MARICO Announces Quarterly Results (2QFY21); Net Profit Up 8.3%

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MARICO Announces Quarterly Results (2QFY21); Net Profit Up 8.3%
Wed, 4 Nov

MARICO has announced its results for the quarter ended September 2020. Here is a detailed performance review of the same:

MARICO Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-19*
3
Jun-20*
3
Sep-20*
QoQ ChangeYoY Change
Net SalesRs m18,29019,25019,8903.3%8.7%
Other incomeRs m35019027042.1%-22.9%
TurnoverRs m18,64019,44020,1603.7%8.2%
ExpensesRs m14,76014,58016,0009.7%8.4%
Gross profitRs m3,5305,3103,560-33.0%0.8%
DepreciationRs m350340330-2.9%-5.7%
InterestRs m1309080-11.1%-38.5%
Profit before taxRs m3,4005,0703,420-32.5%0.6%
TaxRs m8801,170690-41.0%-21.6%
Profit after taxRs m2,5203,9002,730-30.0%8.3%
Gross profit margin%19.327.617.9
Effective tax rate%25.923.120.2
Net profit margin%13.520.113.5
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter grew 8.7% on a year-on-year (YoY) basis. The expenses were up by 8.4% YoY during the same period.
  • The company's operating profit increased by 0.8% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 17.9% in 2QFY21 as against 19.3% in 2QFY20.
  • Depreciation charges declined by 5.7% and finance costs declined by 38.5% YoY, respectively.
  • Other income declined by 22.9% YoY during the quarter.
  • Net profit for the quarter increased by 8.3% YoY. Net profit margins during the quarter increased from 13.5% in 2QFY20 to 13.5% in 2QFY21.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 3.3% on a quarter-on-quarter (QoQ) basis. The expenses were up by 9.7% QoQ during the same period.
  • The company's operating profit declined by 33.0% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 17.9% in 2QFY21 as against 27.6% in 1QFY20.
  • Net profit for the quarter declined by 30.0% QoQ, while net profit margins declined from 20.1% in 1QFY20 to 13.5% in 2QFY21.

To see how MARICO has performed over the last eight quarters,please visit here.

Get Details: These 3 Stocks are the Dark Horses of the Stock Market

MARICO Share Price Performance

Over the last one year, MARICO share price has moved up from Rs 365.5 to Rs 371.3, registering a Gain of Rs 5.8 or around 1.6%.

Meanwhile, the S&P BSE FMCG Index is trading at Rs 11,013.5 (up 0.6%). Over the last one year it has moved down from 12,232.9 to 11,013.5, a gain of 1,219 points (down 10.0%).

Overall, the S&P BSE SENSEX is up 0.3% over the year.

Current Valuations

At the current price of Rs 371.3, the price to earnings (P/E) ratio of MARICO stands at 42.1 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 18.6 times.

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For the quarter ended December 2020, MARICO has posted a net profit of Rs 3 bn (up 13.0% YoY). Sales on the other hand came in at Rs 21 bn (up 16.3% YoY). Read on for a complete analysis of MARICO's quarterly results.

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