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Marico Ltd – Results Review

April 30, 2008

For 4QFY2008, Marico Limited posted a modest Topline growth of 17.8% yoy to Rs468cr (Rs397cr) on a consolidated basis in line with our expectation of an 18.6% growth to Rs471cr. However, this was the first quarter of below 20% Topline growth during the last eight quarters indicating the impact of high base. Healthy growth across its businesses including consumer products in India, international business and Kaya Skin Solutions, contributed to overall growth.

Marico’s Earnings for the quarter, on a consolidated basis, grew 45.1% yoy to Rs40.8cr (Rs28.1cr) on reported basis largely aided by a one-time gain of Rs10.6cr on account of sale of Sil brand to Scandic Food India Pvt Limited. At the Operating front, Marico delivered a disappointing performance registering a 35bp contraction in OPM to 9.7% (10.1%) resulting in a muted 13.6% yoy growth in EBITDA to Rs45.6cr (Rs40.1cr).

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