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  • Analysis of Annual Report of Marico India

    Загружено:

    Ankit Jaiswal
    189 просмотров17 страниц
    Analysis of annual report of Marico India. Chairman letter, balance sheet, cash flow etc.

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    Analysis of annual report of Marico India

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    Analysis of annual report of Marico India. Chairman letter, balance sheet, cash flow etc.

    Авторское право:

    © All Rights Reserved
    Скачайте в формате DOCX, PDF или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    189 просмотров17 страниц

    Analysis of Annual Report of Marico India

    Загружено:

    Ankit Jaiswal
    Analysis of annual report of Marico India. Chairman letter, balance sheet, cash flow etc.

    Авторское право:

    © All Rights Reserved
    Скачайте в формате DOCX, PDF или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    из 17
    TRANSFORMING MARICO tans" Marico India- A leadit ($4.1 billion) aor Shareholders, {ives me inynenc pleasure in preserting fe you the 27th Annual Rapor of he Company. 2014-15 wos a year coftrnston for te country ond als or your Compary. The new goverment a he Carte was swarm In wih he ‘onder of bringing the aconamy back an the growth made Wih tis backdrop, I topped down in my operational ‘ele end Me, Saugare Gupta, the CEO of the FCG busines wos eppoinid os fhe Managing Director of your ‘Company The Board hos areaed me fo continue fea os the Chalman af he Board, mentoring ond odving the NO fr your Company stegy and flue rood mop. During th yoor under revi, your Company’ ified FCG businans hot delved goed growth inne with ‘s coriving aifcct macro emvirormen We confnus to drive sucess reuhs end grow out E.inznet profes Ste comslld ten ve grow 2% on bar ol on undiire voters prow f Be The cored pot a tox on 18% compare sy, ete tnprecadered nt at ion. ‘our Company wi #0yfosoed on fe ve ranslomotionel ores for growin ~novaren, Go-fo-Maraet lransfrmaion, Value Management, alr Velue Propestin, and I & Anal, while daring farther synergies {rom the unification f Domest ond Inerofonal MCS buineses. IOAT (in terms of brand value) Ont nds in ry 20th nding wp tl Tree Hee ane ot a eres ied eels or terete eee” ae a eared eng eee lees n MNC group with a market cap of Rs 25000 crore ‘Your company ospres tobe leading emerging market mul-netienal wih lederhip in wo core categories ofosrahmant ord male sling in wo covtineis~ Asta and Aca, Wah coined face on 5 areas of ‘ronslomation, tha Company plans fo meat is ospiraton by suakng o win emangeconrumars, wade ond ‘lant evs prpov wi vous incrver Sole "te Her Hear Carpal anched 2014, Nia Shar Jini’ hid education cour of ‘Chote Kader Progot Ke hu nd Soci novatonAceartionProprom SAP Jct Maria Innovation Founcaton MI] are ju a few nfeworty examples. The Diredor? Report ares delle pds on ee ities. ‘Your Companys frst ochove and sun highest sondards of corporat govenance wee uly recopived diag err Ase of nas et Sore wo conan hy by The Emr ates ey ‘Yur Board ararged atone ofthe fur companies thor wore recogrand athe county val coninus fo remoin commited fo Kriering he ineres of fe shreholdenGood | wid 10 e-atim ovr commie innovation end prposenspired grow, which wil conve tobe othe bor of everting we da, would cls Fk a ebute our tccas ove poe yor fo our employee bentciies ho heve damoratated tha bit to amvoce chongs and proocvly infanca he cours of our bine. lay, woud lc hence the shoreholaer for reso aa nthe Company ard lok Farward ote confined ‘stpport and peripatn in he growth of the Company. ico has strong presence in more than 25 countries and now expanding Vit warm gerdéts international geographies (good job here) Hor Merivane=p>> Regarded as "Wealth Creator- FMCG" at Zee Bussiness India's t best Market Analyst Award 14° Chairman since 1990 ” 5 year CAGR: Turnover- 18%, Profit- 15% (Rural sales up from 25% in FY10 to 33% in FY15 and 67% of Revenue comes from Urban while 33% from Rural area ) 1 Good betarmence! So good oppurtunity lies in the Rural segment AEVENUE FROM OPERATIONS pace NET PROFT save: won * rm @* 0 Pa 3 wo 7 ' wm ok elas a 3 =a 00 0 a owe 490, - 20 - ts 3 = z we og i = a ww) Fog . te a 2 2 F wo a = 7 Pa DIMDEND DECLARED cash mors nace “ mo 380 ' i & 00, a a * = = les 20 & - : wie 3 8 | = "Noe 1: P14 noncaltd nl nl the hin Coe Buns Koo) vhich hes bon domargedelcv Ap 1 2014 ‘Not 2: Ices ewpcal iver hee Didend of SX to commermrste 25 ean sce ncarporsion a % — Highest in last five years ANNERURE ‘B’ TO THE DIRECTORS’ REPORT Inlormaion requted under ston 197 he Cmpanies A, 2013 ea with he Companies (Appin! Manager Persone ules, 2014 n HUL's MD & CEO oarns 93: tio of Remuneration ach cor tothemdionrrineraton ofl amore four Compo tein Rar of Breer Tetal Ras ot emaraedch of Bret Remuneration te) | the median renertion Tis Rack anal CRATARTEA TAGE [he Sgete Owns MID CEO. 06,7929 ir ea Kepaa 13,0000 = i el hake 17,0, ea ie BS Mages 19.0900 fa Me, Hene Rv 70,2000 1 ve Wht 19.4,000 1 Me jer Boo 13.0.0 31 Me Rajon Marl 1a.9000 a The lomation provided above ona sondbne ba, ir ork Arial contd tobe the Hain Dict the Campy th le om Ap, 201, The emnenton ‘ht Hash Horna oh ancl yor 201415 nv athe amour pid nar trance canto or The emaeratn Non Excl clo inchade tig fa pi dering he acl your 201415, aon emeneraton of he Company fr lr ompeycr if 8863 fr the fran your 20115 Foran madan menor he employes co ike e197 which compres omloyer he have see forthe hole sl he non yor 201415, Details of percentage nat inthe remuneration of wech Ditctr, Cie Exctve Fie, Che Finan OMe ond Compory Sete in thence yor 2014-13 oe fellows: To Donaraon Tenoneraion El 7 Boas 2013-14 | (Oereaue ie rege Gent eprom | 09.59. oe al ee Te.00,000 2.0.00 or al hole Teleport Der ¥7.06,500| 20,000 a We Indpenon Dre 9.40,000| 75 poo ‘Complnce OMicer 7 ‘er tthecphnaon gen in nok? he diene of point Above ‘Me Scupete Gupte ond Me Vr are were pce the Menepi wip wi let a Ail 1,2014 HUL's MD & CEO's romuneration down by 2.9% 4 CEO ond Chl Finca ene, ” °, 4 2 Theramenrston io Me Sgt Gupta rte Banal yor 20114 inched Howe Pant owance he in te Sori yor 201413 hes proieda Company Lease Acomodaton 4. Theremuneatinol Vik Karen te perineal cl hestckponsexacad ly hindng einen yeor2014-15 mong oR 186.2275. 5. Theremunsaton eNom Eweae Dressing Chinn} ried dig he ioe yoor 7014-15 oxen: Tenneson wore Ts el] 7ST Re] Terns Cpanel ob Sai Conse Bae 10 00 50000 Fercentoge ican inthe mation remuneration a ellamployee in the finns yaa 2014-15 RTE] | SOT | eee iii ements dear eases | 5058" "For aleltion of medion ernortn th mploen cont an 1,097 and 1015 forth ancl yor 201415 ond = 2010-14, spc which compra amples vo hav eed lor he whol ol the ep nl oo Number f permanent eneloye on the rls cfthe Comgony = ofMoch}, 2015: In HULL, It Was up by 4.55% 1370 Inde werines] HUL- 6289 workmen Iathoshipbt-een nares incr he rnertin ef llarloyee anh pamen of your Campony The income ah rananortin el ample halo olin rmination pict the Compan hein woth ond tre poll the Member sich ne leo ery, Fhe caiie wor of he role od dened mre competion dened muah mere benchmarking ui ond i) ele dy rae hich cl ben wth he Companys mele cont Inthe nonienr 701415, asin epoachwrallowad te deen he incnos inthe remanent anpayne. The sal nos in the enero ene with Company’ padamnanc nd mada compovene The average gens he remus ofl employee te naci yor 70145 a compared othe ancl yar 2012-14 (9) nthe mention detec oh onion cept enh cee ech onder Manco tmp Sock Apprecision Rig Pan, 201]. The averageinceane nthe renuseaineleng sch eas incre lemon the fron yor 2014-150 ompare othe nc or 2012-14 1, * Employes fhe hor sre or oll herpes nance eo av Ban cose The hey nde othe Company's perlormanee fn sondlene bos) oe 4.55% in ase of HUL fulton ee owe ser i a aa Pm a aanananaay onl see . o aim Timm 529.080 Prt alsa asta] 5772 a S—11.578% "The gous overdo lower income onl dividend cit om on rene subi i te nncialyor 201415, ‘The mmueraon of Key Manager Pcana desing he nrc yor 201415 ices by rou 19% compe he France yot 2013-14 Wheres the Rot Ble Tox (PT) mowed by 4m he non yar 2014-5 eampared o e Marico's International bussiness has given a CAGR of 16% over the last 5 years where Bangladesh holds 53% share in Marico's international bussiness skin core product ore modest. Egypt also offers @ steway to North Arcon counties such as Alga, Libye and Meroeca Vietnom Vietnom is one of the fastest growing counties in South Fost Asa, In the yeor 2014, the Vielnamese economy grew by 6.0%, higher than the governments! texgel of 5.8%. Local economy is maintaining recovery momentum ond is expected to ‘10w foster aping forward. The Vinom government ‘lo opproved @ hike in minimum wages rate by 15H efecve Ie! Jonvary, 2015. The demographice the country or ser promising, wih an exromely young ond educeted populaion providing en (Macro-Economic Factors In situations of economic constrain, dems which fore in the notre of izretinary spending are the ict fo be cutiled. actors euch ax lw GDP grow ‘re igh-foed illeon ci real in eoinrcing {om bronded to nor-brondd or premium to moss rmorket produc. Political Risks Unrest and inslbily in counties of operation on significantly impact tha busines Marco opercies inthe Developing & Emerging economies of Axio and Aico ond it exposed 10 political risk in Bangladesh, Viena, idle ost, Portfolio Shared Socont oletair ose bia oan santo SEeTSEATS BES. Eompany faces loss competition, ang jg.lgndor in these segments holding Noxd.pesitien, So company’s core business is doing well ond Sot Nga? COPS STS PSONE YAM increase in the number of competing brands in bot ie expected to rebound to 2.0% in 2015, 08 © large Rond depreciation may simucte on export led recovery. High levels of unempleyment end inaguoliy ore considered to be the most salen! economie problams fcing tho county. The long-term poten growth rate of South Alico has been timated ot 2.5%, RISKS & CONCERNS. CChenging Consumer Preferences Demand can be edversly affected by o shift in consumer preferences. Given the explosion and ever owing popularly of zocal media, the apeed of such ait could be very ait Morico invests significant in consumer in sighing to adapt to changing preferences Input Costs Unexpected changes in cemmodiy prices con impect morgins. The past few yoors howe witnessed wide Aucvations in the input moteals prices ‘he © retuh, the overall lovel of uncertainty in the environment continues 10 remain high, However, bronds wih greoter equity ond pricing power may find # easier to adjust prices whan the input prices increase and hold prices when the input prices decne. the marketplece, counter compoigning ond ‘onaresive pring by competitors have the poten of creating disruption Morio hes entered coegories such as moss shin cote, breokles exes hair sing, pos! wash leove- in canditones, deodorants, hapoos (in SouthEast ‘Asia and hoc colours where the compelitive italy is rolotvaly highor 0s compored fo the segments it hos been operating in hitherto, such es coconut ci, hei ils end refioad edible os, Product Innovation cond New Product Launches Suezrss rate for new product launches in the FMCG sector is low. New products way nol be ‘copied by the consumer or may fail to ochiewe the sobs forget. Even more 50 in cass where industry looders invest behind crating new cotegores. Marzo hes adopied the protelyring eppreach fo new product inkeductons that helps moinicin {2 heclthypinsine and ot the zame time, iis the downside rks. Foreign Currency Exposure Marco as @signifcant presanee in Bonglodesh, South Eos Asi, Mile East, Egyp! and South Alea. The Group is therefore exposed to @ wide vrily of currencies like the US Dolley, Souh Afican Rand, Marico's key raw material includes copra, sunflower oil and rice bran oll. The fall in commodity prices hhas.provided an additional benefit to the company. Moreover Marico's ability to pass on the increased cost of raw material to consumers due to brand loyalty mitigates input cost risk Direct reach = Over 8,50,000 outlets Indirect reach = Over 3.6 million outlets Morico coninves to leverage its established pradices ond programs to tac talent ond dale on a Tolnt Valve Proposition, ‘As on Merch 31, 2015, tho employee stengih ‘of Marico Limited worldwide wos 2,402 OUTLOOK fecusing on expansion Moric tdi + While there hor been no signicont recovery on around, the Compony expects rbon consumption to recover grad +The Compony hos @ bus ianevation ppdine wth mull prototpes plonne forthe no yeor + The Compony wil ste 10 raped volume recovery ond moinain medium-term growth ‘asin the rong of 810% by gring the core a roplysoling New reduc. +The direc detbutioninove of Project ONE is expected fo uel volume grows in the Melo moet + ‘Sistine t premise in the value added fir of calgon to furhershenghhen it Value motel Inder. + Sofce wolume grow is expaced fo be bock in line wih She medium erm oook of 8-1 + Execute the revamped strotegy ond drive innovation ia the Youh porto te enable arom ot about 15% 0 208. + The Oats roche i expected fo conibute up Jo NR 125 Crores (USO 20 milo) by nest yor + Over the medium tr, eparting margin before corpora allocaons of bow 17% fo 18% ie oiobl Maric I i +The Company wil continue organic growth capably, 1+ expects to clock on organic op line growth of = 15% in consont currency inthe medium frm, ‘ay ecauistion wil odd to te orzenic orowth 4+ The swuctrel shift in operating morgins is xpced to be svsained of oround 16-17%. Any excess will be ploughed back to fund future growth ‘+ Medium tem growh potential in the core markets of Bongledesh, Vieinom, ond MENA i Jntact on wil continuo to dive growth Looks positive !! - Company J Moat (In torms of ontry barrier) ‘+ Exponsion in otjocont morkets such os Nepo, Pokiston, Combodic, Myanmar, Sri Lenko, Eos Atiee: ¢. Company Is expanding both in terme of product profile and Overall +The Compeny SPCR EY dime gonth of 8:10% and © top Une growh of ~ 15% in the smaciur er, Operating margin is expected to be meintined inthe bond of 15-16% “©The Company wil focus on dering synergies from the vnification af Domestic and letamaional FMCG businesses. Thi indudes ccederation of croce-polinaion & portfolio hermorisction, talent matily, supply choin synergies and process hormanisetion leading 0 cst orbitroge. +\ the Company will focus on fewer but bigger onovaons to creole gowh engines of the ur, «+ [ Sionticont porion of the gcins fom the value transformation exercise i Inca and overseas will be ploughed bock to fund growth ond fexponsion into adjacent cotegories will be supporied by invesiments in ASP in the region of 11-12% of soles with 9 focus on dial marking. © The Compony will continue to invest in increasing its irect rural reach ond Go-To- Morket transformation intitives including ving salione through e-commorce, 1+ The Compony wll oaxs on building capabilites to sit up for grow the lng rn, 1+ The Company wil continue Y© support vorious Intives which ore true to Hs Purpose of “Make 2 Diferenc.

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