Marico: Good work continues… - Views on News from Equitymaster

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Marico: Good work continues…

Oct 17, 2002

Marico Industries, the edible oil major, continues to display strength in financial performance. In the September quarter, the company has recorded a strong 13% growth in topline and over 17% growth in net profit on a consolidated basis. The consolidated numbers include the performance of its 100% Bangladesh subsidiary.

Consolidated picture…
(Rs m)2QFY022QFY03Change1HFY021HFY03Change
Net Sales1,7231,95413.4%3,2443,77016.2%
Other Income-28-714100.0%
Expenditure1,5391,76214.4%2,8963,37516.5%
Operating Profit (EBDIT)1831924.9%34839513.7%
Operating Profit Margin (%)10.6%9.8% 10.7%10.5% 
Interest 134-68.2%219-57.7%
Depreciation323614.5%587324.9%
Profit before Tax13716016.8%27532718.8%
Tax263014.6%526219.0%
Profit after Tax/(Loss)11113017.3%22326518.8%
Net profit margin (%)6.4%6.7% 6.9%7.0% 
No. of Shares 14.529.0 14.529.0 
Diluted Earnings per share*15.318.0 15.418.3 
P/E Ratio 9.0  8.9 
*(annualised)      

Marico Industries (excluding Bangladesh) reported 12% growth in topline and only 8% bottomline growth during the September quarter. Here too, deferred tax deflated net profit growth. However, it is clear the the Bangladesh operations of the company are picking up and this helped the company report improved overall performance.

Marico Industries snapshot…
(Rs m)2QFY022QFY03Change1HFY021HFY03Change
Net Sales1,6601,85111.5%3,1483,60714.6%
Other Income6946.6%13147.1%
Expenditure1,4771,66412.6%2,8003,22415.1%
Operating Profit (EBDIT)1831872.4%34738310.3%
Operating Profit Margin (%)11.0%10.1% 11.0%10.6% 
Interest 134-68.2%219-58.2%
Depreciation313615.0%587225.1%
Profit before Tax1451567.7%28131612.2%
Tax26287.6%525811.3%
Profit after Tax/(Loss)1181287.8%22925812.3%
Net profit margin (%)7.1%6.9% 7.3%7.1% 
No. of Shares 14.529.0 14.529.0 
Diluted Earnings per share*16.317.6 15.817.8 
P/E Ratio 9.2  9.1 
*(annualised)      

At Rs 162 the stock is trading at 8.9x annualised 1HFY03 earnings.

The Bangladesh picture…
(Rs m)2QFY022QFY03Change1HFY021HFY03Change
Sales6210264.5%9616370.0%
Operating profit05-012-
OPM (%)-4.6% 0.2%7.4% 
Net profit-73--68-
NPM (%)-11.7%2.6% -6.4%4.6% 

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