Marico Limited — Annual Report 2020

May 4, 2020

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May 4, 2020

The Secretary, Listing Department, BSE Limited, 1st Floor, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 Scrip Code: 531642

The Manager, Listing Department, National Stock Exchange of India Limited, 'Exchange Plaza', C-1 Block G, Bandra Kurla Complex, Bandra (E) Mumbai – 400 051 Scrip Symbol: MARICO

Sub.: Announcement of Financial Results for the quarter and financial year ended March 31, 2020

Dear Sir / Madam,

This is to inform you that the Board of Directors of the Company at its meeting held today i.e. on May 4, 2020 has, inter-alia , approved the financial results in respect of Marico Limited and its consolidated entities (i.e. Marico Limited, its subsidiaries and associate companies) for the quarter and financial year ended March 31, 2020.

In view of the above, please find enclosed herewith a copy of the following:

1. Financial results in respect of Marico Limited and its consolidated entities (i.e., Marico Limited, its subsidiaries and associate companies) for the quarter and financial year ended March 31, 2020.

2. Statutory Auditor’s Report on the Audited Financial Results of Marico Limited and its Consolidated entity (i.e. Marico Limited, its subsidiaries and associate companies) for the financial year ended March 31, 2020;

3. A declaration with respect to Audit Report with unmodified opinion to the audited financial results.

Kindly take the above on record and oblige.

Thank you.

For Marico Limited

HEMANGI Digitally signed by HEMANGI YATEEN GHAG YATEEN GHAG Date: 2020.05.04 14:49:32 +05'30' Hemangi Ghag Company Secretary & Compliance Officer

Encl.: As above

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B S R & Co. LLP Chartered Accountants

5th Floor, Lodha Excelus, Telephone +91 (22) 4345 5300 Apollo Mills Compound Fax +91 (22) 4345 5399 N. M. Joshi Marg, Mahalaxmi Mumbai - 400 011 India

Independent Auditors’ Report

To the Board of Directors of Marico Limited

Report on the audit of the Consolidated Annual Financial Results

Opinion

We have audited the accompanying consolidated annual financial results of Marico Limited (hereinafter referred to as the ‘‘Holding Company”) and its subsidiaries (Holding Company and its subsidiaries together referred to as “the Group”), and its joint ventures for the year ended 31 March 2020, attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing Regulations’).

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditors on separate audited financial statements /financial results/ financial information of the subsidiaries and joint ventures, the aforesaid consolidated annual financial results:

• a. include the annual financial results of the following entities

S. No.	Subsidiary /Joint Venture	Relationship
1	Marico Bangladesh Limited	Subsidiary
3	Marico Middle East FZE (MME)	Wholly owned Subsidiary
2	Marico Bangladesh Industries Limited	Wholly owned Subsidiary of MME
4	Marico Malaysia Sdn. Bhd.	Wholly owned Subsidiary of MME
5	Egyptian American Investment and Industrial Development Company S.A.E	Wholly owned Subsidiary of MME
6	MEL Consumer Care SAE (MELCC)	Wholly owned Subsidiary of MME
7	Marico Egypt Industries Company	Wholly owned Subsidiary of MELCC
8	Marico for Consumer Care Products SAE (formerly known as MEL consumer care & Partners- Wind)	Wholly owned Subsidiary of MELCC
9	Marico South Africa Consumer Care (Pty) Limited (MSACC)	Wholly owned Subsidiary
10	Marico South Africa (Pty) Limited	Wholly owned Subsidiary of MSACC
11	Marico South East Asia Corporation (Formerly known as International Consumer Products Corporation)	Wholly owned Subsidiary
12	Marico Consumer Care Limited	Wholly owned Subsidiary
13	Marico Lanka (Private) Limited (w.e.f. 3 March 2019)	Wholly owned Subsidiary
14	Zed Lifestyle Private Limited	Joint Venture
15	Revolutionary Fitness Private Limited	Joint Venture
16	Hello Green Private Limited (w.e.f. 11 November 2019)	Joint Venture

B S R & Co (a partnership firm with Registered Office: Registration No. BA61223) converted into 5th Floor, Lodha Excelus B S R & Co. LLP (a Limited Liability, Partnership Apollo Mills Compound with LLP Registration No. AAB-8181) N. M. Joshi Marg, Mahalaxmi with effect from October 14, 2013 Mumbai - 400 011. India

B S R & Co. LLP

Independent Auditors’ Report (Continued)

Marico Limited

Opinion (Continued)

• b. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and

• c. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of consolidated net profit and other comprehensive income and other financial information of the Group for the year ended 31 March 2020.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified under section 143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Annual Financial Results section of our report. We are independent of the Group and its joint ventures in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us along with the consideration of audit reports of the other auditors referred to in sub paragraph (a) of the “Other Matters” paragraph below, is sufficient and appropriate to provide a basis for our opinion on the consolidated annual financial results.

Management’s and Board of Directors’ Responsibilities for the Consolidated Annual Financial Results

These consolidated annual financial results have been prepared on the basis of the consolidated annual financial statements.

The Holding Company’s Management and the Board of Directors are responsible for the preparation and presentation of these consolidated annual financial results that give a true and fair view of the consolidated net profit/ loss and other comprehensive income and other financial information of the Group including its joint ventures in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Management and Board of Directors of the companies included in the Group and of its joint ventures are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of each company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated annual financial results by the Management and the Directors of the Holding Company, as aforesaid.

B S R & Co. LLP

Independent Auditors’ Report (Continued)

Marico Limited

Management’s and Board of Directors’ Responsibilities for the Consolidated Annual Financial Results (Continued)

In preparing the consolidated annual financial results, the Management and the respective Board of Directors of the companies included in the Group and of its joint ventures are responsible for assessing the ability of each company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group and of its joint ventures is responsible for overseeing the financial reporting process of each company.

Auditor’s Responsibilities for the Audit of the Consolidated Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated annual financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated annual financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated annual financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the consolidated financial results made by the Management and Board of Directors.

• Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and its joint ventures to cease to continue as a going concern.

B S R & Co. LLP

Independent Auditors’ Report (Continued)

Marico Limited

Auditor’s Responsibilities for the Audit of the Consolidated Annual Financial Results (Continued)

• Evaluate the overall presentation, structure and content of the consolidated annual financial results, including the disclosures, and whether the consolidated annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.

Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group and its joint ventures to express an opinion on the consolidated annual financial results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are the independent auditors. For the other entities included in the consolidated annual financial results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in para (a) of the section titled “Other Matters” in this audit report.

We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated annual financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the circular No CIR/CFD/CMD1/44/2019 issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

Other Matters

• (a) The consolidated annual financial results include the audited financial results of five subsidiaries, whose financial statements/ financial information reflect Group’s share of total assets of Rs. 891.78 crore as at 31 March 2020, Group’s share of total revenue of Rs. 1,712.94 crore and Group’s share of total net profit after tax (and other comprehensive income) of Rs. 222.67 crore and Group’s share of net cash inflows of Rs 29.48 crore for the year ended on that date, as considered in the consolidated annual financial results, which have been audited by their respective independent auditors. The independent auditors’ reports on financial statements/financial information of these entities have been furnished to us by the management and our opinion on the consolidated annual financial results, in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on the report of such auditors and the procedures performed by us are as stated in paragraph above.

B S R & Co. LLP

Independent Auditors’ Report (Continued) Marico Limited

Other Matters (Continued)

• (b) The consolidated annual financial results include the unaudited financial results of seven subsidiaries, whose financial statements / financial information reflect Group’s share of total assets of Rs.58.91 crore as at 31 March 2020, Group’s share of total revenue of Rs. 1.13 crore and Group’s share of total net loss of Rs.5.37 crore, and Group’s share of net cash outflows of Rs 1.52 crore for the year ended on that date, as considered in the consolidated annual financial results. The consolidated annual financial results also include the Group’s share of net profit after tax of Rs. 0.20 crore for the year ended 31 March 2020, as considered in the consolidated annual financial results, in respect of three joint ventures. These unaudited financial statements/financial results/ financial information have been furnished to us by the Board of Directors and our opinion on the consolidated annual financial results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and joint ventures is based solely on such annual financial statements/financial information. In our opinion and according to the information and explanations given to us by the Board of Directors, this financial statements/ financial information are not material to the Group.

Our opinion on the consolidated annual financial results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the financial results/financial information certified by the Board of Directors.

The consolidated annual financial results include the results for the quarter ended 31 March 2020 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.

For B S R & Co. LLP Chartered Accountants Firm’s Registration No: 101248W/W-100022

SADASHIV Digitally signed by SADASHIV SHANKAR SHANKAR SHETTY Date: 2020.05.04 SHETTY 15:10:07 +05'30'

Sadashiv Shetty

Partner

Mumbai 4 May 2020

Membership No: 048648 UDIN: 20048648AAAAAL4994

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MARICO LIMITED STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2020.

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Sr. No.	Revenue from operations Other income Total Income (1 + 2) Expenses (a) Cost of materials consumed (b) Purchase of stock-in-trade (c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (d) Employee benefits expense (e) Finance cost (f) Depreciation and amortisation expense (g) Other expenses Advertisement and sales promotion Others Total expenses Profit before exceptional items, share of net profit/ net (loss) of investment accounted for using equity method and tax (3 - 4) Share of profit / (loss) of joint ventures accounted for using the equity method Profit before exceptional items and and tax (5 + 6) Exceptional items - (Income) / Expenses (Refer Note 10) Profit before tax (7 - 8) Tax expense Current tax Deferred tax charge / (credit) Tax expense for the current year Tax Adjustments for earlier years (Refer Note 5) Total income tax expenses recongised during the year Net profit for the period (9 - 10) Other comprehensive income A. (i) Items that will not be reclassified to profit or loss Remeasurements of post employment benefit obligations (ii) Income tax relating to items that will not be reclassified to profit or loss Remeasurements of post employment benefit obligations B. (i) Items that will be reclassified to profit or loss Exchange differences on translation of foreign operations Change in fair value of hedging instrument (ii) Income tax relating to items that will be reclassified to profit or loss Change in fair value of hedging instrument Total other comprehensive income Total comprehensive income for the period (11 + 12) Net profit attributable to: - Owners - Non-controlling interests Other comprehensive income attributable to: - Owners - Non-controlling interests Total comprehensive income attributable to: - Owners - Non-controlling interests Paid-up equity share capital (Face value of Re. 1/- per share) Other equity Earnings per share (of Re. 1 /- each) ( Not annualised) (a) Basic (in Rs.) (b) Diluted (in Rs.) See accompanying notes to the financial results Particulars	Rs. in Crore March 31, 2020 (Audited) (Refer note 13) December 31, 2019 (Un-audited) March 31, 2019 (Audited) (Refer note 13) March 31, 2020 (Audited) March 31, 2019 (Audited) 1,496 1,824 1,609 7,315 7,334 32 29 28 124 103 1,528 1,853 1,637 7,439 7,437 796 848 1,042 3,428 3,995 47 47 41 177 145 (84) 33 (263) 140 (123) 108 116 117 478 466 13 12 12 50 40 38 32 39 140 131 126 185 153 727 659 221 222 225 896 866 1,265 1,495 1,366 6,036 6,179 263 358 271 1,403 1,258 (1) (0) (1) 0 (1) 262 358 270 1,403 1,257 10 - - 29 - 252 358 270 1,374 1,257 73 71 67 347 331 (20) 11 (12) (16) (18) 53 82 55 331 314 - - (188) - (188) 53 82 (133) 331 126 199 276 403 1,043 1,131 (1) 0 (2) (3) (2) 0 0 0 1 (0) 6 42 (28) 45 (16) 0 (1) 1 (2) 0 0 1 (0) 1 (0) 5 42 (29) 42 (18) 204 318 374 1,085 1,113 194 272 399 1,021 1,114 5 4 4 22 17 6 41 (29) 42 (18) (1) 1 (0) 0 0 200 313 370 1,063 1,096 4 5 4 22 17 129 129 129 129 129 2,894 2,846 1.51 2.11 3.10 7.91 8.64 1.50 2.10 3.10 7.91 8.63 Quarter ended Year ended

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SAUGATA Digitally signed by SAUGATA GUPTA GUPTA Date: 2020.05.04 13:54:59 +05'30'

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Consol Balance Sheet
Rs. in Crore
Particulars As at 31st As at 31st As at 1st April,
March, 2020 March, 2019 2018
Restated Restated
ASSETS
Non-current assets
Property, plant and equipment 654 572 534
Capital work-in-progress 58 45 27
Right of use assets 146 153 150
Investment properties 17 17 30
Goodwill 538 503 486
Intangible assets 41 55 60
Investment accounted for using the equity method 29 25 20
Financial assets
(i) Investments 76 34 37
(ii) Loans 20 18 19
(iii) Other financial assets 11 11 0
Deferred tax assets (net) 159 202 20
Non current tax assets (net) 45 39 33
Other non-current assets 26 35 32
Total non-current assets 1,820 1,709 1,448
Current assets
Inventories 1,380 1,411 1,511
Financial assets
(i) Investments 628 391 486
(ii) Trade receivables 539 517 340
(iii) Cash and cash equivalents 93 48 51
(iv) Bank balances other than (iii) above 186 504 150
(v) Loans 5 5 4
(vi) Other financial assets 3 4 2
Other current assets 340 308 250
Assets classified as held for sale 8 12 -
Total current assets 3,182 3,200 2,794
Total assets 5,002 4,909 4,242
EQUITY AND LIABILITIES
Equity
Equity share capital 129 129 129
Other equity
Reserves and surplus 2,900 2,896 2,428
Other reserves (6) (50) (34)
Non-controlling interests 13 12 12
Total equity attributable to owners 3,036 2,987 2,535
LIABILITIES
Non-current liabilities
Financial liabilities
(i) Borrowings 10 14 20
(ii) Other financial liabilities 144 151 146
Employee benefit obligations 21 20 19
Deferred tax liabilities (net) 6 13 29
Total non-current liabilities 181 198 215
Current liabilities
Financial liabilities
(i) Borrowings 325 335 289
(ii) Trade payables
Due to micro and small enterprises 10 13 4
Due to others 968 931 818
(iii) Other financial liabilities 79 63 55
Other current liabilities 217 196 161
Provisions 58 57 57
Employee benefit obligations 54 68 56
Current tax liabilities (net) 74 61 52
Total current liabilities 1,785 1,724 1,492
Total liabilities 1,966 1,922 1,707
Total equity and liabilities 5,002 4,909 4,242
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SAUGATA Digitally signed by SAUGATA GUPTA GUPTA Date: 2020.05.04 13:56:15 +05'30'

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Marico Limited
Consolidated statement of cash flow
for the year ended 31st March, 2020 Rs. in Crore
Year ended
Particulars 31st March, 2020 31st March, 2019
A CASH FLOW FROM OPERATING ACTIVITIES
Profit before income tax 1,374 1,256
Adjustments for:
Depreciation, amortisation and impairment 150 131
Share of net loss of joint ventures accounted for using the equity method (0) 1
Finance costs 50 40
Interest income from financial assets (72) (54)
(Gain)/ Loss on disposal of property, plant and equipment (NET) (0) (7)
Net fair value changes (including net gain on sale of investments) (29) (72)
Gain on fair value of financial asset and investment (4) 38
Employees stock option charge 10 9
Stock appreciation rights expense charge / (reversal) (1) 7
Provision for doubtful debts, advances, deposits and others (written back) / written off (3) 11
1,475 1,361
Change in operating assets and liabilities:
(Increase) / Decrease in inventories 31 100
(Increase) / Decrease in trade receivables (22) (177)
(Increase) / Decrease in other financials assets 1 (3)
(Increase) / Decrease in other non-current assets (2) (0)
(Increase) / Decrease in other current assets (33) (60)
(Decrease) / Increase in loans (3) (1)
(Decrease) / Increase in provisions 1 (0)
(Decrease) / Increase in employee benefit obligations (14) 4
(Decrease) / Increase in other current liabilities 22 35
(Decrease) / Increase in trade payables 38 121
(Decrease) / Increase in other financial liabilities 14 2
Changes in working capital 33 21
Cash generated from operations 1,508 1,382
Income taxes paid (net of refunds) (289) (320)
Net cash generated from operating activities (A) 1,218 1,062
B CASH FLOW FROM INVESTING ACTIVITIES
Payment for property, plant and equipment and intangible assets (194) (162)
Proceeds from sale of property, plant and equipment 8 19
(Payment for) / Proceeds from purchase/sale of investments (NET) (189) 103
Investment in joint venture (3) (6)
(Purchase)/ Redemption of Inter-corporate deposits (NET) 45 20
Investment in bank deposits (having original maturity more than 3 months) (NET) 217 (357)
Interest received 73 49
Net cash generated from / (utilised in) investing activities (B) (44) (334)
C CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issuance of share capital (net of share issue expenses) 0 -
Sale of investments by WEOMA trust (NET) 3 30
Other borrowings (repaid) / taken (NET) (15) 40
Decrease in minority interest (21) (18)
Interest paid (34) (23)
Repayment of Principal portion of lease liabilities (38) (29)
Interest paid on lease liabilities (16) (16)
Dividends paid to company's shareholders (including dividend distribution tax) (1,025) (682)
Net cash utilised in financing activities (C) (1,146) (697)
D Effect of exchange difference on translation of foreign currency cash and cash equivalents (D) 17 (33)
E NET INCREASE / (DECREASE) IN CASH & CASH EQUIVALENTS (A+B+C+D) 45 (3)
F Cash and cash equivalents at the beginning of the financial year 48 51
G Cash and cash equivalents at end of the year 93 48
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SAUGATA Digitally signed by SAUGATA GUPTA GUPTA Date: 2020.05.04 13:58:05 +05'30'

Notes to the Marico Limited Consolidated financial results:

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1. The Consolidated audited financial results for the quarter and year ended March 31, 2020 were reviewed by the Audit Committee and approved by the Board of Directors of Marico Limited ("the Company") at its meeting held on May 04, 2020 and are available on the Company’s website - http://www.marico.com and on the websites of BSE (www.bseindia.com) and NSE (www.nseindia.com). These results have been subjected to audit by the statutory auditors of the Company and have expressed an unmodified opinion thereon.

2. This statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable.

3. The Consolidated financial results for the quarter and year ended March 31, 2020 comprise results of Marico Limited, its subsidiaries and step down subsidiaries in India, Bangladesh, UAE, Egypt, South Africa, Malaysia, Sri Lanka and Vietnam. All the aforesaid entities and its joint ventures in India are collectively called 'Marico'.

4. The Ministry of Home Affairs vide order No.40-3/2020 dated 24.03.2020 notified first ever nationwide lockdown in India to contain the outbreak of COVID 19. As a result, the operations were temporarily disrupted at manufacturing, warehouse and distribution locations of Marico India. Further, International businesses were also temporarily disrupted with many of the territories experiencing partial or complete lockdown in the last week of March 2020. During this period, the Group could register sales largely in the Edible Oils and Foods portfolio, which fall under essential goods category.

5. During the year ended March 31, 2019, the Company had written back tax provision pursuant to acceptance of its position in tax proceedings pertaining to earlier years.

6. Following are the particulars of the Company (on a standalone basis) :

7. (Rs. in Crore)

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Quarter ended Year ended
March 31, 2020 December M arch 31, 2019 March 31, March 31,
Particulars
(Audited) 31, 2019 (Audited) 2020 2019
(Refer note 13) (Un-audited) (Refer note 13) (Audited) (Audited)
Revenue from operations 1,188 1,434 1,290 5,853 5,971
Profit before tax (after Exceptional items) 284 328 285 1,258 1,183
Net Profit after tax 227 269 429 1,006 1,129
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1. Following are the particulars of Employee Stock Option plan issued under various schemes of Marico Employee Stock Option Plan, 2016.

ing are the particulars of Employee Stock Option plan issued Employee Stock Option Plan, 2016.	under various
Balance at the beginningof theperiod April 1, 2019	30,59,590
Granted duringtheperiod	18,51,460
Forfeited/Lapsed duringtheperiod	2,74,040
Exercised duringtheperiod	1,53,690
Outstandingat the end of theperiod March 31, 2020	44,83,320

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SAUGATA Digitally signed by SAUGATA GUPTA GUPTA Date: 2020.05.04 14:25:57 +05'30'

CIN: L15140MH1988PLC049208 Email: investor@maricoindia.net

8. The %age holding by Company in Joint Venture are as under:

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Sr. No.	Name of the Company	% holding as on April 1, 2019	% Holding acquired during the year	% holding as on March 31, 2020
1	Zed lifestyle Private Limited	42.88	2.12	45.00
2	Revolutionary Fitness Private Limited	22.46	6.98	29.44

No additional stake was acquired by the Company during the quarter ended Mar 31, 2020.

1. In accordance with the Indian Accounting Standards (Ind AS 108), the Company has organized the business into two categories viz, India & International. Accordingly, the Company has reported its segmental results excluding exceptional items for these categories.

2. (Rs. in crore)

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Quarter ended Year ended
March 31, December 31, March 31, March 31, March 31,
Particulars
2020 2019 2019 2020 2019
(Audited) (Un-audited) (Audited) (Audited) (Audited)
Segment revenue (Sales and other operating income)
India 1,146 1,380 1,240 5,655 5,756
International 350 444 369 1,660 1,578
Total Segment Revenue 1,496 1,824 1,609 7,315 7,334
Less : Inter segment revenue - - - - -
Net Segment Revenue 1,496 1,824 1,609 7,315 7,334
Segment Results (Profit before tax and interest)
India 238 298 240 1,170 1,075
International 57 85 60 336 292
Total Segment Results 295 383 300 1,506 1,367
Less : (i) Finance Cost 13 12 12 50 40
(ii) Other Un-allocable Expenditure net of unallocable income 19 13 17 53 69
(iii) Exceptional items (Refer Note 10) 10 - - 29 -
Profit Before Tax 253 358 271 1,374 1,258
Share of profit/ (loss) of Joint Venture (1) (0) (1) 0 (1)
Profit Before Tax after share of profit/ (loss) of Joint Venture 252 358 270 1,374 1,257
Segment Assets
India 2,409 2,271 2,351 2,409 2,351
International 1,204 1,231 1,095 1,204 1,095
Unallocated 1,389 1,982 1,463 1,389 1,463
Total Segment Assets 5,002 5,484 4,909 5,002 4,909
Segment Liabilities
India 977 1,033 985 977 985
International 471 478 411 471 411
Unallocated 518 531 526 518 526
Total Segment Liabilities 1,966 2,042 1,922 1,966 1,922
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1. During the quarter ended Mar 31, 2020, the Company has recognised an impairment loss of Rs 10 Crores towards Goodwill arising out of South African Hair styling brand ISO Plus acquired through its subsidiary Marico South Africa (PTY) limited. The same is disclosed under ‘Exceptional items’ in the Consolidated Statement of Profit and Loss. Excluding the same, profit for the quarter

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SAUGATA Digitally signed by SAUGATA GUPTA GUPTA Date: 2020.05.04 14:23:14 +05'30'

CIN: L15140MH1988PLC049208 Email: investor@maricoindia.net

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ended Mar 31, 2020 would have Rs 209 Crores (Q4 FY19 Rs 214 Crores before tax adjustment of earlier years, resulting in a profit decline of 2%).

In addition to above, Exceptional items for the Year ended March 31, 2020 include expenses in relation to the amount paid towards voluntary retirement scheme offered to the employees on the close of operations at the Kanjikode factory of the company during quarter ended June 30, 2019.

Excluding the above items, Net Profit after Tax for the year ended would have been Rs 1,065 Crore (FY 19 Rs 943 Crores before tax adjustment of earlier years, resulting in profit growth of 13%).

1. The company has adopted Ind AS 116 'Leases', with effect from 1[st] April 2019 using the full retrospective method. Accordingly, the Company has reinstated comparative information of previous periods. This has resulted in recognizing a right-of-use asset of Rs. 154 Crore and a corresponding lease liability of Rs. 187 Crore. The difference of Rs. 23 Crore (Net of deferred tax asset created of Rs. 10 Crore) has been adjusted to retained earnings as at 1[st] April, 2018.

In the Statement of Profit and Loss, operating lease expenses which were recognized as other expenses prior to adoption of IND AS 116 have been substituted with depreciation expense for right-of-use asset and finance cost for interest accrued on lease liability. The impact of adoption of this standard on Profits is as follows;

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||||||||
|---|---|---|---|---|---|---|
|(Rs in Crore)|
|Quarter ended|Year ended|
|March 31,|Dec 31,|March 31,|March 31,|March 31,|
|Particular|
|2020|2019|2019|2020|2019|
|(A)|Reduction in Lease Rental|(15)|(12)|(11)|(50)|(45)|
|(B)|Increase in Depreciation|9|9|10|37|35|
|(C)|Increase in Interest|4|4|4|16|16|
|(D)|Net Impact on Profit before Tax|2|(1)|(3)|(3)|(6)|

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1. Previous periods figures have been regrouped / reclassified to make them comparable with those of current period.

2. The figures for the three months ended March 31, 2020 and March 31, 2019 are arrived at as difference between audited figures in respect of full financial year and the unaudited published figures upto nine months ended December 31 of the relevant financial year. Also the figures upto the end of third quarter had only been reviewed and not subjected to audit.

Place: Mumbai

Saugata Gupta

SAUGATA Digitally signed by SAUGATA GUPTA GUPTA Date: 2020.05.04 13:43:57 +05'30'

Date: May 04, 2020

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|---|---|
|SADASHIV|Digitally signed by|
|SADASHIV|
|SHANKAR|SHANKAR SHETTY|
|Date: 2020.05.04|
|SHETTY|15:07:33 +05'30'|

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Managing Director and CEO

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CIN: L15140MH1988PLC049208 Email: investor@maricoindia.net

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About Marico:

Marico (BSE: 531642, NSE: “MARICO”) is one of India’s leading consumer goods companies operating in the global beauty and wellness space. During 2019-20, Marico recorded a turnover of INR 73.1 billion (USD 1.03 billion) through its products sold in India and chosen markets in Asia and Africa.

Marico touches the lives of 1 out of every 3 Indians, through its portfolio of brands such as Parachute, Saffola, Saffola FITTIFY Gourmet, Hair & Care, Parachute Advansed, Nihar Naturals, Mediker, True Roots, Kaya Youth O2, Coco Soul, Revive, Set Wet & Livon. The International business contributes to about 23% of the Group’s revenue, with brands like Parachute, Parachute Advansed, HairCode, Fiancée, Caivil, Hercules, Black Chic, Code 10, Ingwe, X-Men, Sedure, Thuan Phat and Isoplus.

As part of Marico's Green Initiative, your Company wants to make its contribution to save the environment by sending its shareholders the Annual Report and other communication using the electronic medium. Therefore, we request you to update your email address with your respective Depository Participant (DP) where you hold your DEMAT accounts. Alternatively, you can mail us at investor@marico.com with your email address, Name, DP ID and Client ID.

Marico Limited

Reg Office: 7[th] floor, Grande Palladium, 175, CST Road, Kalina, Santacruz (East), Mumbai 400 098

Tel: (91-22) 66480 0480 Fax: (91-22) 2650 0159 Website: www.marico.com E-mail: investor@marico.com

CIN: L15140MH1988PLC049208

Websites: www.marico.com, www.maricoinnovationfoundation.org, www.setwet.com, www.parachuteadvansed.com, www.livonhairgain.com, www.livonilovemyhair.com, www.fitfoodie.in, www.artofoiling.com, www.truerootslab.com/, www.saffolalife.com, www.saffolafittify.com/, www.pblskin.com/, www.hairsutras.com/

SAUGATA Digitally signed by SAUGATA GUPTA GUPTA Date: 2020.05.04 14:28:45 +05'30'

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CIN: L15140MH1988PLC049208 Email: investor@maricoindia.net

B S R & Co. LLP Chartered Accountants

5th Floor, Lodha Excelus, Telephone +91 (22) 4345 5300 Apollo Mills Compound Fax +91 (22) 4345 5399 N. M. Joshi Marg, Mahalaxmi Mumbai - 400 011 India

Independent Auditors’ Report

To the Board of Directors of Marico Limited

Report on the audit of the Standalone Annual Financial Results

Opinion

We have audited the accompanying standalone annual financial results of Marico Limited (hereinafter referred to as the ‘‘Company”) for the year ended 31 March 2020, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing Regulations’).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone annual financial results:

• a. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and

• b. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information for the year ended 31 March 2020.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified under section 143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Standalone Annual Financial Results section of our report. We are independent of the Company, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our opinion on the Standalone annual financial results.

B S R & Co (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited Liability, Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013

Registered Office: 5th Floor, Lodha Excelus Apollo Mills Compound N. M. Joshi Marg, Mahalaxmi Mumbai - 400 011. India

B S R & Co. LLP

Independent Auditors’ Report (Continued)

Marico Limited

Management’s and Board of Directors’ Responsibilities for the Standalone Annual Financial Results

These standalone annual financial results have been prepared on the basis of the standalone annual financial statements.

The Company’s Management and the Board of Directors are responsible for the preparation and presentation of these standalone annual financial results that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone annual financial results, the Management and the Board of Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is responsible for overseeing the Company’s financial reporting process

Auditor’s Responsibilities for the Audit of the Standalone Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone annual financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone annual financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone annual financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

B S R & Co. LLP

Independent Auditors’ Report (Continued)

Marico Limited

Auditor’s Responsibilities for the Audit of the Standalone Annual Financial Results (Continued)

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone financial results made by the Management and Board of Directors.

• Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the standalone annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone annual financial results, including the disclosures, and whether the standalone annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

The standalone annual financial results include the results for the quarter ended 31 March 2020 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.

For B S R & Co. LLP Chartered Accountants Firm’s Registration No: 101248W/W-100022

SADASHIV Digitally signed by SADASHIV SHANKAR SHANKAR SHETTY Date: 2020.05.04 SHETTY 15:03:35 +05'30'

Sadashiv Shetty

Mumbai 4 May 2020

Partner Membership No: 048648 UDIN: 20048648AAAAAK3016

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MARICO LIMITED
STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2020.
Rs. in Crore
Quarter ended Year ended
Sr. Particulars March 31, 2020 December 31, March 31, 2019 March 31, March 31,
No. (Audited) 2019 (Audited) 2020 2019
(Refer note 11) (Un-audited) (Refer note 11) (Audited) (Audited)
1 Revenue from operations 1,188 1,434 1,290 5,853 5,971
2 Other income 105 76 97 308 301
3 Total Income (1 + 2) 1,293 1,510 1,387 6,161 6,272
4 Expenses
(a) Cost of materials consumed 686 700 923 2,930 3,463
(b) Purchase of stock-in-trade 38 35 31 138 109
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (81) 44 (250) 138 (101)
(d) Employee benefits expense 68 73 75 308 307
(e) Finance cost 9 7 8 33 24
(f) Depreciation and amortisation expense 30 27 31 113 104
(g) Other expenses
Advertisement and sales promotion 80 120 105 502 482
Others 179 176 179 722 701
Total expenses 1,009 1,182 1,102 4,884 5,089
5 Profit before exceptional items and tax (3 - 4) 284 328 285 1,277 1,183
6 Exceptional items - (Income) / Expenses (Refer Note 8) - - - 19 -
7 Profit before tax (5 - 6) 284 328 285 1,258 1,183
8 Tax expense
Current tax 56 50 50 259 260
Deferred tax charge / (credit) 1 9 (6) (7) (18)
Tax expense for the current year 57 59 44 252 242
Tax Adjustments for earlier years (Refer Note 5) - - (188) - (188)
Total income tax expenses recongised during the period 57 59 (144) 252 54
9 Net profit for the period (7 - 8) 227 269 429 1,006 1,129
10 Other comprehensive income
A. (i) Items that will not be reclassified to profit or loss
Remeasurements of post employment benefit obligations 1 0 (1) (1) (1)
(ii) Income tax relating to items that will not be reclassified
to profit or loss
Remeasurements of post employment benefit obligations (1) 0 (0) 0 0
B. (i) Items that will be reclassified to profit or loss
Change in fair value of hedging instrument 0 (1) 1 (2) 0
(ii) Income tax relating to items that will be reclassified
to profit or loss
Change in fair value of hedging instrument 0 1 (0) 1 (0)
Total other comprehensive income for the period 0 0 (0) (2) (1)
11 Total comprehensive income for the period (9 + 10) 227 269 429 1,004 1,128
12 Paid-up equity share capital (Face value of Re. 1/- per share) 129 129 129 129 129
13 Other equity 3,376 3,360
14 Earnings per share (of Re 1 /- each) ( Not annualised)
(a) Basic (in Rs.) 1.75 2.09 3.33 7.79 8.76
(b) Diluted (in Rs.) 1.75 2.09 3.33 7.79 8.76
See accompanying notes to the financial results
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SAUGATA Digitally signed by SAUGATA GUPTA GUPTA Date: 2020.05.04 13:46:26 +05'30'

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Standalone Balance Sheet

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			Rs. in	Crore	Crore
Particulars	As at 31st March, 2020	As at 31st March, 2019	As at 1st April, 2018
		Restated	Restated
ASSETS
Non-current assets
Property, plant and equipment	561	503			466
Capital work-in-progress	55	42			25
Right of use assets	108	107			102
Investment properties	11	11			23
Intangible assets	21	22			20
Investment in subsidiaries and joint venture	1,030	1,026		1,020
Financial assets
(i) Investments	76	34			37
(ii) Loans	16	15			16
(iii) Other financial assets	28	30			22
Deferred tax assets (net)	148	188			-
Non current tax assets (net)	41	36			30
Other non-current assets	20	30			27
Total non-current assets	2,115	2,044		1,788
Current assets
Inventories	1,165	1,234		1,313
Financial assets
(i) Investments	617	380			450
(ii) Trade receivables	465	430			288
(iii) Cash and cash equivalents	27	10			7
(iv) Bank balances other than (iii) above	53	329			54
(v) Loans	3	3			3
(vi) Other financial assets	27	54			35
Current tax asset (net)	1	-			-
Other current assets	287	262			185
Assets classified as held for sale	5	12			-
Total current assets	2,650	2,714		2,335
Total assets	4,765	4,758		4,123
EQUITY AND LIABILITIES
Equity
Equity share capital	129	129			129
Other equity
Reserves and surplus	3,376	3,360		2,896
Other reserves	(1)	0			0
Total equity attributable to owners	3,504	3,489		3,025
LIABILITIES
Non-current liabilities
Financial liabilities
(ii) Other financial liabilities	109	107			103
Employee benefit obligations	8	9			10
Deferred tax liabilities (net)	-	-			10
Total non-current liabilities	117	116			123
Current liabilities
Financial liabilities
(i) Borrowings	110	131			122
(ii) Trade payables
Due to micro and small enterprises	10	13			4
Due to others	699	702			583
(iii) Other financial liabilities	42	37			32
Other current liabilities	179	146			121
Provisions	58	57			57
Employee benefit obligations	32	51			39
Current tax liabilities (net)	14	16			17
Total current liabilities	1,144	1,153			975
Total liabilities	1,261	1,269		1,098
Total equity and liabilities	4,765	4,758		4,123

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SAUGATA GUPTA Digitally signed by SAUGATA GUPTA Date: 2020.05.04 13:48:25 +05'30'

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Marico Limited
Statement of Cash Flow
For the year ended 31st March, 2020 Rs. in Crore
Year ended
Particulars 31 [st] March, 2020 31 [st] March, 2019
A [CASH FLOW FROM OPERATING ACTIVITIES]
Profit before income tax 1,258 1,183
Adjustments for:
Depreciation, amortisation and impairment 113 104
Finance costs 33 24
Interest income from financial assets (48) (36)
(Gain)/ Loss on disposal of property, plant and equipment (NET) 0 (3)
Net fair value changes (including net gain on sale of investments) (33) (32)
Dividend income from subsidiaries (193) (206)
Employees stock option charge 9 8
Stock appreciation rights expense charge / (reversal) (1) 5
Provision for doubtful debts, advances, deposits and others (written back)/written off (3) 11
1,135 1,058
Change in operating assets and liabilities:
(Increase) / Decrease in inventories 69 79
(Increase) / Decrease in trade receivables (36) (143)
(Increase) / Decrease in other financials assets 28 (26)
(Increase) / Decrease in other non-current assets (2) (1)
(Increase) / Decrease in other current assets (25) (80)
(Decrease) / Increase in loans (1) (0)
(Decrease) / Increase in provisions 1 (0)
(Decrease) / Increase in employee benefit obligations (19) 5
(Decrease) / Increase in other current liabilities 33 25
(Decrease) / Increase in trade payables (3) 128
(Decrease) / Increase in other financial liabilities 8 (1)
Changes in working capital 53 (14)
Cash generated from operations 1,188 1,044
Income taxes paid (net of refunds) (219) (259)
Net cash generated from operating activities (A) 969 785
B CASH FLOW FROM INVESTING ACTIVITIES
Payment for property, plant and equipment and intangible assets (141) (150)
Proceeds from sale of property, plant and equipment 3 13
(Payment for) / Proceeds from purchase/sale of investments (NET) (190) 79
Investment in joint venture (3) (6)
Investment in Subsidiaries (1) -
(Purchase)/ Redemption of Inter-corporate deposits (NET) 45 18
Investment in bank deposits (having original maturity more than 3 months) (NET) 173 (269)
Dividend income from subsidiaries 193 206
Interest received 49 31
Net cash generated from / (utilised in) investing activities (B) 128 (79)
C CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issuance of share capital (net of share issue expenses) 0 -
Sale of investments by WEOMA trust (NET) 3 30
Other borrowings (repaid) / taken (NET) (23) 9
Interest paid (21) (12)
Repayment of Principal portion of lease liabilities (26) (17)
Interest paid on lease liabilities (12) (12)
Dividends paid to company's shareholders (including dividend distribution tax) (1,001) (702)
Net cash used in financing activities (C) (1,080) (704)
D NET INCREASE / (DECREASE) IN CASH & CASH EQUIVALENTS (A+B+C) 17 2
E Cash and cash equivalents at the beginning of the financial year 10 8
F Cash and cash equivalents at end of the year 27 10
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SAUGATA Digitally signed by SAUGATA GUPTA GUPTA Date: 2020.05.04 13:50:27 +05'30'

Notes to the Marico Limited Standalone financial results:

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1. The Standalone audited financial results for the quarter and year ended March 31, 2020 were reviewed by the Audit Committee and approved by the Board of Directors of Marico Limited ("the Company") at its meeting held on May 04, 2020 and are available on the Company’s website - http://www.marico.com and on the websites of BSE (www.bseindia.com) and NSE (www.nseindia.com). These results have been subjected to audit by the statutory auditors of the Company and have expressed an unmodified opinion thereon.

2. This statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable.

3. The Ministry of Home Affairs vide order No.40-3/2020 dated 24.03.2020 notified first ever nation-wide lockdown in India to contain the outbreak of COVID 19. As a result, the operations were temporarily disrupted at manufacturing, warehouse and distribution locations of Marico. During this period, the Company could register sales largely in the Edible Oils and Foods portfolio, which fall under essential goods category.

4. Following are the particulars of Employee Stock Option plan issued under various schemes of Marico Employee Stock Option Plan, 2016

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Balance at the beginning of the period April 1, 2019 30,59,590
ranted during the period 18,51,460
Forfeited / Lapsed during the period 2,74,040
Exercised during the period 1,53,690
Outstanding at the end of the period March 31, 2020 44,83,320
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1. During the year ended March 31, 2019, the Company had written back tax provision pursuant to acceptance of its position in tax proceedings pertaining to earlier years.

2. The %age holding by Company in Joint Venture are as under:

Sr. No.	Name of the Company	% Holding as on April 1, 2019	% Holding acquired during theyear	% Holding as on March 31, 2020
1	Zed lifestyle Private Limited	42.88	2.12	45.00
2	Revolutionary Fitness Private	22.46	6.98	29.44

No additional stake was acquired by the Company during the quarter ended Mar 31, 2020.

SAUGATA Digitally signed by SAUGATA GUPTA GUPTA Date: 2020.05.04 14:18:40 +05'30'

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1. In accordance with the Indian Accounting Standards (Ind AS 108), the Company has disclosed segment results in consolidated financial results.

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1. Exceptional items during the year ended March 31, 2020 represent expenses in relation to the amount paid towards voluntary retirement scheme offered to the employees on the close of operations at the Kanjikode factory of the company. Excluding the same Profit after Tax would have been Rs 1,018 Crore (FY19 Rs 941 Crore before tax adjustment of earlier years, resulting in profit growth of 8%)

2. The Company has adopted Ind AS 116 'Leases', with effect from 1[st] April 2019 using the full retrospective method. Accordingly, the Company has reinstated comparative information of previous periods. This has resulted in recognizing a right-of-use asset of Rs. 102 crore and a corresponding lease liability of Rs. 126 crore. The difference of 16 Crore (Net of deferred tax asset created of 8 Crore) has been adjusted to retained earnings as at 1[st] April, 2018.

In the Statement of Profit and Loss, operating lease expenses which were recognized as other expenses prior to adoption of IND AS 116 have been substituted with depreciation expense for right-of-use asset and finance cost for interest accrued on lease liability. The impact of adoption of this standard on Profits is as follows

				(Rs in Crore)	(Rs in Crore)
	Quarter ended			Year ended
Particular	March 31, 2020	Dec 31, 2019	March 31, 2019	March 31, 2020	March 31, 2019
(A) Reduction in Lease Rental	(10)	(9)	(8)	(35)	(31)
(B) Increase in Depreciation	7	7	6	26	23
(C) Increase in Interest	3	3	3	12	12
(D) Net Impact on Profit before Tax	(1)	(1)	(1)	(3)	(4)

1. Previous periods figures have been regrouped / reclassified to make them comparable with those of current period.

2. The figures for the three months ended March 31, 2020 and March 31, 2019 are arrived at as difference between audited figures in respect of full financial year and the unaudited published figures upto nine months ended December 31 of the relevant financial year. Also the figures upto the end of third quarter had only been reviewed and not subjected to audit.

Place: Mumbai

SAUGATA Digitally signed by SAUGATA GUPTA GUPTA Date: 2020.05.04 13:53:12 +05'30' Saugata Gupta

Date: May 04, 2020

Managing Director and CEO

SADASHIV Digitally signed by SADASHIV SHANKAR SHANKAR SHETTY Date: 2020.05.04 SHETTY 15:00:33 +05'30'

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May 4, 2020

The Secretary, The Manager, BSE Limited, Listing Department, 1[st] Floor, Phiroze Jeejeebhoy Towers, National Stock Exchange of India Limited Dalal Street, 'Exchange Plaza', C-1Block G Mumbai – 400 001 Bandra Kurla Complex, Bandra(East), Scrip Code: 531642 Mumbai 400 051 Scrip Symbol: MARICO

Dear Sir/Madam,

Sub.: Declaration with respect to Audit report with unmodified opinion to the Audited Standalone Financial Results and Audited Consolidated Financial Results for the financial year ended March 31, 2020.

We hereby declare that Audited Standalone Financial Results and the Audited Consolidated Financial Results for the financial year ended March 31, 2020 which have been approved by the Board of Directors of the Company at the meeting held today, i.e. May 4, 2020, , the Statutory Auditors have not expressed any modified opinion(s) in their Audit Report.

The above declaration is made in pursuant to Regulation 33(3)(d) of the SEBI (Listing Obligations and disclosure Requirements) Regulations, 2015, as amended from time to time.

Yours faithfully,

For Marico Limited

HEMANGI Digitally signed by HEMANGI YATEEN GHAG YATEEN GHAG Date: 2020.05.04 14:47:23 +05'30' Hemangi Ghag Company Secretary & Compliance Officer

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