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Marico: Overseas biz, a dampener - Views on News from Equitymaster

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Marico: Overseas biz, a dampener
May 13, 2013

Marico Limited has announced its fourth quarter results for financial year 2012-13 (4QFY13). The company has reported a 10% YoY growth in sales and 20% YoY rise in net profits. Here is our analysis of the results.

Performance summary
  • Revenues grew by 9.4% primarily driven by 8% volume growth. For FY13, topline increased by 16% on 12% higher volumes.
  • The company has been able to keep operating margin in-tact on input cost savings. During FY13, operating margin improved by 1.4%.
  • Net profit has surged by 20% mainly on account of one-time income of Rs 332 m earned as compared to an exceptional loss of Rs 18 m in the year-ago quarter. For FY13, the bottomline grew by 25%.
Consolidated picture
(Rs m) 4QFY12 4QFY13 Change FY12 FY13 Change
Total income  9,132 9,986 9.4% 39,797 45,962 15.5%
Expenditure  8,006 8,783 9.7% 34,953 39,704 13.6%
Operating profit (EBDITA)  1,126 1,203 6.8% 4,844 6,258 29.2%
EBDITA margin (%) 12.3% 12.0%   12.2% 13.6%  
Other income 79 102 28.6% 326 375 15.2%
Interest 113 113 -0.4% 424 580 36.9%
Depreciation 191 253 32.9% 725 866 19.4%
Profit before tax 901 939 4.2% 4,021 5,187 29.0%
Extraordinary items  (18) 332   (18) 332  
Tax 189 406 114.9% 782 1,462 86.8%
Profit after tax/(loss) 695 865 24.5% 3,221 4,057 26.0%
Minority interest (2) 26    50  98  
Net profit after tax/(loss) 697 839 20.3% 3,171 3,959 24.8%
Net profit margin (%) 7.6% 8.4%   8.0% 8.6%  
No. of shares (m)         645  
Diluted earnings per share (Rs)*         6.2  
Price to earnings ratio (x)*         34.7  

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