MARICO · Fast Moving Consumer Goods
Marico Ltd. reported revenue of ₹2,664 cr for July to September 2024, +7.6% on the year and +0.8% on the quarter. It is the highest quarterly revenue in the last 6 quarters on record.
Operating profit (EBITDA) was ₹522 cr, a margin of 19.6%, −48 bps on the year and −409 bps on the quarter. Over the last 6 quarters the margin has ranged from 19.4% to 23.7%, averaging 21.2%. Operating costs grew +8.2%, faster than revenue at +7.6%, so operating profit grew less than sales.
Net profit was ₹433 cr, +20.3% on the year and −8.6% on the quarter, with earnings per share of ₹3.27. Profit before other income, one-offs and tax grew 7.3%, so 13 points of the headline growth came from outside the core business. The tax rate of 22% is in line with its recent average.
On earnings per share of ₹12.27 over the last four quarters, the stock at ₹788.05 trades at 64.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,422 cr | ₹2,278 cr | ₹2,643 cr | ₹2,664 cr | ₹2,794 cr | ₹2,730 cr | ₹3,221 cr | ₹3,450 cr | ₹3,537 cr | ₹3,301 cr | ₹3,957 cr | ₹3,897 cr |
| YoY | — | — | +7% | +8% | +15% | +20% | +22% | +30% | +27% | +21% | +23% | +13% |
| EBITDA margin | 21.2% | 19.4% | 23.7% | 19.6% | 19.1% | 16.8% | 20.3% | 16.2% | 16.7% | 15.8% | 20.7% | 18.2% |
| Other income, % of PBT | 9% | 4% | 6% | 15% | 8% | 11% | 9% | 9% | 7% | 12% | 6% | 8% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 22% | 20% | 22% | 22% | 22% | 22% | 22% | 21% | 19% | 19% | 17% | 17% |
| Net profit | ₹386 cr | ₹320 cr | ₹474 cr | ₹433 cr | ₹406 cr | ₹345 cr | ₹513 cr | ₹432 cr | ₹460 cr | ₹408 cr | ₹652 cr | ₹558 cr |
| YoY | — | — | +9% | +20% | +5% | +8% | +8% | −0% | +13% | +18% | +27% | +29% |
| Core profit YoY | — | — | +9% | +7% | +5% | +3% | +6% | +7% | +11% | +13% | +24% | +24% |
| EPS | ₹2.96 | ₹2.46 | ₹3.58 | ₹3.27 | ₹3.08 | ₹2.65 | ₹3.89 | ₹3.24 | ₹3.44 | ₹3.01 | ₹4.86 | ₹4.24 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | 1 | 1 | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Marico Ltd. reported revenue of ₹2,664 cr (+7.6% on the year) and net profit of ₹433 cr (+20.3% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved +7.3% on the year, against +20.3% for reported profit.
None of the 7 checks that could run raised a question.
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