Marico Limited — Interim / Quarterly Report 2020

Jan 30, 2020

marico make a difference

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January 30, 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, Sandra Kurla Complex, Sandra (East) Mumbai - 400 001 Mumbai - 400 051 Scrip Code: 531642 Scrip Symbol: MARICO

Sub.: Announcement of Unaudited Financial Results for the Quarter and Nine months ended Decg_mber 31, 2019

Dear Sir/ Madam,

This is to inform you that the Board of Directors of the Company at its meeting held today i.e. on January 30, 2020, has, inter-alia, approved the following:

1. Un-audited financial results in respect of Marica Limited and its consolidated entities (i.e. Marico Limited, its subsidiaries and associate companies) for the quarter and nine months ended December 31, 2019 and

2. Declaration of the Second Interim Equity Dividend for FY 2019-20 ("Second Interim Dividend") of Rs. 3.25 per equity share of Re. 1 each, being 325% on the paid up equity share capital of Rs. 129.09 Crores. The record date for reckoning the shareholders who shall be entitled to receive the said Second Interim dividend shall be Friday, February 7, 2020 and dividend will be paid to the shareholders on or after Friday, February 28, 2020.

Please find enclosed herewith the following:

1. Un-audited Financial Results (Consolidated and Standalone) for the quarter and nine months ended December 31, 2019 and

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

Kindly take the above on record and oblige.

Thank you.

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Yours faithfully, For Marko Limited

�- Company Secretary & Compliance Officer

Encl.: As above

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Marico Limited Regd Office: 7th Floor Grande Palladium 175, CST Road, Kalina Santacruz (El Mumbai 400 098, India Tei: (91-22) 6648 0480 Fax: (91-22) 2650 0159

CiN: L 15140MH1988PLC049208 Email: investor@marico.com

www.marico.com

BS 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

Limited review report

To the Board of Directors of Marico Limited

• I. We have reviewed the accompanying Statement of unaudited consolidated financial results of Marica Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), and its share of the net profit after tax and total comprehensive income of its joint ventures for the quarter ended 31 December 2019 and year to date results for the period from I April 2019 to 31 December 2019 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (' Listing Regulations').

• 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 "lnferim 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.

• We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of lnferim Financial lnformafion Pe,formed by !he lndependenf Auditor off he Enfify ··, issued by the Institute of Cha,tered 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.

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Registered Office:

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

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

BS R & Co. LLP

1. The Statement includes the results of the following entities:

	Nameof the entity	Relationship
	Marico Bangladesh Limited	Subsidiary
2	Marico Middle East FZE ('MME')	Wholly Owned Subsidiary
3	MBL Industries Limited	Wholly Owned Subsidiary of MME
4	Egyptian American Investment and Industrial Development	Wholly Owned Subsidiary of MME
	Company S.A.E
5	Marico Malaysia Sdn. Bhd.	Wholly Owned Subsidiary of MME
6	MEL Consumer Care S.A.E. ('MELCC')	Wholly Owned Subsidiary of MME
7	Marico Egypt For Industries S.A.E.	Wholly Owned Subsidiary	of
		MELCC
8	Mari co For Consumer Care Products S.A.E.	Wholly Owned Subsidiary	of
	(Formerly known as MEL Consumer Care & Partners- Wind)	MELCC
9	Marico South Africa Consumer Care (Pty) Limited ('MSA')	Wholly Owned Subsidiary
10	Marico South Africa (Pty) Limited	Wholly Owned Subsidiary of MSA
11	Marico South East Asia Corporation (Formerly known as	Wholly Owned Subsidiary
	International Consumer Products Corporation)
12	Marico Consumer Care Limited	Wholly Owned Subsidiary
13	Revolutionary Fitness Private limited	Joint venture (w.e.f. 13 April 2018)
14	Zed Lifestyle Private Limited	Joint venture
15	Marico Lanka Private Limited (w.e.f8 March 2019)	Wholly Owned Subsidiary
16	Hello Green Private Limited (w.e.f20 November 20 I 9)	Subsidiary

1. 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 6 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.

2. We did not review the interim financial results of five subsidiaries included in the Statement, whose interim financial results reflect total assets of Rs 964 crore as at 31 December 2019 and total revenues of Rs. 466 crore and Rs. 1,333 crore, total net profit after tax of Rs. 55 crore and Rs. 191 crore and total comprehensive income of Rs. 55 crore and Rs. 191 crore, for the qua1ter ended 31 December 2019 and for the period f[r] om l April 2019 to 31 December 2019 respectively, as considered in the consolidated unaudited financial results. These interim 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, 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.

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BS R & Co. LLP

1. The Statement includes the interim financial results of eight subsidiaries which have not been reviewed, whose interim financial results reflect total assets of Rs. 68 crore as at_J 1 December 2019 and total revenue of Rs. 1 crore and Rs. 1 crore, total net loss after tax of Rs. 5 crore and Rs. 3 crore and total comprehensive loss of Rs. 5 crore and Rs. 3 crore, for the quarter ended 31 December 2019 and for the period f[r] om 1 April 2019 to 31 December 2019 respectively, as considered in the Statement. The Statement also includes the Group's share of net profit after tax of Rs. 0 crore and Rs.] crore for the qua11er ended 31 December 2019 and for the period f[r] om I April 2019 to 31 December 2019, respectively, as considered in the consolidated unaudited financial results, in respect of two joint ventures, based on their interim financial results which have not been reviewed. According to the information and explanations given to us by the management, these interim 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

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Sadashiv Shetty

Partner

Pace: Mumbai Date :30 January 2020

Membership No: 048648 ICAI UDIN: 20048 GHR /\A.AAF[Yf.1--0{:,

marico make a difference

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MARICO LIMITED

STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2019.

Rs. In Crore

		Rs. In Crore	Rs. In Crore	Rs. In Crore	Rs. In Crore
Sr. Particulars No.		Quarter ended December 31, September 30, 2019 2019 (Un-audited) (Un-audited) December 31, 2018 (Un-audited) Nine months ended Year ended December 31, 2019 (Un-audited) December 31, 2018 March 31, 2019 (Un-audited) (Audited)
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19	Revenue from operations Other income Total Income (1 + 2) Expenses (a) Cost of materials consumed (b) Purchase of stock-in-trade (c) 01anges 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 U1e equity method Profit before exceptional items and and tax (5 + 6) Exceptional items - (Income) / Expenses (Refer Note 9) Profit before tax (7 -8) Tax expense Current tax Deferred tax charge/ (credit) Tax expense for the current year Tax Adjustments for earlier years (Reier Note 4) Total income tax expenses recongised during the year Net profit for the period (9 -10) Other comprehensive income A. (i) Items U,at will not be reclassified to profit or loss Remeasurements of post employment benefit obHgations (ii) Income tax relating to items that will not be reclassified to profit or loss Remeasurements of post employment benefit obligations B. (i) Items U1al will be reclassified to profit or loss Exchange differences on translation of foreign operations 01ange in fair value of hedging instrument (ii) Income tax relating to items U1at 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-contolling 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 annualied) (a) Basic (in Rs.)	1,824 1,829 29 35 1,853 1,864 848 887 47 44 33 (10) 116 127 12 13 32 35 185 197 222 231 1,861 22 1,883 879 38 83 120 9 31 165 217 5,819 92 5,911 2,632 130 224 370 37 102 601 675 5,725 75 5,800 2,954 104 140 350 28 94 506 640 7,334 103 7,437 3,995 145 (123) 466 40 131 659 866
		1,495 1,524 358 340 (0) 1 358 341 - - 358 341 71 65 11 23 82 88 1,542 341 341 341 106 (16) 90 4,771 1,140 1 1,141 19 1,122 234 44 278 4,816 984 1 985 - 985 264 (6) 258 6,179 1,258 (1) 1,257 - 1,257 326 (111 315
			-	- (1881
			82 88 90 278 258		127
			276 253 251 844 727 1,130
			- - - - 42 (4) (1) (1) 1 - (1) 0 1 (0 (2) 1 39 (2) 1 (0) 0 30 (1) 0 (2) 0 (16) 0 (0'
			42 (5) 318 248 (0) 251 37 881 30 757 (18) 1,112
			272 247 4 6 41 (5) 1 313 242 5 6 129 129 246 5 0 (0) 247 4 129 827 17 36 1 863 18 129 714 13 30 (0) 744 13 129 1,113 17 (17) (1) 1,096 16 129 2,848
		2	.11 1.92 1.91 6.41 5.54 8.63
	(b)Diluted(in Rs.)	2.10 1.92 1.91 6.41 5.54			8.63
	See accompanying notes to U1e financial results

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Marico Limited Regd Office: 7th Floor Grande Palladium 175. CST Road, Kalina Santacruz (E) Mumbai 400 098. India Tel: (91·22) 6648 0480 Fax: (91-22) 2650 0159

CIN: L15140MH1988PLC049208 Email: investor@marico.com

www.marico.com

marico make a difference

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Notes to the Marico Limited Consolidated financial results:

1. The Consolidated un-audited financial results for the quarter and nine months ended December 31, 2019 were reviewed by the Audit Committee and approved by the Board of Directors of Marico Limited ("the Company") at its meeting held on January 30, 2020 and are available on the Company's website - htt://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 of the Company.

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 nine months ended December 31, 2019 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. 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.

5. During the quarter ended December 31, 2019, the Company acquired an additional stake in Joint Venture' s as under:

5. During the quarter ended December 31, 2019, the Company acquired an additional stake in Joint Venture' s as under:	5. During the quarter ended December 31, 2019, the Company acquired an additional stake in Joint Venture' s as under:	5. During the quarter ended December 31, 2019, the Company acquired an additional stake in Joint Venture' s as under:
Sr Name of the Company % acquired during the % acquired during % Cumulative No quarter ended Dec 31, nine months ended holding as on Dec 31, 2019 Dec 31 2019 2019
1 2 , Zed lifestyle Private Limited 2.11 2.11 Revolutionary Fitness Private 3.39 6.97 45.00 29.44	,
		45.00 29.44
2

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

(Rs. in Crore)

Particulars Revenue from operations Profit before tax (after Exceptional items) Net Profit after tax	Quarter ended	Quarter ended	Quarter ended	Nine months ended	Nine months ended	Year ended
	December 31,2019 {Un-audited) 1,434 328 269	June30, 2019 (Un-audited) 1,454 327 259	December 31,2018 (Un-audited) 1,500 337 261	December 31,2019 (Un-audited) 4,665 974 779	December 31,2018 (Un-audited) 4,681 898 700	March 31, 2019 (Audited) 5,971 1,183 1,129

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YJ

Marico Limited Regd Office: 7th Floor Grande Palladium 175. CST Road, Kalina Santacruz (E} Mumbai 400 098, India Tel: (91-22) 6648 0480 Fax: (91-22) 2650 0159 www.marico.com

CIN: L15140MH1988PLC049208 Email: investor@marico.com

man co make a difference

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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

Balance at the begg of the period April 1, 2019 Granted during the period Forfeited during the period Exercised during the period Outstanding at the end of the period December 31, 2019			30,59,590	30,59,590
			18,51,460
			1,76,640
			80,000
				46,54,410

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.

P arl iculars Seg1e11t revenue (Saes and otei ope!atng income) India Interatonal Total Segment Revenue Less : Intei sege11t 1·eveme	P arl iculars Seg1e11t revenue (Saes and otei ope!atng income) India Interatonal Total Segment Revenue Less : Intei sege11t 1·eveme	Quater ended (Rs. in crore) Nine months ended Yea ended	Quater ended (Rs. in crore) Nine months ended Yea ended	Quater ended (Rs. in crore) Nine months ended Yea ended	Quater ended (Rs. in crore) Nine months ended Yea ended	Quater ended (Rs. in crore) Nine months ended Yea ended	Quater ended (Rs. in crore) Nine months ended Yea ended	Quater ended (Rs. in crore) Nine months ended Yea ended	Quater ended (Rs. in crore) Nine months ended Yea ended
		December 31,September 30, 2019 2019 (n-audited)(n-audited) 1,380 1,398			December 31, 2018 (n-audited) 1,449 December 31, 2019 (n-audited) 4,509 Decen1ber 31,March 31, 2019 2018 (Un-audited) (Audited) 4,516 5,756
			444 41 1,824 1,829		412 1,310 1,209				1,578
					1,861 5,819 5,725				7,
			- -		- - -				-
Net Segment Revenue			1,824 1,829		1,861 5,819 5,725				7,
Segment Resuts (Profit before ta and interest) India Intemational Total Segment Results Less :(i)Fiance Cost (ii)Othei· Un-allocable Ependitu·e net of llallocable icome (i) Eceptional items(Refer :ote 7)			298 269 85 88 383 357		288 79 367 932 279 1,211 834 231 1,065				1,075 292
									1,367
			12 13 -	13 4 -	9 17 -	37 34 19 28 53 -			40 69 -
Profit Before Tax			358	340	341	1,11	984		1,258
Share ofprofi1 (loss) ofJoint Ventme			0 1 358 341		- 341 1 1,122		1 985		(1)
Profit Before Tax ater share ofprofi1 (loss) of Joint Venture									1,257
Segment Assets India Inteatona Unallocated Total Segment Assets			2,271 2,426 1,231 1,142 1,982 2,120 5,48 5,688 1,033 1,152 478 455 531 533 2,042 2,140		2,052 1,188 1,729 4,969 958 430 569 1,957 2,271 1,231 1,982 5,484 1,033 478 531 2,042 2,052 1,188 1,729 4,969 958 40 569 1,957				2,351 1,095 1,460 4,906 985 411 522 1,918
Segment Liabilities India Inteinational Una ocated T o!al Segment Liabilities -
N: L15140MH1988PLC049208 mail:investor@marico.com - '					f Marico Limited Regd Oice: 7th Floor Grande Palladium 175, CST Road, Kalina Santacruz (E) Mumbai 400 098, India Tel: (91-22) 6648 0480 Fax: (91-22) 2650 0159 w.marico.com

CIN: L15140MH1988PLC049208 Email: investor@marico.com

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• marico

• 9 . E · 1 · d · h · d d d D b 31 2019 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 856 Crore. xceptiona items unng t e per10 en e ecem er , represents expenses m relation makea,difference

• 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. 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 has 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;

follows;
	(Rs in Crore) Quarter ended Nine months Year ended ended
Particular	Dec 31, Sep 30, 2019 2019 (12) (12)		Dec 31, Dec 31, 2018 2019			Dec 31, 2018			March 31, 2019 (45)
(A) Reduction in Lease Rental (B) Increase in Depreciation			(11) (35)				(33)
		9 9 4 4 (1) (1)		8	28	27		35
(C) Increase in Interest				4 (1)	12 (5)		12	16
(D) Net Impact on Profit before Tax							(6)	(6)

1. The Board of directors of Marico Limited declared an interim dividend of 325% (Rs. 3.25 per share) at its meeting held on January 30, 2020. The interim dividend would be payable to those shareholders, whose names appear in the Register of Members as on February 7, 2020.

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

Place: Mumbai

Date: January 30, 2020

Managing Director and CEO

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Marice Limited Re[g] d Office: 7th Floor Grande Palladium 175, CST Road, Kalina Santacruz (E) Mumbai 400 098, India Tel: (91-22) 6648 0480 Fax:[(] 91-22) 26500159

CIN: l15140MH1988PLC049208 Email: investor[@] marico.com

www.marico.com

marico make a differencp

About Marico:

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Marico (BSE: 531642, NSE: "MARICO") is one of India's leading consumer products companies operating in the global beauty and wellness space. During 2018-19, Marico recorded a turnover of INR 73.3 billion (USD 1.05 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 02, Coco Soul, Revive, Set Wet & Livon,. The International business contributes to about 22% of the Group's revenue, with brands like Parachute, Parachute Advansed, HairCode, Fiancee, Caivil, Hercules, Black Chic, Code 10, Ingwe, X-Men, Sedure, Thuan Phat and Isoplus.

Marico' s focus on delivering sustainable business and earnings growth has so far resulted in a healthy shareholder return of 25% CAGR since listing in 1996.

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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Marico Limited Regd Office: 7th Floor Grande Palladium 175, CST Road, Kalina Santacruz (E) Mumbai 400 098, India Tel: (91-22) 6648 0480 F[a] x: (91-22) 2650 0159

www.marico.com

CIN: L 15140MH1988PLC049208 Email: investor@marico.com

BS 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

• I. We have reviewed the accompanying Statement of unaudited standalone financial results of Marico Limited for the quarter ended 31 December 2019 and year to date results for the period from I April 2019 to 31 December 2019 ("the Statement").

• 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 Listing Regulations. Our responsibility is to issue a report on the Statement based on our review.

• We conducted our review of the Statement m accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditur uf the Entity" issut:d by tht: 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.

• 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 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 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

�

Pace: Mumbai Date :30 January 2020

Sadashiv Shetty Partner Membership No: 048648 !CAI UDIN:.W0l/86�li'f...AAl'IJ\f2..'22.3

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

8 S R & Co (a partnership firm with Registration No. BA61223) converted into 8 S R & Co. LLP la Limited Liability, Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013

marico make a difference

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MARICO LIMITED

STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2019.

		Rs. InCrore	Rs. InCrore	Rs. InCrore	Rs. InCrore	Rs. InCrore
Sr. Particulars No.		Quarter ended Nine months ended December 31 , December 31 , September 30 , December 31, December 31, 2019 2019 2018 2019 2018 (Un-audited)(Un-audited) (Un-audited) (Un-audited)(Un-audited)				Year ended
						March 31, 2019 (Audited)
1 2 3 4 5 6 7 8 9 10 11 12 13 14	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 7) Profit before tax (5 - 6) Tax expense Current tax Deferred tax charge / (credit) Tax expense for the current year Tax Adjustments for earlier years (Refer Note 4) Total income tax expenses recongised during the period 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)	1,434 1,454 76 101 1,510 1,555 700 775 35 34 44 (22) 73 81 7 9 27 27 120 139 176 185 1,500 97 1,597 763 27 68 80 5 24 117 176 4,665 4,681 203 204 4,868 4,885 2,244 2,540 100 77 219 150 240 232 24 16 83 73 422 377 543 522 5,971 301 6,272 3,463 109 (101) 307 24 104 482 701
		1,182 1,228 1,260 3,875 3,987 5,089
		328 327 - - 328 327 50 42 9 26 337 - 337 88 (12) 993 898 19 - 974 898 163 210 32 (12) 1,183 - 1,183 260 (18)
		59 68 76 195 198 242
		- - - -			- (188)
		59 68 76 195 198 54
		269 259 - 0 - 0 (1) (1) 1 1 261 (1) 0 1 (0) 779 700 (2) - 1 0 (2) (1) 1 0 1,129 (1) 0 0 (0)
		~~-~~ 0 269 259 0 261 (2) (1) 777 699 (1) 1,128
	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.)	129 2.09 2.09	129 2.01 2.01	129 2.03 2.03 129 129 6.04 5.43 6.04 5.43 129 3,361 8.76 8.76
	See accompanying notes to the financial results

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Marica Limited Regd Office: 7th Floor Grande Palladium 175, CST Road, Kalina Santacruz (E) Mumbai 400 098, India Tel: (91-22) 6648 0480 Fax: (91-22) 2650 0159 www.marico.com

CIN: L 15140MH1988PLC049208 Email: investor@marico.com

marico make a difference

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Notes to the Marico Limited Standalone financial results:

• The Standalone un-audited financial results for the quarter and nine months ended December 31, 2019 were reviewed by the Audit Committee and approved by the Board of Directors of Marico Limited ("the Company") at its meeting held on January www.marico.com and

• 30, 2020 and are available on the Company's website - http: / 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 of the Company.

• 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

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

ollowing are the particulars of Employee Stock Option plan issued und chemes of Marico Employee Stock Option Plan, 2016	ollowing are the particulars of Employee Stock Option plan issued und chemes of Marico Employee Stock Option Plan, 2016	ollowing are the particulars of Employee Stock Option plan issued und chemes of Marico Employee Stock Option Plan, 2016
Balance at the beginning of the period April 1, 2019 30,59,590 Granted during the period 18,51,460 Forfeited during the period 1,76,640 Exercised during the period 80,000 Outstanding at the end of the period December 31, 2019 46,54,410
	December 31, 2019	80,000 46,54,410

• 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.

• During the quarter ended December 31, 2019, the Company acquired an additional stake in Joint Venture' s as under:

	During the quarter ended December 31, 2019, the Company acquired stake in Joint Venture' s as under:	During the quarter ended December 31, 2019, the Company acquired stake in Joint Venture' s as under:	an additional
	Sr Name of the Company % acquired % acquired No during the during nine quarter ended months ended Dec31, 2019 Dec 31, 2019 1 Zed lifestyle Private Limited 2.11 2.11 2 Revolutionary Fitness Private 3.39 6.97 Limited		% Cumulative holding as on Dec 31, 2019 45.00 29.44
2	2	Revolutionary Fitness Private Limited

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

2. Exceptional items during the period ended December 31, 2019 represents 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 791 Crore.

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01

Marice Limited Regd Office: 7th Floor Grande Palladium 175, CST Road, Kalina Santacruz (E) Mumbai 400 098, India Tel: (91·22) 6648 0480 Fax: (91-22) 2650 0159

CIN: L 15140MH1988PLC049208 Email: investor@marico.com

www.marico.com

marico make a difference

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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. 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 has 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-

In the Statement of Profit and Loss, operating lease expenses which were recognized as other expenses has been substituted wit 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-	In the Statement of Profit and Loss, operating lease expenses which were recognized as other expenses has been substituted wit 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-	In the Statement of Profit and Loss, operating lease expenses which were recognized as other expenses has been substituted wit 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-	In the Statement of Profit and Loss, operating lease expenses which were recognized as other expenses has been substituted wit 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) Quarter ended Nine month endedYear ended
Particular Dec 31, Sep 30, Dec 31, Dec 31, 2019 2019 2018 2019		Dec 31, March 31, 2018 2019
(A) Reduction in Lease Rental (9) (B) Increase in Depreciaton 7	(8) (7) (26)	(23) (31)
	6 5 19	17	23
(C) Increase in Interest 3	3 3 9	9	12
(D)Net Impact on Profit before Tax (1)	(1) (1) (2)	(3)	(4)

1. The Board of directors of Marico Limited declared an interim dividend of 325% (Rs. 3.25 per share) at its meeting held on January 30, 2020. The interim dividend would be payable to those shareholders, whose names appear in the Register of Members as on February 7, 2020.

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

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Place: Mumbai
Date: January 30, 2020 Managing Director and CEO
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Marice Limited Re[g] d Office: 7th Floor Grande Palladium 175, CST Road, Kalina Santacruz (E[J ] Mumbai 400 098, India Tel: (91-22) 6648 0480 Fax: (91-22) 2650 0159 www.marico.com

CIN: L15140MH1988PLC049208 Email: investor[@] marico.com