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Marico net zooms 30% - Views on News from Equitymaster
 
 
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  • Jan 23, 2001

    Marico net zooms 30%

    Edible oils major, Marico Industries has recorded a 30% growth in its 3QFY01 bottomline. This growth comes on the back of a 2% decline in turnover during the same period. The general economic slowdown seems to have affected Marico's topline as well. A significant 40% reduction in interest costs helped Marico post this surge in bottomline.

    (Rs m) 3QFY00 3QFY01 Change 9m FY00 9m FY01 Change
    Sales 1,721 1,694 -1.6% 4,783 4,793 0.2%
    Other Income 2 7 263.2% 6 20 219.7%
    Expenditure 1,582 1,558 -1.5% 4,394 4,330 -1.4%
    Operating Profit (EBDIT) 139 137 -2.1% 389 463 19.0%
    Operating Profit Margin (%) 8.1% 8.1%   8.1% 9.7%  
    Interest 16 9 -40.1% 28 28 1.8%
    Depreciation 20 20 3.6% 53 70 31.1%
    Profit before Tax 106 114 7.3% 315 385 22.3%
    Exceptional item (18) -   (18) -  
    Tax 11 13 20.0% 40 35 -11.5%
    Profit after Tax/(Loss) 78 101 30.1% 257 349 36.1%
    Net profit margin (%) 4.5% 6.0%   5.4% 7.3%  
    No. of Shares (eoy) (m) 14.5 14.5   14.5 14.5  
    Earnings per share*       23.6 32.1  
    (annualised)            
    Current P/e ratio         7.3  

    This quarter's performance was however, better than the company's 2QFY01 performance. In 2FY01, the company's bottomline grew by only 10%, while its turnover declined by 5%. Marico's key brands showed volume growth. In 3QFY01, volumes of Marico's coconut oil franchise (Parachute and Oil of Malabar) grew by 15%. Its refined edible oil franchise (Saffola and Sweekar) grew by a significant 48% over 3QFY00.

    On a nine month consolidated basis, Marico's bottomline saw a 36% surge over the correponding period in FY00. If however, we exclude the extraordinary expense that occurred in 3QFY00 (of Rs 18 m), the bottomline actually grew by 27%. The turnover however, was more or less at the same levels during the period.

    In the nine month period, Marico managed to improve its operating margins by 160 basis points on the back of a 1.4% decline in its expenditure.

    At the current price of Rs 235, the stock trades at a P/e of 7.3 times its nine month annualised FY01 earnings.

     

     

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