MRCO by factica

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									                                                                                               Regd off: Rang Sharda, Krishnachandra Marg, Bandra Reclamation, Mumbai - 50
MARICO LIMITED                                                                                 E-Mail:    milinvrel@maricoindia.net
                                                                                               Web site: www.marico.com
                                                                                               Telephone: (022) 6648 0480 Fax: (022) 6649 0112
CONSUMER PRODUCTS                                                             MARIWALA         Tr agent: Link Intime India, C-13, Pannalal Mills Compd., LBS Marg, Mumbai - 78
Chairman: Harsh Charandas Mariwala                                                SEC: Rachana Lodaya                                    AUD: Price Waterhouse
Yr of Inc   B. Code       BL. Code    F.V.         Price        % ch 1-m          % ch 12-m      P/E       P/CF           Yield         Mkt cap               Vol.            ISIN
 1988   531642            MRCO:IN      1            85.7          -2.7              43.8         27.7      23.2            0.8          52,191.3              18.0       INE196A01026
SHAREHOLDING                                                     FX Transaction     (FY09)                            ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           : 63.5%               Exports (fob)          Rs m         1,251
Foreign collaborators      :  0.0%               Imports (cif)          Rs m         1,024              (Rs)
Indian inst/Mut Fund       : 10.9%               Fx inflow              Rs m         1,338       105
FIIs/GDR                   : 16.9%               Fx outflow             Rs m         1,076                                                                    DAILY
Free float                 :  8.8%               Net fx                 Rs m           262
Shareholders               : 36,900                                                                                                                           100 DMA
                                                                                                  85
                           No. of months                  12            12               12
                             Year ending            31/03/07      31/03/08         31/03/09
EQUITY SHARE DATA
                                                                                                  65
High                                  Rs                   68             78              75
Low                                   Rs                   33             47              47
Sales per share                       Rs                25.6           31.3            39.2
Earnings per share                    Rs                 1.5             2.8             3.1      45
Cash flow per share                   Rs                  2.3            3.3             3.7
Dividends per share                   Rs                0.70           0.70            0.66
Dividend yield (eoy)                  %                  1.4            1.1              1.1
                                                                                                  25
Book value per share                  Rs                 3.2             5.2             7.4
Shares outstanding (eoy)              m               609.00        609.00          609.00        Aug-06              Jun-07            Feb-08            Nov-08              Aug-09
Bonus/Rights/Conversions                             FV1,PP                -               -
Price / Sales ratio                   x                   2.0            2.0             1.6                               No. of months                 12           12            12
Avg P/E ratio                         x                 34.6           22.5            19.7                                  Year ending           31/03/07     31/03/08      31/03/09
                                                                                                CASH FLOW
P/CF ratio (eoy)                      x                 21.8           19.0            16.5
Price / Book Value ratio              x                 16.0           12.1              8.2    From Operations                         Rs   m       1,884            1,431      1,816
Dividend payout                       %                 48.0           25.2            21.1     From Investments                        Rs   m      -2,770           -1,586       -988
Avg Mkt Cap                           Rs m            30,755         38,063          37,149     From Financial Activity                 Rs   m         859              472       -710
No. of employees                      `000                  2              1               1    Net Cashflow                            Rs   m         -27              316        118
Total wages/salary                    Rs m               928          1,290           1,672
Avg. sales/employee                   Rs Th          8,462.0       15,942.3        25,571.7                                       INTERIM RESULTS
Avg. wages/employee                   Rs Th            504.3        1,079.5         1,790.1                                           2QFY09  3QFY09             4QFY09        1QFY10
Avg. net profit/employee              Rs Th            483.2        1,415.1         2,020.3     Net sales                   Rs    m     6,035   6,229              5,612         6,967
                                                                                                Gross profit                Rs    m       740      792               732           965
INCOME DATA                                                                                     Gross profit margin         %            12.3     12.7              13.0          13.9
Net Sales                             Rs     m        15,570        19,051           23,884     Net profit                  Rs    m       472      509               594           601
Other income                          Rs     m             94           90              121     Net profit margin           %             7.8       8.2             10.6            8.6
Total revenues                        Rs     m        15,664        19,141           24,005
Gross profit                          Rs     m         1,939         2,411            2,969                                          KEY DATA
Depreciation                          Rs     m           521           308              358     Parameters                          Unit              FY07            FY08       FY09
Interest                              Rs     m           191           253              286     Consumer products                   % of sales         95.3            94.7       93.1
Profit before tax                     Rs     m         1,321         1,940            2,446     Skin care                           % of sales          4.7             5.3        6.9
Minority Interest                     Rs     m              0            -1                0    International business              % of sales         10.2            12.4       17.6
Prior Period Items                    Rs     m           -62              0                0    Advertising                         % of sales         12.1            13.3       10.5
Extraordinary Inc (Exp)               Rs     m           -60           112             -150     COGS                                % of sales         52.6            52.7       54.9
Tax                                   Rs     m           310           360              409
                                                                                                                                       NOTES
Profit after tax                      Rs     m           889         1,691            1,887
Gross profit margin                   %                 12.5          12.7             12.4    Marico is one of the leading Indian groups in consumer products and services in the
Effective tax rate                    %                 23.5          18.6             16.7    beauty and wellness space. It has products and services in hair care, skin care and
                                                                                               healthy foods. Marico's brands and their extensions occupy leadership positions with
Net profit margin                     %                   5.7           8.9              7.9
                                                                                               significant market shares in all categories. The company is present in the skin care
BALANCE SHEET DATA                                                                             services segment through Kaya skin care clinics (97 clinics) in India and the UAE.
                                                                                               Marico's branded products are also present in Bangladesh, other South Asian
Current assets                        Rs m             4,003             5,281        6,719    Association for Regional Co-operation (SAARC) countries and the Middle East.
Current liabilities                   Rs m             2,827             2,952        3,158    Marico has been growing both organically and inorganically. It acquired 'Nihar', 'Oil
Net working cap to sales              %                   7.6             12.2         14.9    of Malabar' and 'Manjal' herbal soap brand in India. It also acquired a clutch of brands
Current ratio                         x                   1.4               1.8          2.1   namely 'Camelia', 'Aromatic' and 'Magnolia' in Bangladesh and 'Fiancee' and
Inventory Turnover                    Days                 52               50           52    'Haircode' in Egypt. The company sold the Sundari business and Sil Brand recently.
Debtors Turnover                      Days                15                17           17
Net fixed assets                      Rs m             1,654             2,573        3,111    Marico reported a strong 25% YoY growth in the consolidated topline for FY09 led by
Share capital                         Rs m               609               609          609    a 22% YoY growth in consumer product business, 43% YoY growth in international
"Free" reserves                       Rs m             1,179             2,348        3,957    business and 57% YoY growth in Kaya. The operating margins were at 13% and the
                                                                                               company reported a 12% YoY growth in net profits.
Net worth                             Rs m             1,923             3,146        4,535
Long term debt                        Rs m                  0              598        1,198    Marico's business model is based on focused growth across all its brands and
Total assets                          Rs m             6,107             8,697       10,801    territories driven by continuously improving the value proposition to consumers,
Interest coverage                     x                   7.9               8.7          9.6   market expansion and widening its retail reach. It has identified new engines of
Debt to equity ratio                  x                   0.0               0.2          0.3   growth and is also focusing on high margin products. It continues to improve its
Sales to assets ratio                 x                   2.5               2.2          2.2   market share across product categories and is also doing well in the international
Return on assets                      %                 56.2              51.9         37.9    business. The management's uncommon thinking of transforming Marico from an oil
Return on equity                      %                 46.2              53.8         41.6    company to a health and wellness firm is paying off well.
Return on capital                     %                 72.3              61.5         45.0
Exports to sales                      %                   4.7               3.7          5.2
Imports to sales                      %                   1.8               0.7          4.3
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