Marico: Well oiled year! - Views on News from Equitymaster

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Marico: Well oiled year!

Apr 21, 2006

Edible and hair oil major, Marico, announced results for the fourth quarter and full year ended March 2006 late yesterday. The company reported a decent topline growth and significantly improved operating margins for the quarter and the fiscal. Led by this margin expansion (due to lower ‘kopra’ prices), and despite lower other income and higher depreciation costs, the net profit growth for the fiscal has far outpaced the growth in topline.

The standalone impression…
(Rs m) 4QFY05 4QFY06 Change FY05 FY06 Change
Net Sales 2,320 2,689 15.9% 9,478 10,524 11.0%
Expenditure 2,089 2,340 12.0% 8,641 9,132 5.7%
Operating Profit (EBITDA) 231 349 50.8% 837 1,391 66.2%
EBITDA margin (%) 10.0% 13.0%   8.8% 13.2%  
Other Income 25 4 -83.2% 59 37 -37.1%
Interest (1) (15) 2840.0% (5) (6) 15.1%
Depreciation 42 65 57.1% 116 332 186.5%
Profit before Tax and minority interest 214 273 27.5% 775 1,090 40.6%
Tax (18) 2   41 101 147.5%
Profit after Tax/(Loss) 233 271 16.3% 734 989 34.7%
Net profit margin (%) 10.0% 10.1%   7.7% 9.4%  
Effective Tax rate -8.6% 0.9%   5.3% 9.3%  

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