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Marico's FY01 net jumps 28% - Views on News from Equitymaster
 
 
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  • Apr 23, 2001

    Marico's FY01 net jumps 28%

    Marico Industries announced a 28% jump in net profits for FY01 today. The company's total income however, was marginally up by 2%. But its 4QFY01 net profit was up by a marginal 6%. The company announced a final dividend of 60%, taking the total dividend paid for the year to 100%.

    (Rs m) 4QFY00 4QFY01 Change FY00 FY01 Change
    Total Income 1,799 1,706 -5.2% 6,496 6,612 1.8%
    Net Profit 101 107 6.4% 357 456 27.7%
    No. of Shares (eoy) (m) 14.5 14.5   14.5 14.5  
    Earnings per share 6.9 7.4   24.6 31.5  
    P/e ratio         7.5  

    The company is the market leader in the Indian coconut oil and branded refined oil segment. Its brand Parachute dominates the branded coconut oil market with a 54% market share. Marico's presence in the refined oil category is marked by two brands, namely, Saffola (safflower oil) and Sweekar (sunflower oil). These command a combined market share of 13% in the branded edible oil market.

    According to the company, the growth in volumes was, however, not reflected in a similar growth in turnover because of two reasons. Firstly, during the nine months ended December 2000, maximum retail prices (MRPs) of most Marico products were lowered following considerably lower raw material prices. Secondly, the turnover value excludes the turnover recorded by Marico Bangladesh Limited (MBL), a wholly owned subsidiary. During FY00, turnover in Bangladesh was recorded in Marico right until December 1999, when MBL commenced its operations. If we exclude the MBL performance then the company's turnover grew by 15%.

    We are still awaiting the full results from Marico to find out why its net profit growth was slow in 4QFY01. At the current price of Rs 235, the stock trades at a P/e multiple of 7.5 times its FY01 earnings.

     

     

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