Dear All,
Forwarding you the Result Flash on Marico for 4QFY2011.
CMP: `139 Recommendation: The stock is currently under review
| Exhibit 1: Quarterly Summary | |||||
| (` cr) | 4QFY11 | 4QFY10 | % yoy | Angel Est | % Diff |
| Revenue | 747.3 | 602.3 | 24.1 | 668.7 | 11.8 |
| EBITDA | 78.8 | 84.9 | (7.3) | 52.2 | 51.0 |
| OPM (%) | 10.5 | 14.1 | (356bp) | 7.8 | 274bp |
| PAT | (3.9) | 56.9 | - | 28.2 | (113.8) |
Source: Company, Angel Research
| Exhibit 2: Quarterly Performance Update (Consolidated) | ||||||
| Y/E March (` cr) | 4QFY11 | 4QFY10 | % chg | FY2011 | FY2010 | % chg |
| Net Sales | 747.3 | 602.3 | 24.1 | 3,134.0 | 2,660.8 | 17.8 |
| Consumption of RM | 396.0 | 264.6 | 49.6 | 1,617.9 | 1,257.9 | 28.6 |
| (% of Sales) | 53.0 | 43.9 | 51.6 | 47.3 | ||
| Staff Costs | 62.5 | 43.7 | 43.2 | 230.4 | 190.1 | 21.2 |
| (% of Sales) | 8.4 | 7.2 | 7.4 | 7.1 | ||
| Advertising | 67.2 | 89.2 | (24.7) | 346.0 | 351.1 | (1.5) |
| (% of Sales) | 9.0 | 14.8 | 11.0 | 13.2 | ||
| Other Expenses | 142.9 | 119.8 | 19.3 | 556.5 | 482.8 | 15.3 |
| (% of Sales) | 19.1 | 19.9 | 17.8 | 18.1 | ||
| Total Expenditure | 668.6 | 517.3 | 29.2 | 2,750.8 | 2,281.9 | 20.5 |
| Operating Profit | 78.8 | 84.9 | (7.3) | 383.2 | 378.8 | 1.1 |
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