Marico Limited (MARICO) — Financial Results

Investor Takeaways

Revenue grew 3.6% YoY to ₹2,794 Cr in Q3FY25, driven by double-digit volume growth in India

OPM declined to 19.08% in Q3FY25 from 23.69% in Q1FY25, reflecting margin pressure

Net profit fell 15.2% YoY to ₹406 Cr in Q3FY25 compared to ₹474 Cr in Q1FY25

⚠️ OPM compression observed despite revenue growth, with sequential decline from 23.69% to 19.08%

Overall Tone: Neutral based on the numbers only.

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹2,794 Cr	+3.6%
Net Profit	₹406 Cr	-15.2%
EBITDA	Not available	N/A
EPS	[amount context mismatch]	-13.8%
OPM	19.08%	-4.61 pp

What Changed

The filing indicates Marico reported steady demand growth in Q1 FY27 with double-digit volume growth in India and robust performance across core brands. However, the provided quarterly trend data shows a different pattern: revenue increased from ₹2,278 Cr in Q4FY24 to ₹2,794 Cr in Q3FY25, but net profit declined 15.2% YoY to ₹406 Cr while OPM compressed from 23.69% in Q1FY25 to 19.08% in Q3FY25. The company attributes this to softening copra prices improving gross margins, though the data shows OPM pressure. International markets demonstrated mid-teens constant currency growth, though Bangladesh growth moderated. The company reaffirmed its medium-term aspiration for sustainable, profitable volume-led growth.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Marico Limited	67.83	Not available	Not available	1,09,206.85
Hindustan Unilever Limited	36.79	29.38%	27.39%	5,33,874.13
ITC Limited	11.06	50.02%	38.91%	3,87,724.39
Nestle India Limited	84.59	81.33%	93.64%	2,75,845.36

Marico's P/E ratio of 67.83 is significantly higher than Hindustan Unilever's 36.79 and ITC's 11.06, though lower than Nestle India's 84.59.

Risks & Concerns

OPM compression from 23.69% in Q1FY25 to 19.08% in Q3FY25 indicates margin pressure despite revenue growth

Net profit declined 15.2% YoY to ₹406 Cr in Q3FY25

No specific risks identified in this filing beyond the observed margin compression

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	2,794	406	19.08%
Q2FY25	2,664	433	19.59%
Q1FY25	2,643	474	23.69%
Q4FY24	2,278	320	19.4%

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About Marico Limited (MARICO)

Fast Moving Consumer Goods · Agricultural Food & other Products · Listed on NSE

Market Cap: ₹1,09,206.85 Cr P/E: 67.8

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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