Marico Q4 Results FY2023, Profit at Rs. 302 crores

On 5th May 2023, Marico announced its quarterly results for the last quarter of FY2023.

Marico Financial Highlights:

- The company reported its Revenue from operations for Q4FY2023 at Rs. 2,240 crores, growth by 4% YoY.
- EBITDA stood at Rs. 393 crores for Q4FY23, up by 14% YoY.
- EBITDA Margin at 17.5%
- PAT was reported at Rs. 302 crores, up by 20% YoY

Marico’s Domestic Business:

- India Business delivered a turnover of Rs.  1,683 crore, up 2% on a YoY basis.
- Parachute Rigids posted 9% volume growth amid the normal course of loose-to-branded conversions as stability in consumer pricing and copra prices prevailed through the quarter. The brand gained 70 bps in volume MS. Volume growth in Q4 was 6% on a 4-year CAGR basis. 
- Value Added Hair Oils ended the year on a rather positive note with value growth of 13% in Q4, driven by volumes. The franchise logged a 60 bps gain in value MS. The 4-year value CAGR stood in mid-single digits, lower than medium-term aspirations, owing to the extended slowdown in rural. 
- Saffola Edible Oils witnessed a mid-single digit volume decline on a high volume base sustained during the outbreak of the Omicron variant of COVID-19 last year. Despite the soft quarter, volume growth on a 4-year CAGR basis was in the high single digits.
- Foods grew 18% in value terms to close near the Rs. 600 crore revenue mark in FY23. Saffola Oats continued to anchor the growth as it maintained its leadership position in the Oats category. Newer offerings such as Honey, Soya Chunks, Peanut Butter, Munchiez and Mayonnaise witnessed healthy traction. 
- Premium Personal Care had another reassuring quarter with 20%+ growth and closed just shy of Rs. 350 crores in revenues in FY23. The digital-first portfolio also scaled up well in line with expectations

Marico’s International Business:

- International business posted a stellar performance with a 16% constant currency growth. 
- Bangladesh clocked 9% constant currency growth as both the core and newer portfolios performed well. 
- Vietnam grew by 16% in constant currency terms with healthy traction in both the HPC and Foods franchises. 
- MENA grew by 37%, while South Africa grew by 21% in constant currency terms.

Commenting on the results, Saugata Gupta, MD & CEO, commented, “FY23 ended on a reassuring note with improving trends across all performance parameters, accompanied by indications of a gradual sectoral recovery. The domestic business delivered a far more broad-based growth with visibly positive results in the portfolio diversification journey, while the international business continued to reinforce its underlying strength amidst a challenging operating environment. As we move into next year, we expect the pace of growth in volumes, revenues and earnings to move in the right direction, aided by an evolving portfolio of entrenched and budding franchises, distribution expansion, and adequate investments in market development and brand building.”