Marico Limited — Interim / Quarterly Report 2021

Jul 27, 2020

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July 27, 2020

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

Sub.: Announcement of Financial Results for the quarter ended June 3o, 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 July 27, 2020 has, inter-alia , approved the un-audited financial results in respect of Marico Limited and its consolidated entities (i.e. Marico Limited, its subsidiaries and associate companies) for the quarter ended June 30, 2020.

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

1. Un-audited Financial Results in respect of Marico Limited and its consolidated entities (i.e., Marico Limited, its subsidiaries and associate companies) for the quarter ended June 30, 2020.

2. Limited Review Reports by the Statutory Auditors of the Company on the aforesaid Un-audited Financial Results.

The Board Meeting commenced at 11:45 a.m. and concluded at 2.15 pm.

Kindly take the above on record and oblige.

Thank you.

For Marico Limited HEMANGI Digitally signed by HEMANGI YATEEN YATEEN GHAG GHAG Date: 2020.07.27 14:38:56 +05'30' Hemangi Ghag Company Secretary & Compliance Officer

Encl.: As above

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Chartered Accountants

B S R & Co. LLP

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

Telephone +91 (22) 4345 5300 Fax +91 (22) 4345 5399

Limited review report

To the Board of Directors of Marico Limited

1. We have reviewed the accompanying Statement of unaudited consolidated financial results of Marico Limited (“the Parent”) and its subsidiaries (the Parent and its subsidiaries together referred to as “the Group”), and its share of the net loss and total comprehensive loss of its joint ventures for the quarter ended 30 June 2020 (“the Statement”), being submitted by the Parent pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing Regulations’).

2. This Statement, which is the responsibility of the Parent’s management and approved by the Parent’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 “ Interim Financial Reporting ” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

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

Limited review report (Continued)

Marico Limited

• 4 . The Statement includes the results of the following entities:

Sr .	Subsidiary /Joint Venture	Relationship
No.
1	Marico Bangladesh Limited	Subsidiary
2	Marico Middle East FZE (MME)	Wholly owned Subsidiary
3	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	Wholly owned Subsidiary of
	S.A.E	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	Wholly owned Subsidiary of
	consumer care & Partners- Wind)	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	Wholly owned Subsidiary
	Consumer Products Corporation)
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 (upto 29 June 2020 was a joint venture)	Wholly owned Subsidiary
		(w.e.f. 30 June 2020)
15	Revolutionary Fitness Private Limited	Joint Venture
16	Hello Green Private Limited (w.e.f. 11 November 2019)	Joint Venture

1. Attention is drawn to the fact that the figures for the 3 months ended 31 March 2020 as reported in these financial results are the balancing figures between audited figures in respect of the full previous financial year and the published year to date figures up to the third quarter of the previous financial year. The figures up to the end of the third quarter of previous financial year had only been reviewed and not subjected to audit.

2. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

B S R & Co. LLP

Limited review report (Continued)

Marico Limited

1. We did not review the interim financial statements / financial information / financial results of five subsidiaries included in the Statement, whose interim financial statements / financial information / financial results reflect total revenues (before consolidation adjustments) of Rs. 464.25 crore, total net profit after tax (before consolidation adjustments) of Rs. 89.75 crore and total comprehensive income (before consolidation adjustments) of Rs. 89.31 crore, for the quarter ended 30 June 2020, as considered in the consolidated unaudited financial results. These interim financial statements / financial information / financial results have been reviewed by other auditors whose reports have been furnished to us by the management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and joint ventures, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.

Our conclusion on the Statement is not modified in respect of the above matters.

1. The Statement includes the interim financial statements / financial information / financial results of eight subsidiaries which have not been reviewed, whose interim financial statements / financial information / financial results reflect total revenue (before consolidation adjustments) of Rs.0.93 crore, total net loss (before consolidation adjustments) of Rs. 1.06 crore and total comprehensive loss (before consolidation adjustments) of Rs.1.06 crore for the quarter ended 30 June 2020, as considered in the Statement. The Statement also includes the Group’s share of net loss (before consolidation adjustments) of Rs. 1.55 crore and total comprehensive loss (before consolidation adjustments) of Rs. 1.55 crore for the quarter ended 30 June 2020, as considered in the consolidated unaudited financial results, in respect of 3 joint ventures (upto 29 June 2020 for 1 joint venture), based on their interim financial statements / financial information / financial results which have not been reviewed. According to the information and explanations given to us by the management, these interim financial statements / financial information / financial results are not material to the Group.

Our conclusion on the Statement is not modified in respect of the above matter.

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

SADASHIV Digitally signed by SADASHIV SHANKAR SHETTY SHANKAR SHETTY Date: 2020.07.27 12:58:18 +05'30'

Sadashiv Shetty Partner Mumbai Membership No: 048648 27 July 2020 UDIN: 20048648AAAABQ5354

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MARICO LIMITED
STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020.
Rs. In Crore
Quarter ended Year ended
No.Sr. Particulars June 30, 2020 March 31, 2020(Audited) June 30, 2019 March 31, 2020
(Un-audited) (Un-audited)
(Refer note 8) (Audited)
1 Revenue from operations 1,925 1,496 2,166 7,315
2 Other income 19 32 28 124
3 Total Income (1 + 2) 1,944 1,528 2,194 7,439
4 Expenses
(a) Cost of materials consumed 830 796 897 3,428
(b) Purchase of stock-in-trade 59 47 39 177
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 95 (84) 201 140
(d) Employee benefits expense 135 108 127 478
(e) Finance cost 9 13 12 50
(f) Depreciation and amortisation expense 34 38 35 140
(g) Other expenses
Advertisement and sales promotion 137 126 219 727
Others 202 221 222 896
Total expenses 1,501 1,265 1,752 6,036
5 Profit before exceptional items, share of net profit/ net (loss) of 443 263 442 1,403
investment accounted for using equity method and tax (3 - 4)
Share of profit / (loss) of joint ventures accounted for using the
6 (2) (1) (0) 0
equity method
7 Profit before exceptional items and tax (5 + 6) 441 262 442 1,403
8 Exceptional items - (Income) / Expenses (Refer Note 7) (64) 10 19 29
9 Profit before tax (7 - 8) 505 252 423 1,374
10 Tax expense
Current tax 101 73 98 347
Deferred tax charge / (credit) 16 (20) 10 (16)
Tax expense for the current year 117 53 108 331
11 Net profit for the period (9 - 10) 388 199 315 1,043
12 Other comprehensive income
A. (i) Items that will not be reclassified to profit or loss
Remeasurements of post employment benefit obligations (0) (1) (2) (3)
(ii) Income tax relating to items that will not be reclassified
to profit or loss
Remeasurements of post employment benefit obligations (0) 0 1 1
B. (i) Items that will be reclassified to profit or loss
Exchange differences on translation of foreign operations (3) 6 2 45
Change in fair value of hedging instrument 1 0 0 (2)
(ii) Income tax relating to items that will be reclassified
to profit or loss
Change in fair value of hedging instrument 0 0 (0) 1
Total other comprehensive income (2) 5 1 42
13 Total comprehensive income for the period (11 + 12) 386 204 316 1,085
14 Net profit attributable to:
- Owners 381 194 308 1,021
- Non-controlling interests 7 5 7 22
15 Other comprehensive income attributable to:
- Owners (2) 6 1 42
- Non-controlling interests (0) (1) - 0
16 Total comprehensive income attributable to:
- Owners 379 199 309 1,063
- Non-controlling interests 7 5 7 22
17 Paid-up equity share capital (Face value of Re. 1/- per share) 129 129 129 129
18 Other equity 2,894
19 Earnings per share (of Re. 1 /- each) ( Not annualised)
(a) Basic (in Rs.) 2.95 1.51 2.39 7.91
(b) Diluted (in Rs.) 2.94 1.50 2.38 7.91
See accompanying notes to the financial results
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Notes to the Marico Limited Consolidated financial results:

1. The Consolidated Un-audited financial results for the quarter ended June 30, 2020 (“the statement”) were reviewed by the Audit Committee and approved by the Board of Directors of Marico Limited ("the Company") at its meeting held on July 27, 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 limited review by the statutory auditors.

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 ended June 30, 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. Following are the particulars of the Company (on a standalone basis) :

	(Rs. in Crore)	(Rs. in Crore)	(Rs. in Crore)	(Rs. in Crore)
Particulars	Quarter ended			Year ended
	June 30, 2020 (Un-audited)	March 31, 2020 (Audited) (Refer note 8)	June 30, 2019 (Un-audited)	March 31, 2020 (Audited)
Revenue from operations Profit before tax (after Exceptional items) Net Profit after tax	1,516 319 255	1,188 284 227	1,777 319 251	5,853 1,258 1,006

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

wing are the particulars of Employee Stock Option plan issued under oyee Stock Option Plan, 2016.	various schemes
Balance at the beginningof theperiod April 1, 2020	44,83,320
Granted during the period	4,70,330
Forfeited /Lapsed duringtheperiod	1,47,820
Exercised duringtheperiod	57,840
Outstandingat the end of theperiod June 30, 2020	47,47,990

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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
June 30, March 31, 2020 June 30,
Particulars March 31, 2020
2020 (Audited) 2019
(Audited)
(Un-audited) (Refer note 8) (Un-audited)
Segment revenue (Sales and other operating income)
India 1,480 1,146 1,731 5,655
International 445 350 435 1,660
Total Segment Revenue 1,925 1,496 2,166 7,315
Less : Inter segment revenue - - - -
Net Segment Revenue 1,925 1,496 2,166 7,315
Segment Results (Profit before tax and interest)
India 358 238 365 1,170
International 125 57 106 336
Total Segment Results 483 295 471 1,506
Less : (i) Finance Cost 9 13 12 50
(ii) Other Un-allocable Expenditure net of unallocable income 31 19 17 53
(iii) Exceptional items (Refer Note 7) (64) 10 19 29
Profit Before Tax 507 253 423 1,374
Share of profit/ (loss) of Joint Venture (2) (1) (0) 0
Profit Before Tax after share of profit/ (loss) of Joint Venture 505 252 423 1,374
Segment Assets
India 2,609 2,409 2,410 2,409
International 1,289 1,204 1,148 1,204
Unallocated 1,635 1,389 1,960 1,389
Total Segment Assets 5,533 5,002 5,518 5,002
Segment Liabilities
India 1,001 977 1,219 977
International 465 471 446 471
Unallocated 622 518 549 518
Total Segment Liabilities 2,088 1,966 2,214 1,966
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1. Exceptional Items:

2. i. On 30 June 2020, the Company has acquired the remaining 55% stake in ZED Lifestyle Private Limited (which was earlier a Joint Venture) and converted it into a wholly owned subsidiary. On obtaining the Control, the Company has re-measured the existing stake at fair value and has recognised the re-measurement gain in the consolidated statement of profit and loss in accordance with Ind AS. Excluding this adjustment, Net Profit after Tax for the quarter ended June 30, 2020 would have been Rs 338 Crore.

At June 30, 2020, the fair value of assets and liabilities acquired have been determined provisionally by the Company and accounted for in accordance with IND AS 103 – “Business Combination”.

• ii. During the quarter ended Mar 31, 2020, the Company had 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.

• iii. Exceptional items for the quarter ended June 30, 2019 includes 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.

• The figures for the three months ended March 31, 2020 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: 2020.07.27 12:26:09 +05'30'

Date: July 27, 2020

Managing Director and CEO

SADASHIV Digitally signed by SADASHIV SHANKAR SHANKAR SHETTY Date: 2020.07.27 SHETTY 12:57:17 +05'30'

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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, Veggie Clean, Keep Safe, Travel Protect, House Protect, 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, Mediker SafeLife, 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/

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B S R & Co. LLP

Chartered Accountants

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

Telephone +91 (22) 4345 5300 Fax +91 (22) 4345 5399

Limited review report

To the Board of Directors of

Marico Limited

1. We have reviewed the accompanying Statement of unaudited standalone financial results of Marico Limited for the quarter ended 30 June 2020(“the Statement”).

2. This Statement, which is the responsibility of the Company’s management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 “ Interim Financial Reporting ” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing Regulations’). Our responsibility is to issue a report on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

4. Attention is drawn to the fact that the figures for the 3 months ended 31 March 2020 as reported in these financial results are the balancing figures between audited figures in respect of the full previous financial year and the published year to date figures up to the third quarter of the previous financial year. The figures up to the end of the third quarter of previous financial year had only been reviewed and not subjected to audit.

5. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with applicable accounting standards and other recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations including the manner in which it is to be disclosed, or that it contains any material misstatement.

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

SADASHIV Digitally signed by SADASHIV SHANKAR SHETTY SHANKAR SHETTY Date: 2020.07.27 12:57:46 +05'30'

Mumbai 27 July 2020

Sadashiv Shetty Partner Membership No: 048648 UDIN: 20048648AAAABP8181

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

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MARICO LIMITED

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STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2020.

1 2 3 4 5 6 7 8 9 10 11 12 13 14 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 and tax (3 - 4) Exceptional items - (Income) / Expenses (Refer Note 6) Profit before tax (5 - 6) Tax expense Current tax Deferred tax charge / (credit) Tax expense for the current year Net profit for the period (7 - 8) 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 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 for the period Total comprehensive income for the period (9 + 10) 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 Year ended June 30, 2020 (Un-audited) March 31, 2020 (Audited) (Refer note 7) June 30, 2019 (Un-audited) March 31, 2020 (Audited) 1,516 1,188 1,777 5,853 19 105 26 308 1,535 1,293 1,803 6,161 702 686 769 2,930 50 38 31 138 90 (81) 197 138 95 68 86 308 6 9 8 33 26 30 29 113 88 80 163 502 159 179 182 722 1,216 1,009 1,465 4,884 319 284 338 1,277 - - 19 19 319 284 319 1,258 68 56 71 259 (4) 1 (3) (7) 64 57 68 252 255 227 251 1,006 (0) 1 (2) (1) 0 (1) 1 0 1 0 0 (2) 0 0 (1) 1 1 0 (2) (2) 256 227 249 1,004 129 129 129 129 3,376 1.97 1.75 1.95 7.79 1.97 1.75 1.94 7.79 Quarter ended

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Notes to the Marico Limited Standalone financial results:

1. The Standalone Un-audited financial results for the quarter ended June 30, 2020 (“the statement”) were reviewed by the Audit Committee and approved by the Board of Directors of Marico Limited ("the Company") at its meeting held on July 27, 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 limited review by the statutory auditors.

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. 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, 2020 44,83,320
Granted during the period 4,70,330
Forfeited / Lapsed during the period 1,47,820
Exercised during the period 57,840
Outstanding at the end of the period June 30, 2020 47,47,990
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1. The Company has purchased remaining 55% stake and acquired full control of ZED Lifestyle Private Limited (which was earlier a Joint Venture) on June 30, 2020.

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

3. Exceptional items for the quarter ended June 30, 2019 includes 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.

4. The figures for the three months ended March 31, 2020 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: 2020.07.27 12:26:46 +05'30' Saugata Gupta

Date: July 27, 2020

Managing Director and CEO

SADASHIV Digitally signed by SADASHIV SHANKAR SHANKAR SHETTY Date: 2020.07.27 SHETTY 12:59:03 +05'30'

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