Marico reported disappointing quarterly results, with top-line growth of only 6% year-over-year and flat earnings growth, below estimates. However, a significant gross margin expansion of 644 basis points year-over-year was a positive surprise. While underlying volume growth remained strong at 14%, top-line growth was constrained by price cuts. The outlook remains neutral given concerns around value growth and slowing growth at Kaya.

1. 4QFY2010 Result Update I FMCG
April 28, 2010
Marico NEUTRAL
CMP Rs112
Performance Highlights Target Price -
Marico posted a disappointing set of numbers on both the Top-line and the Investment Period -
Earnings front. The Top-line for the company grew by 6% yoy, while Earnings
displayed a flattish growth on a recurring basis, both of which were below our Stock Info
estimates. However, a Gross Margin expansion of 644bp yoy came as a Sector FMCG
positive surprise. The Key Highlights for the quarter were a strong underlying
volume growth of 14% and a continued slowdown in Kaya (flat qoq). After the Market Cap (Rs cr) 6,840
disappointing Top-line growth, on account of an evident lack of pricing power
Beta 0.5
and expected consolidation in Kaya, we have marginally revised our Top-line
and Earnings estimates downwards by ~2% and 4-6%, respectively. 52 WK High / Low 122/58
We maintain our Neutral view on the stock.
Avg. Daily Volume 197,062
Top-line disappoints, Gross Margin expansion positive: Marico declared yet Face Value (Rs) 1
another quarter of disappointing Top-line growth of 6% yoy to Rs602.3cr,
owing to steep price cuts. However, volume growth stood at a strong 14%, BSE Sensex 17,380
driven by price cuts and promotional offers. Its core brands, Parachute and Nifty 5,215
Saffola, posted volume growth of 7% and 13%, respectively, for the quarter.
Marico’s International business continued to post steady growth of 16% yoy, Reuters Code MRCO.BO
and Kaya posted revenue of Rs45cr (flat qoq). Marico witnessed a significant
Bloomberg Code MRCO @IN
expansion in Gross Margins by 644bp yoy, as copra and safflower prices
were 20% and 22% lower, respectively, during FY2010. However, it Shareholding Pattern (%)
re-invested a majority of its gains into higher ad-spends, which were up by
Promoters 63.5
517bp yoy. In terms of Earnings, Marico posted a growth of 15% yoy to
Rs51.1cr, on a reported basis, impacted by higher Taxes (due to a low base) MF/Banks/Indian FIs 7.6
and a muted Top-line. However, adjusted for one-off items, like a provision of
FII/NRIs/OCBs 22.7
impairment of assets/write-offs to the tune of Rs3cr and a one-time loss of
Rs5.7cr on the closure of Kaya Life centers, Recurring Earnings grew a muted Indian Public 6.2
0.7% yoy to Rs59.9cr.
Abs. (%) 3m 1yr 3yr
Outlook and Valuation: At the CMP of Rs112, the stock is trading at rich Sensex 6.6 58.0 25.0
valuations of 22.2x FY2012E EPS of Rs5.1. While we continue to remain
bullish on the management’s ability and sound product portfolio to deliver Marico 14.1 69.1 101.7
consistent growth going ahead, near term concerns over Marico’s value
growth (steep price cuts) and a slowdown in Kaya (key factors to monitor in
the near-term), coupled with rich valuations, are likely to limit returns from the
current levels. Hence, we maintain our Neutral view on the stock.
Key Financials (Consolidated)
Y/E Mar (Rs cr) FY2009 FY2010E FY2011E FY2012E
Net Sales 2,388 2,661 2,983 3,349
% chg 25.4 11.4 12.1 12.3
Net Profit (Adj) 203.8 241.5 274.4 308.3
% chg 28.6 18.5 13.6 12.4
OPM (%) 12.7 14.1 13.7 13.6
EPS (Rs) 3.3 4.0 4.5 5.1
P/E (x) 33.6 28.3 24.9 22.2 Anand Shah
P/BV (x) 15.1 10.9 8.3 6.5 Tel: 022 – 4040 3800 Ext: 334
53.1 44.8 37.8 32.8 E-mail: anand.shah@angeltrade.com
RoE (%)
RoCE (%) 35.7 33.2 31.0 30.1
Chitrangda Kapur
EV/Sales (x) 2.9 2.6 2.3 2.1
Tel: 022 – 4040 3800 Ext: 323
EV/EBITDA (x) 23.4 18.9 16.9 14.7
E-mail: chitrangdar.kapur@angeltrade.com
Source: Company, Angel Research
1
Please refer to important disclosures at the end of this report Sebi Registration No: INB 010996539

2. Marico I 4QFY2010 Result Update
Exhibit 1: Quarterly Performance Update (Consolidated)
Y/E March (Rs cr) 4QFY10 4QFY09 % chg FY2010 FY2009 % chg
Net Sales 602.3 566.0 6.4 2,660.8 2,388.4 11.4
Consumption of RM 264.6 285.1 (7.2) 1,261.6 1,277.9 (1.3)
(% of Sales) 43.9 50.4 47.4 53.5
Staff Cost 43.7 42.8 2.0 190.1 165.8 14.7
(% of Sales) 7.2 7.6 7.1 6.9
Advertising 89.2 54.6 63.5 351.1 242.6 44.7
(% of Sales) 14.8 9.6 13.2 10.2
Other Expenses 119.8 108.1 10.8 482.8 398.2 21.2
(% of Sales) 19.9 19.1 18.1 16.7
Total Expenditure 517.3 490.7 5.4 2,285.6 2,084.4 9.7
Operating Profit 84.9 75.3 12.8 375.1 304.0 23.4
OPM (%) 14.1 13.3 14.1 12.7
Interest 5.0 8.5 (40.8) 25.7 35.7 (28.1)
Depreciation/Amortisation 15.7 10.4 50.6 60.1 35.8 67.8
Other Income 5.3 3.1 69.6 18.3 12.2 49.7
PBT (excl. Ext. Items) 69.5 59.5 16.8 307.7 244.7 25.7
Ext Income/(Expenses) (5.7) (15.0) (9.8) (15.0)
PBT (incl Ext. Items) 63.8 44.5 43.4 297.9 229.6 29.7
(% of Sales) 10.6 7.9 11.2 9.6
Prov. for Taxation 11.7 0.1 0.0 64.3 40.9 57.2
(% of PBT) 18.4 0.2 21.6 17.8
Minority Interest 0.9 (0.0) 1.9 (0.0)
Reported PAT 51.1 44.4 15.2 231.7 188.7 22.8
PATM (%) 8.5 7.8 8.7 7.9
Equity Shares (cr) 60.9 60.9 60.9 60.9
EPS (Rs) 0.8 0.7 15.1 3.8 3.1 22.7
Recurring PAT 59.9 59.4 0.7 241.5 203.7 18.5
Source: Company, Angel Research
Volume growth strong at 14%; Price cuts curtail Top-line growth to a muted 6%
Marico declared yet another quarter of disappointing Top-line growth of 6% yoy to
Rs602.3cr (Rs566cr), below our estimates of a 10.8% growth to Rs622cr, owing to
steep price cuts. However, volume growth stood at a strong 14%, driven by price cuts
and promotional offers. Its core brands, Parachute and Saffola, posted volume
growth of 10% and 13%, respectively, for the quarter. Marico’s International
business continued to post a steady growth of 16% yoy (22% yoy adjusted for
currency movement) for the quarter. Kaya posted revenue of Rs45cr and a loss of
Rs5.3cr for the quarter, with same clinic growth dropping by 5% due to the recent
price hike (after the imposition of service tax in September 2009) and the economic
slowdown.
Gross Margin gains re-invested into Ad-spends; OPM expansion limited to 80bp
Marico witnessed a significant expansion in Gross Margins by 644bp yoy, as copra
and safflower prices were 20% and 22% lower, respectively, during FY2010.
However, Marico re-invested a majority of its gains into higher ad-spends, which
were up by 517bp yoy. Hence, the EBITDA grew at a muted pace of 13% yoy to
Rs84.9cr (Rs75.3cr). Adjusted for cautionary excise duty provisions of Rs1.2cr (for
dispatches of CNO packs upto 200ml) during the quarter, the EBITDA grew at
14% yoy.
April 28, 2010 2

3. Marico I 4QFY2010 Result Update
Recurring Earnings remain flat due to a low Tax base and one-off items
In terms of Earnings, Marico, posted a growth of 15% yoy to Rs51.1cr (Rs44.4cr), on
a reported basis, impacted by higher Taxes (due to a low base, treated loss on
Sundari closure as business loss in 4QFY2009) and a muted Top-line. However,
adjusted for one-off items like provision of impairment of assets/write-offs to the
tune of Rs3cr and a one-time loss of Rs5.7cr on closure of Kaya Life centers,
Recurring Earnings grew by a muted 0.7% yoy to Rs59.9cr, below our estimates of a
7.8% yoy growth to Rs64cr.
Modest growth in core brands, led by promotional offers and price cuts
Parachute coconut oil in rigid packs recorded volume growth of 10% yoy during the
quarter, aided by price cuts (reduced retail price of Parachute’s 50ml pack from
Rs12 to Rs10 in November 2009, and of the 100ml pack from Rs21 to Rs20 in
January 2010). However, Marico recently increased prices of the 200ml pack from
Rs39 to Rs40. For FY2010, the overall volume growth in Parachute stood at 7% yoy
(Flexi pouches, constituting 25% of Parachute’s sales in volume terms, posted a
marginal decline).
The Saffola franchise registered a steady growth of 13% yoy during the quarter and
16% for FY2010, aided partially by consumer offers on select SKUs. Adjusted for the
promotional offer, growth in Saffola stood at ~11% yoy.
International business registers modest growth of 16% for the quarter
The International FMCG Business grew a modest 16% yoy (22% yoy adjusted for
currency movement) during the quarter, and now comprises of around 23% of the
group turnover. In Bangladesh, Parachute commanded a volume share of about
75%. Hair dye code established itself as the second-largest hair dye brand in
Bangladesh. In the Middle East, both Parachute Cream and Parachute Gold hair oil
experienced healthy growth. Marico’s business in Egypt comprising the hair cream
and hair gel brands, Fiancée and Hair Code, achieved a growth of 19% during
FY2010. During 4QFY2010, Marico launched Parachute Gold hair oil in Egypt. The
new factory commissioned in Egypt in FY2009 has gradually begun taking over the
hair cream servicing needs of the Middle-Eastern region. Despite a difficult macro
economic situation in South Africa, Marico’s business in ethnic hair care and health
care performed well.
For FY2010, the International business grew by 36% yoy and crossed the Rs600cr
mark in turnover, led by 21% volume growth, 9% price-led growth and a 6%
favorable currency gain. The operating margins of the business stood at ~11%, and
have been steadily improving over the years. The company has also taken structural
initiatives to improve its margins in the International FMCG business.
Kaya to undergo consolidation; same clinic growth declines 5%
Kaya recorded a turnover of Rs45cr (flat qoq) and a loss of Rs5.3cr during the
quarter. Kaya continues to experience a decline in same clinic revenue in India,
which declined 13% during the quarter due to the recent price hike (after the
imposition of service tax in September 2009) and the economic slowdown. However,
same clinic revenue in the Middle East grew 17%. Consequently, the same clinic
growth for Kaya skin as a whole was a negative 5%. During 4QFY2010, Kaya
opened its first clinic in Dhaka, Bangladesh. It now operates 101 clinics: 87 in India
across 27 cities and 13 in the Middle East, in addition to the most recent one in
Dhaka.
April 28, 2010 3

4. Marico I 4QFY2010 Result Update
During 4QFY2010, the management also reviewed all its existing clinic operations
and decided to close down / relocate 7 skin clinics that did not hold long-term
potential, by June 2010. In the process, the company has estimated a closure cost of
Rs2.1cr (provided for in the 4QFY2010 accounts of Kaya). Due to its poor
performance, Marico has withdrawn the Kaya Life prototype from the market. The
net cost of the Kaya Life prototype during FY2010 is estimated to be about Rs 5.7cr
(provided for in 4QFY2010 in the books of account of Kaya, and disclosed
separately as an exceptional item).
For FY2010, Kaya’s skin business registered 15% yoy growth in revenue to Rs182cr
(Rs157cr), and incurred a loss of Rs12.3cr. During FY2011E, while Kaya plans to
add 3-5 clinics in the Middle East it is unlikely to open any new clinics in India. The
management is confident of driving double digit same clinic growth in Kaya in
FY2011E. It will focus on building long term sustainability rather than short term
results and has guided for a break-even only in FY2012.
Outlook and Valuation
After the disappointing Top-line growth on account of an evident lack of pricing
power (especially in a benign input cost scenario) and a disappointing performance
from Kaya, we have marginally revised our Top-line estimates downwards by ~2%.
In terms of Earnings, we have downgraded our estimates by 4-6%, owing to lower
Margins (due to higher ad-spends and weak pricing power) and a marginal jump in
the Tax rate (Management has guided for ~20%, as increase in MAT is likely to be
negated by the rising contribution of the international business, and production from
the new capacity in a tax-free zone).
At the CMP of Rs112, the stock is trading at rich valuations of 22.2x FY2012E EPS of
Rs5.1. While we continue to remain bullish on the management’s ability and sound
product portfolio to deliver consistent growth going ahead, near-term concerns over
Marico’s value growth (steep price cuts) and a slowdown in Kaya (key factors to
monitor in the near-term) coupled with rich valuations, are likely to limit returns from
the current levels. Hence, we maintain our Neutral view on the stock.
Exhibit 2: 1-year forward P/E band
140 14x 18x 22x 26x
120
100
Share Price (Rs)
80
60
40
20
-
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Apr-05
Apr-06
Apr-07
Apr-08
Apr-09
Apr-10
Oct-05
Oct-06
Oct-07
Oct-08
Oct-09
Aug-05
Aug-06
Aug-07
Aug-08
Aug-09
Feb-06
Feb-07
Feb-08
Feb-09
Feb-10
Jun-05
Jun-06
Jun-07
Jun-08
Jun-09
Source: Bloomberg, Angel Research
April 28, 2010 4

5. Marico I 4QFY2010 Result Update
Exhibit 3: 1-year forward P/E Chart
100%
80%
60%
40%
20%
0%
-20%
-40%
-60%
Apr-02
Dec-02
Apr-03
Dec-03
Apr-04
Dec-04
Apr-05
Dec-05
Apr-06
Dec-06
Apr-07
Dec-07
Apr-08
Dec-08
Apr-09
Dec-09
Apr-10
Aug-02
Aug-03
Aug-04
Aug-05
Aug-06
Aug-07
Aug-08
Aug-09
Source: Bloomberg, Angel Research; Note: Red-line indicates 5-year average
Exhibit 4: 1-year forward Premium to Sensex Chart
35.0
30.0
25.0
20.0
15.0
10.0
5.0
-
Dec-02
Dec-03
Dec-04
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Apr-02
Apr-03
Apr-04
Apr-05
Apr-06
Apr-07
Apr-08
Apr-09
Apr-10
Aug-02
Aug-03
Aug-04
Aug-05
Aug-06
Aug-07
Aug-08
Aug-09
Source: Bloomberg, Angel Research; Note: Red-line indicates 5-year average
April 28, 2010 5

6. Marico I 4QFY2010 Result Update
Profit & Loss Statement (Consolidated) Rs crore
Y/E Mar FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
Gross sales 1,559 1,907 2,390 2,663 2,986 3,352
Less: Excise duty 2 2 2 2 3 3
Net Sales 1,557 1,905 2,388 2,661 2,983 3,349
Other operating income - - - - - -
Total operating income 1,557 1,905 2,388 2,661 2,983 3,349
% chg 36.1 22.4 25.4 11.4 12.1 12.3
Total Expenditure 1,358 1,659 2,084 2,286 2,576 2,895
Cost of Materials 804 981 1,285 1,262 1,441 1,641
Advertising Exp 212 246 250 351 388 422
Personnel 91 127 165 190 236 261
Others 251 305 385 483 512 571
EBITDA 199 246 304 375 407 454
% chg 37.8 24.0 23.4 23.4 8.5 11.5
(% of Net Sales) 12.8 12.9 12.7 14.1 13.7 13.6
Depreciation& Amortisation 52 31 36 60 50 56
EBIT 147 215 268 315 357 398
% chg 47.2 47.1 24.5 17.5 13.4 11.3
(% of Net Sales) 9.4 11.3 11.2 11.8 12.0 11.9
Interest & other Charges 21 31 36 26 24 21
Other Income 10 10 12 18 19 22
(% of PBT) 7.5 4.9 5.0 5.9 5.5 5.5
Share in profit of Associates - - - - - -
Recurring PBT 136 195 245 308 352 398
% chg 38.8 43.0 25.8 25.8 14.4 13.0
Extraordinary Expense/(Inc.) (14) (11) 15 10 0 0
PBT (reported) 150 205 230 298 352 398
Tax 37 36 41 64 76 88
(% of PBT) 27.3 18.5 16.7 20.9 21.5 22.0
PAT (reported) 113 169 189 234 276 310
Add: Share of associates - - - - - -
Less: Minority interest (MI) 0 0 (0) 2 2 2
PAT after MI (reported) 113 169 189 232 274 308
ADJ. PAT 99 158 204 241 274 308
% chg 13.8 60.3 28.6 18.5 13.6 12.4
(% of Net Sales) 6.3 8.3 8.5 9.1 9.2 9.2
Basic EPS (Rs) 1.6 2.6 3.3 4.0 4.5 5.1
Fully Diluted EPS (Rs) 1.6 2.6 3.3 4.0 4.5 5.1
% chg 13.8 60.3 28.6 18.5 13.6 12.4
April 28, 2010 6

7. Marico I 4QFY2010 Result Update
Balance Sheet (Consolidated) Rs crore
Y/E Mar FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
SOURCES OF FUNDS
Equity Share Capital 61 61 61 61 61 61
Preference Capital - - - - - -
Reserves& Surplus 131 254 393 564 767 990
Shareholders Funds 192 315 453 625 828 1,051
Minority Interest - - - - - -
Total Loans 251 358 375 446 406 356
Total Liabilities 443 673 828 1,071 1,234 1,407
APPLICATION OF FUNDS
Gross Block 250 315 414 515 570 622
Less: Acc. Depreciation 139 163 203 281 330 387
Net Block 111 151 210 235 240 236
Capital Work-in-Progress 23 65 58 62 68 75
Goodwill 76 126 128 128 128 128
Investments 0 0 12 12 12 12
Deferred Tax Asset 115 98 64 64 64 64
Current Assets 400 528 672 908 1,108 1,338
Cash 43 75 92 205 347 501
Loans & Advances 72 106 130 146 167 188
Other 286 347 450 557 594 650
Current liabilities 283 295 316 338 387 446
Net Current Assets 118 233 356 570 721 892
Mis. Exp. not written off - - - - - -
Total Assets 443 673 828 1,071 1,234 1,407
Cash Flow Statement (Consolidated) Rs crore
Y/E Mar FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
Profit before tax 150 205 230 298 352 398
Depreciation 52 31 36 60 50 56
Change in Working Capital (6) (89) (74) (103) (22) (30)
Interest / Dividend (Net) 21 28 30 17 15 12
Direct taxes paid 37 36 41 64 76 88
Others 10 14 3 3 (4) (3)
Cash Flow from Operations 189 153 183 211 316 346
Inc./ (Dec.) in Fixed Assets (300) (155) (95) (106) (62) (58)
Inc./ (Dec.) in Investments 23 0 (12) 0 0 0
Cash Flow from Investing (277) (155) (107) (106) (62) (58)
Issue of Equity 145 0 0 0 0 0
Inc./(Dec.) in loans 11 107 17 71 (40) (50)
Dividend Paid (Incl. Tax) 47 45 47 47 57 71
Interest / Dividend (Net) 21 28 30 17 15 12
Cash Flow from Financing 89 35 (60) 8 (112) (133)
Inc./(Dec.) in Cash (1) 32 17 113 142 154
Opening Cash balances 41 43 75 92 205 347
Closing Cash balances 43 75 92 205 347 501
April 28, 2010 7

8. Marico I 4QFY2010 Result Update
Key Ratios
Y/E Mar FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
Valuation Ratio (x)
P/E (on FDEPS) 69.2 43.2 33.6 28.3 24.9 22.2
P/CEPS 45.3 36.1 28.5 22.7 21.1 18.8
P/BV 35.5 21.7 15.1 10.9 8.3 6.5
Dividend yield (%) 0.6 0.6 0.6 0.7 0.9 1.1
EV/Sales 4.4 3.6 2.9 2.6 2.3 2.1
EV/EBITDA 35.5 28.9 23.4 18.9 16.9 14.7
EV / Total Assets 15.9 10.6 8.6 6.6 5.6 4.8
Per Share Data (Rs)
EPS (Basic) 1.6 2.6 3.3 4.0 4.5 5.1
EPS (fully diluted) 1.6 2.6 3.3 4.0 4.5 5.1
Cash EPS 2.5 3.1 3.9 4.9 5.3 6.0
DPS 0.6 0.7 0.7 0.8 1.0 1.2
Book Value 3.2 5.2 7.4 10.3 13.6 17.2
Returns (%)
RoCE (Pre-tax) 31.0 38.6 35.7 33.2 31.0 30.1
Angel RoIC (Pre-tax) 50.7 54.2 49.7 46.8 47.7 51.7
RoE 43.6 62.5 53.1 44.8 37.8 32.8
Turnover ratios (x)
Asset Turnover (Gross Block) 4.8 4.3 4.4 4.1 4.3 4.5
Inventory / Sales (days) 51.9 49.9 51.8 56.2 54.5 52.1
Receivables (days) 15.1 16.5 16.9 20.3 18.3 18.7
Payables (days) 62.8 49.0 42.8 41.0 40.9 40.9
April 28, 2010 8

9. Marico I 4QFY2010 Result Update
Research Team Tel: 022- 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com
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Disclosure of Interest Statement Marico
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies’ Directors ownership of the stock No
4. Broking relationship with company covered No
Note: We have not considered any Exposure below Rs 1 lakh for Angel and its Group companies.
Address: Acme Plaza, ‘A’ Wing, 3rd Floor, M.V. Road, Opp. Sangam Cinema, Andheri (E), Mumbai - 400 059.
Tel : (022) 3952 4568 / 4040 3800
Angel Broking Ltd: BSE Sebi Regn No : INB 010996539 / CDSL Regn No: IN - DP - CDSL - 234 - 2004 / PMS Regn Code: PM/INP000001546 Angel Securities Ltd:BSE: INB010994639/INF010994639 NSE:
INB230994635/INF230994635 Membership numbers: BSE 028/NSE:09946
Angel Capital & Debt Market Ltd: INB 231279838 / NSE FNO: INF 231279838 / NSE Member code -12798 Angel Commodities Broking (P) Ltd: MCX Member ID: 12685 / FMC Regn No: MCX / TCM /
CORP / 0037 NCDEX : Member ID 00220 / FMC Regn No: NCDEX / TCM / CORP / 0302
April 28, 2010 9