MARICO Announces Quarterly Results (4QFY20); Net Profit Down 50.7%

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MARICO Announces Quarterly Results (4QFY20); Net Profit Down 50.7%
Tue, 5 May

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

MARICO Quarterly Financials

No. of Mths
Qtr. Ending
3
Mar-19*
3
Dec-19*
3
Mar-20*
QoQ ChangeYoY Change
Net SalesRs m16,09018,24014,960-18.0%-7.0%
Other incomeRs m28029032010.3%14.3%
TurnoverRs m16,37018,53015,280-17.5%-6.7%
ExpensesRs m13,26014,51012,140-16.3%-8.4%
Gross profitRs m2,8303,7302,720-27.1%-3.9%
DepreciationRs m29032038018.8%31.0%
InterestRs m801201308.3%62.5%
Profit before taxRs m2,7403,5802,530-29.3%-7.7%
TaxRs m-1,320820530-35.4%
Profit after taxRs m4,0602,7602,000-27.5%-50.7%
Gross profit margin%17.620.418.2
Effective tax rate%-48.222.920.9
Net profit margin%24.814.913.1
* 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 fell 7.0% on a year-on-year (YoY) basis. The expenses were down by 8.4% YoY during the same period.
  • The company's operating profit declined by 3.9% YoY during the quarter. Consequently, operating profit margins remained same and stood at 18.2% in 4QFY20.
  • Depreciation charges increased by 31.0% and finance costs increased by 62.5% YoY, respectively.
  • Other income increased by 14.3% YoY during the quarter.
  • Net profit for the quarter declined by 50.7% YoY. Net profit margins during the quarter declined from 24.8% in 4QFY19 to 13.1% in 4QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 18.0% on a quarter-on-quarter (QoQ) basis. The expenses were down by 16.3% QoQ during the same period.
  • The company's operating profit declined by 27.1% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 18.2% in 4QFY20 as against 20.4% in 3QFY19.
  • Net profit for the quarter declined by 27.5% QoQ, while net profit margins declined from 14.9% in 3QFY19 to 13.1% in 4QFY20.

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

Today at 5pm: Get the details of India's #1 defence stock

MARICO Share Price Performance

Over the last one year,MARICO share price has moved down from Rs 356.3 to Rs 295.7, registering a Loss of Rs 60.6 or around 17.0%.

Meanwhile, the S&P BSE FMCG Index is trading at Rs 10,283.4 (down 0.6%). Over the last one year it has moved down from 11,593.8 to 10,283.4, a loss of 1,310 points (down 11.3%).

Overall, the S&P BSE SENSEX is down 17.5% over the year.

Current Valuations

At the current price of Rs 295.7, the price to earnings (P/E) ratio of MARICO stands at 36.6 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 14.8 times.

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For the quarter ended June 2020, MARICO has posted a net profit of Rs 4 bn (up 23.8% YoY). Sales on the other hand came in at Rs 19 bn (down 11.1% YoY). Read on for a complete analysis of MARICO's quarterly results.

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