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Marico: New business blues

Nov 14, 2003

Marico Industries, the edible and hair oil major, had recently announced its 2QFY04 results. As compared to the corresponding quarter in the previous year, the topline of the company has grown by 15% whereas the bottomline has seen a growth of around 3%. This is because the operating margins of the company have taken a hit of nearly 160 basis points.

(Rs m) 2QFY03 2QFY04 Change 1HFY03 1HFY04 Change
Net Sales 1,851 2,131 15.2% 3,607 4,163 15.4%
Other Income 8 8 -7.2% 13 13 0.0%
Expenditure 1,663 1,950 17.3% 3,223 3,781 17.3%
Operating Profit (EBDIT) 188 181 -3.6% 383 382 -0.3%
Operating Profit Margin (%) 10.1% 8.5%   10.6% 9.2%  
Interest 4 2 -53.7% 9 6 -28.7%
Depreciation 36 28 -21.7% 72 55 -23.9%
Profit before Tax 156 159 1.7% 316 334 5.9%
Tax 28 27 -5.7% 58 54 -6.9%
Profit after Tax/(Loss) 128 132 3.4% 258 280 8.7%
Net profit margin (%) 6.9% 6.2%   7.1% 6.7%  
No. of Shares 29.0 29.0   29.0 29.0  
Diluted Earnings per share (Rs)* 17.6 18.2   17.8 19.3  
P/E Ratio (x)   10.7     10.0  
(* annualised)            

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