crore (accounting for 22.75% of total sales).??

Profit before interest, tax and other unallocable items (PBIT) has jumped 5.54% to Rs 1,372.00 crore.??PBIT of India segment fell 0.00% to Rs 975.00 crore (accounting for 71.06% of total PBIT).??PBIT of International segment rose 22.15% to Rs 397.00 crore (accounting for 28.94% of total PBIT).??

PBIT margin of India segment fell from 21.13% to 17.17%.??PBIT margin of International segment rose from 22.87% to 23.74%.??Overall PBIT margin fell from 21.54% to 18.66%.??

Operating profit margin has declined from 21.01% to 18.16%, leading to 5.28% rise in operating profit to Rs 1,335.00 crore.??Raw material cost as a % of total sales (net of stock adjustments) increased from 47.67% to 53.13%. ??Purchase of finished goods cost rose from 3.94% to 4.92%. ??Employee cost decreased from 7.04% to 6.02%. ??Other expenses fell from 20.08% to 17.95%. ??Selling and administration expenses fell from 8.71% to 7.97%. ??

Other income rose 4.23% to Rs 74 crore.??PBIDT rose 5.23% to Rs 1409 crore.??Provision for interest rose 16.67% to Rs 28 crore.??

PBDT rose 5.02% to Rs 1381 crore.??Provision for depreciation fell 0.97% to Rs 102 crore.??

Profit before tax grew 5.53% to Rs 1,279.00 crore.??Share of profit/loss were nil in both the periods.??Provision for tax was expense of Rs 281 crore, compared to Rs 268 crore.??Effective tax rate was 21.97% compared to 21.60%.

Minority interest increased 9.52% to Rs 23.00 crore.??Net profit attributable to owners of the company increased 2.42% to Rs 975.00 crore.??

Promoters stake was 59.51% as of 31 December 2021 ,compared to 59.61% as of 31 December 2020 .??

Full year results analysis.

Net sales (including other operating income) of Marico has increased 10.02% to Rs 8048 crore.??Sales of India segment has gone up 9.44% to Rs 6,189.00 crore (accounting for 76.90% of total sales).??Sales of International segment has gone up 11.99% to Rs 1,859.00 crore (accounting for 23.10% of total sales).??

Profit before interest, tax and other unallocable items (PBIT) has jumped 8.70% to Rs 1,637.00 crore.??PBIT of India segment rose 5.04% to Rs 1,229.00 crore (accounting for 75.08% of total PBIT).??PBIT of International segment rose 21.43% to Rs 408.00 crore (accounting for 24.92% of total PBIT).??

PBIT margin of India segment fell from 20.69% to 19.86%.??PBIT margin of International segment rose from 20.24% to 21.95%.??Overall PBIT margin fell from 20.59% to 20.34%.??

Operating profit margin has declined from 20.08% to 19.77%, leading to 8.30% rise in operating profit to Rs 1,591.00 crore.??Raw material cost as a % of total sales (net of stock adjustments) increased from 47.78% to 48.54%. ??Purchase of finished goods cost rose from 2.47% to 4.24%. ??Employee cost increased from 6.66% to 7.12%. ??Other expenses fell from 22.62% to 20.21%. ??Selling and administration expenses fell from 10.13% to 8.72%. ??

Other income fell 24.19% to Rs 94 crore.??PBIDT rose 5.78% to Rs 1685 crore.??Provision for interest fell 32% to Rs 34 crore.??Loan funds rose to Rs 348.00 crore as of 31 March 2021 from Rs 335.00 crore as of 31 March 2020.??Inventories declined from Rs 1,380.00 crore as of 31 March 2020 to Rs 1,126.00 crore as of 31 March 2021.??Sundry debtors were lower at Rs 388.00 crore as of 31 March 2021 compared to Rs 539.00 crore as of 31 March 2020.??Cash and bank balance rose to Rs 944.00 crore as of 31 March 2021 from Rs 279.00 crore as of 31 March 2020.??Investments rose to Rs 854.00 crore as of 31 March 2021 from Rs 733.00 crore as of 31 March 2020 .??

PBDT rose 7% to Rs 1651 crore.??Provision for depreciation fell 0.71% to Rs 139 crore.??Fixed assets increased to Rs 1,023.00 crore as of 31 March 2021 from Rs 916.00 crore as of 31 March 2020.??Intangible assets increased from Rs 538.00 crore to Rs 613.00 crore.??

Profit before tax grew 7.77% to Rs 1,512.00 crore.??Share of profit/loss were nil in both the periods.??Provision for tax was expense of Rs 324 crore, compared to Rs 331 crore.??Effective tax rate was 21.27% compared to 24.09%.

Minority interest increased 22.73% to Rs 27.00 crore.??Net profit attributable to owners of the company increased 14.79% to Rs 1,172.00 crore.??

Equity capital stood at Rs 129.00 crore as of 31 March 2021 to Rs 129.00 crore as of 31 March 2020.??Per share face Value remained same at Rs 1.00.??

Promoters stake was 59.61% as of 31 March 2021 ,compared to 59.60% as of 31 March 2020 .??

Cash flow from operating activities increased to Rs 2,068.00 crore for year ended March 2021 from Rs 1,214.00 crore for year ended March 2020.??Cash flow used in acquiring fixed assets during the year ended March 2021 stood at Rs 142.00 crore, compared to Rs 189.00 crore during the year ended March 2020.?

Other Highlights

The Board of Directors declared an interim dividend of Rs 6.25 per equity share of Re 1 each. The interim dividend will be payable to those shareholders whose name appears in the Register of Members as on February 7, 2022, being the record date for this purpose.

The Company has purchased 52.38% stake and gained control of Apcos Naturals with effect from July 21, 2021.

In Q3 FY22, India business grew by 12% and International up 18% compared to Q3 FY21.

In Q3 FY22, In international business Bangladesh grew by 16%, South East Asia (SEA) up 27%, South Africa up 6% and New Country Development & Exports up 4% on YoY basis.

In Q3 FY22, value growth of Parachute coconut oil was 8%, value added hair oils grew 3% and value growth in Saffola Franchise was 19% on YoY basis.

Company expects Rs 450-500 crore topline by FY24 from Digital-first brand portfolio.

Management expects copra prices should to soft in the near term.

Marico : Consolidated Results

? Quarter ended Year to Date Year ended Particulars 202112 202012 Var.(%) 202112 202012 Var.(%) 202103 202003 Var.(%) Net Sales (including other operating income) 2,407.00 2,122.00 13.43 7,351.00 6,036.00 21.79 8,048.00 7,315.00 10.02 OPM (%) 17.91 19.46 -156 bps 18.16 21.01 -285 bps 19.77 20.08 -31 bps OP 431.00 413.00 4.36 1,335.00 1,268.00 5.28 1,591.00 1,469.00 8.30 Other Inc. 22.00 24.00 -8.33 74.00 71.00 4.23 94.00 124.00 -24.19 PBIDT 453.00 437.00 3.66 1,409.00 1,339.00 5.23 1,685.00 1,593.00 5.78 Interest 10.00 7.00 42.86 28.00 24.00 16.67 34.00 50.00 -32.00 PBDT 443.00 430.00 3.02 1,381.00 1,315.00 5.02 1,651.00 1,543.00 7.00 Depreciation 36 36 0 102 103 -0.97 139 140 -0.71 PBT 407.00 394.00 3.30 1279 1212 5.53 1512 1403 7.77 Share of Profit/(Loss) from Associates 0 0 – 0 -2 – -2 0 – PBT before EO 407 394 3.30 1279 1210 5.70 1510 1403 7.63 EO Income 0 0 – 0 31 – 13 -29 LP PBT after EO 407 394 3.30 1279 1241 3.06 1523 1374 10.84 Taxation 90 82 9.76 281 268 4.85 324 331 -2.11 PAT 317 312 1.60 998 973 2.57 1199 1043 14.96 Minority Interest (MI) 7 5 40.00 23 21 9.52 27 22 22.73 Net profit 310 307 0.98 975 952 2.42 1172 1021 14.79 P/(L) from discontinued operations net of tax 0 0 – 0 0 – 0 0 – Net profit after discontinued operations 310 307 0.98 975 952 2.42 1172 1021 14.79 EPS (Rs)* 2.40 2.38 0.98 7.54 7.18 5.04 8.99 8.07 11.46 * EPS is on current equity of Rs 129.24 crore, Face value of Rs 1, Excluding extraordinary items. # EPS is not annualised bps : Basis points EO : Extraordinary items Figures in Rs crore Source: Capitaline Corporate Database

Marico : Consolidated Segment Results

td>- ? Quarter ended Year to Date Year ended % of (Total) 202112 202012 Var.(%) % of (Total) 202112 202012 Var.(%) % of (Total) 202103 202003 Var.(%) Sales India 75.49 1,817.00 1,627.00 11.68 77.25 5,679.00 4,615.00 23.06 76.90 6,189.00 5,655.00 9.44 International 24.51 590.00 495.00 19.19 22.75 1,672.00 1,421.00 17.66 23.10 1,859.00 1,660.00 11.99 Total Reported Sales 100.00 2,407.00 2,122.00 13.43 100.00 7,351.00 6,036.00 21.79 100.00 8,048.00 7,315.00 10.02 Less: Inter segment revenues ? 0.00 0.00 – ? 0.00 0.00 ? 0.00 0.00 – Net Sales 100.00 2,407.00 2,122.00 13.43 100.00 7,351.00 6,036.00 21.79 100.00 8,048.00 7,315.00 10.02 PBIT India 69.53 308.00 325.00 -5.23 71.06 975.00 975.00 0 75.08 1,229.00 1,170.00 5.04 International 30.47 135.00 96.00 40.63 28.94 397.00 325.00 22.15 24.92 408.00 336.00 21.43 Total PBIT 100.00 443.00 421.00 5.23 100.00 1,372.00 1,300.00 5.54 100.00 1,637.00 1,506.00 8.70 Less : Interest 10.00 7.00 42.86 28.00 24.00 16.67 34.00 50.00 -32.00 Add: Other un-allcoable -26.00 -20.00 -30.00 -65.00 -33.00 -96.97 -78.00 -82.00 4.88 PBIT Margin(%) India ? 16.95 19.98 -302.44 ? 17.17 21.13 -395.82 ? 19.86 20.69 -83.18 International ? 22.88 19.39 348.74 ? 23.74 22.87 87.28 ? 21.95 20.24 170.63 PBT 100.00 407.00 394.00 3.30 100.00 1,279.00 1,243.00 2.90 100.00 1,525.00 1,374.00 10.99

Powered by Capital Market – Live News