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Marico Ltd

BSE Code : 531642 | NSE Symbol : MARICO | ISIN:INE196A01026| SECTOR : FMCG |

NSE BSE
 
SMC down arrow

479.35

-4.50 (-0.93%) Volume 1277275

23-Mar-2023 EOD

Prev. Close

483.85

Open Price

482.00

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

479.35(92)

 

Today’s High/Low 482.00 - 476.90

52 wk High/Low 554.35 - 468.50

Key Stats

MARKET CAP (RS CR) 61963.32
P/E 48.85
BOOK VALUE (RS) 29.235399
DIV (%) 925
MARKET LOT 1
EPS (TTM) 9.81
PRICE/BOOK 16.391088077847
DIV YIELD.(%) 1.93
FACE VALUE (RS) 1
DELIVERABLES (%) 58.72
4

News & Announcements

13-Mar-2023

Marico allots 16,790 equity shares under ESOP

13-Mar-2023

Marico Ltd - Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS

13-Mar-2023

Marico Ltd - Marico Limited - ESOP/ESOS/ESPS

13-Mar-2023

Marico Ltd - Marico Limited - ESOP/ESOS/ESPS

13-Mar-2023

Marico allots 16,790 equity shares under ESOP

27-Feb-2023

Board of Marico recommends interim dividend

24-Feb-2023

Marico allots 11,130 equity shares under ESOP

18-Feb-2023

Marico fixes record date for interim dividend

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
Ador Multi Products Ltd 523120
Ajay Home Products Ltd 40331
Amar Remedies Ltd 532664 AMAR
Amarshiv Opticals Ltd (Wound-up) 523892
Bajaj Consumer Care Ltd 533229 BAJAJCON
Birla Pacific Medspa Ltd 533469
Carewell Hygiene Products Ltd 526013
Dabur India Ltd 500096 DABUR
Emami Ltd 531162 EMAMILTD
Enjayes Natural Flavours Ltd 531964
Fem Care Pharma Ltd(merged) 524608
GKB Ophthalmics Ltd 533212 GKB
Godrej Consumer Products Ltd 532424 GODREJCP
Godrej Soaps Ltd (Merged) 523870
Indo American Optics Ltd 526119
JHS Svendgaard Laboratories Ltd 532771 JHS
Jyothy Labs Ltd 532926 JYOTHYLAB
Kaya Ltd 539276 KAYA
Kukar Sons (Indo French) Exports Ltd 521117
Lykis Ltd 530689
Lynx Optics Ltd 526123
Marico Kaya Enterprises Ltd 538503 MAKE
Mohini Health & Hygiene Ltd 532585 MHHL
Novateor Research Laboratories Ltd 542771
Paramount Cosmetics (India) Ltd 507970
Radix Industries (India) Ltd 531412
Regency Diaper Industries Ltd 523281
Safal Herbs Ltd 532034
Shri Niranjan Ayurved Bhavan Ltd 530641
Sonal Cosmetics (Exports) Ltd 526029 SONALCOSM
Swastik Surfactants Ltd 506718
Tata Oil Mills Company Ltd (Merged) 507660
Velvette International Pharma Products Ltd 524528

Share Holding

Category No. of shares Percentage
Total Foreign 328464481 25.40
Total Institutions 132666610 10.26
Total Govt Holding 10950 0.00
Total Non Promoter Corporate Holding 3139069 0.24
Total Promoters 769027740 59.48
Total Public & others 59710538 4.62
Total 1293019388 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Marico Ltd

Marico Limited is one of India's leading consumer products companies operating in the beauty and wellness space. Currently present in 25 countries across emerging markets of Asia and Africa, Marico has nurtured multiple brands in the categories of hair care, skin care, edible oils, health foods, male grooming, and fabric care. Marico's India business markets household brands such as Parachute, Parachute Advansed, Saffola, Hair & Care, Nihar, Nihar Naturals, Livon, Set Wet, Mediker and Revive among others. The International business offers unique brands such as Parachute, HairCode, Caivil, Hercules, Black Chic, Isoplus, Code 10, Ingwe, X-Men and Thuan Phat that are localized to fulfil the lifestyle needs of international consumers. Marico Limited (ML), a leading Fast Moving Consumer Goods (FMCG) player was incorporated on 13th October 1988 under the name of Marico Foods Limited. The name of the company was changed from Marico Foods Limited to Marico Industries Limited with effect from 31st October of the year 1989. During the same year 1989, in December, the company had entered into an agreement with M/s. Rasoi Industries Limited for purchase of its unit located at M.I.D.C. Industrial Estate, Jalgaon. After a year, in 1990, ML made a Registered Users Agreement with Bombay Oil Industries Ltd (BOIL) for the use of the brands Parachute and Saffola for an initial period of 3 years commenced from 1st April of the same year. The Company established a new plant at Kanjikode, Palghat District of Kerala to manufacture Parachute Coconut Oil with capacity of 24000 tonnes of coconut oil per annum, began commercial operation in May of the year 1993. During the year 1995, ML had acquired the Brand SIL' from KFL for the consideration of Rs 3 crores. Marico had extended its Sweekar oil brand during the year 1997, by the way of two new refined oils entry namely Sweekar cotton seed oil and Sweekar mustard oil. In the identical year of 1997, the company had set up a factory near Jalgaon to process the cotton seeds and another factory near Jaipur for the mustard oil. The Company made the join venture between a Lever group company and Nissin of Japan in the year 1998, and its products were distributed through HLL's channels. During the year 2000, the company made a tie up with the International Association of Trichologists (IAT), a non-profit organisation based in Australia. In the identical year, ML had launched Parachute Dandruff Solution Coconut Hair Oil in Calcutta, the first oil to combine coconut oil with antidandruff properties in single hair oil. After a year, in 2001, the company had introduced the Revive Anti-Bacteria starch. Marico had acquired a controlling equity interest in Sundari LLC during the period of 2003. High Court of Judicature at Bombay approves the Scheme of Amalgamation of Anandita Arnav Trading & Investment Private Ltd, Madhav Nandini Trading & Investment Private Ltd, Rajvi Rishabh Trading & Investment Private Ltd and Rishabh Harsh Trading & Investment Private Ltd with the company on 12th February 2004. In the same year of 2004, the company had forayed into the beauty products segment with the launch of Silk-n-Shine, a post-wash hair care product. During the year 2006, Marico had acquired Hindustan Lever Limited's Nihar for the consideration of Rs 216 crores. In October of the year 2007, the company had entered into the South African ethnic hair care and health care market. Marico acquired the consumer division of Enaleni Pharmaceuticals, through purchase of 100% shares in Enaleni Pharmaceuticals Consumer Division (EPCD), an Enaleni subsidiary. ML had divested of its processed foods business, Sil' to a Danish business house, Good Food Group in March of the year 2008. The transaction, for an undisclosed consideration envisages a sale of Mario's Sil business to the Indian subsidiary of Good Food Group A/S, Scandic Food India (Scandic). In 2009, Marico made a public offering of equity in Bangladesh in a first for one its overseas subsidiaries. In 2010, Marico began its South East Asia journey with the launch of Code 10, a male grooming brand, in Malaysia and Derma Rx skin care solutions in Singapore. In India, Saffola launched Masala oats as breakfast food during the year. In 2011, Parachute Advanced entered the skin-care category with the launch of Parachute Advanced Body Lotion (PABL). During the year, Parachute Gold Hair Cream was launched in the Middle East market targeted to women. On 18 February 2011, Marico announced that it has acquired 85% equity stake in International Consumer Products Corporation (ICP), one of the most successful Vietnamese FMCG companies, for an undisclosed consideration. ICP was founded, in 2001, by Dr. Phan Quoc Cong and his partner. ICP achieved a turnover of a little over USD 25 million during the calendar year 2010. Its brands X-Men, L'Ovite, Thuan Phat and others have a significant presence across personal care, beauty cosmetics and sauces/condiments categories. On 25 March 2011, Marico Group announced the divestment of its refined sunflower oil brand Sweekar' to Cargill India Private Limited (Cargill). The transaction, for an undisclosed consideration, envisages an assignment of the Sweekar trademark and copyrights from Marico to Cargill. On 15 February 2012, Marico announced that it has executed documents to acquire Set Wet, Livon, Zatak and certain other personal care brands currently owned by Reckitt Benckiser (RB). RB had acquired these brands from Paras Pharmaceuticals in a deal completed during April 2011. The transaction envisages transfer of all key assets including intellectual property rights, supply agreements and third party manufacturing agreements (Paras PC business), for an undisclosed consideration. These assets are in the process of being transferred to a separate company in which Marico will acquire 100% shares. The Paras PC business is expected to achieve a turnover of over Rs 150 crore during FY 2012. Brands in the portfolio are amongst the top three positions in the hair gels, male deodorant and leave-on hair serum categories. This acquisition gives Marico an opportunity to participate in the rapidly growing deodorant and male grooming categories in India. The Board of Directors of Marico at its meeting held on 6 April 2012 considered, approved and recommended a proposal to issue and allot 2.94 crore equity shares at issue price of Rs 170 per share aggregating Rs 500 crore on preferential basis to Indivest Pte Ltd, an affiliate of Government of Singapore Investment Corporation Pte Ltd (GIC), and Baring India Private Equity Fund III Listed Investments Limited. The Board of Directors of Marico at its meeting held on 7 January 2013 approved demerger of the Kaya skin care solutions business into a separate company which will be named Marico Kaya Enterprises Limited (MaKE) or any such other name as may be approved by the Registrar of Companies. The business undertaking of Kaya housed in Marico Limited, comprising investment in equity of Kaya Limited, related IPRs, employee contracts and cash and bank balances will be demerged into MaKE through a High Court approved Scheme of Arrangement, subject to approvals by the shareholders and creditors and lenders in Marico Limited. As a consideration, the shareholders of Marico Limited as on the record date, shall be issued 1 share of MaKE with a face value of Rs 10 each to be issued at a premium of Rs 200 per share for every 50 shares of Marico with a face value of Re 1 each. On 25 October 2013, Marcio announced that it has decided to stop production at its manufacturing plant at Ponda in Goa. This unit was set up in 1997 for manufacture and packaging of pure coconut oil. Due to input material supply and logistic dynamics that changed over the year, the operations at the plant became commercially unviable. The company has decided to close the plant in due course for which initial preparatory steps are being taken. With effect from 21 November 2013, Marico stopped manufacturing activities at its Dehradun Camp Road plant and initiated for a closure of the plant. This plant was set up in 2003 for manufacture of cosmetics. On 14 January 2014, credit rating agency CRISIL upgraded its ratings on the long-term debt instruments, and long-term bank facilities of Marico to 'CRISIL AA+/Stable' from 'CRISIL AA/Positive', and reaffirmed its rating on the short-term debt programme and short-term bank facilities at 'CRISIL A1+'. The rating upgrade reflects CRISIL's expectation of improvement in Marico's business risk profile over the medium term driven by increasing revenue diversity and dominant market position in branded coconut oil, value added hair oil, and premium refined edible oil segments. The Board of Directors of Marico at its meeting held on 4 November 2015 recommended the issue bonus shares in the ratio of 1:1 i.e. one fully paid-up equity share of Re. 1 each for every one existing fully paid-up equity share of Re. 1 each held in the company. On 27 May 2016, Marico announced that the commercial production for manufacturing of value added hair oils has successfully commenced at its newly set up plant in Guwahati, Assam. Marico's second plant in Guwahati, Assam set up to manufacture value added personal care products successfully commenced commercial production on 16 March 2017. On 17 March 2017, Marico announced a strategic investment in Zed Lifestyle Private Limited with an acquisition of 45% equity stake for an undisclosed consideration. The equity stake shall be acquired over a period of two years, through primary infusion and secondary buy-outs. Zed Lifestyle owns Beardo, a fast growing male grooming brand founded by entrepreneurs Ashutosh Valani and Priyank Shah in June 2016 in Ahmedabad, India. Marico views this investment in Zed Lifestyle as a stepping stone towards its ambition of strengthening its presence and widening its portfolio in the male grooming market. On 28 July 2017, Marico South Africa Pty. Limited (MSA), a wholly owned step-down subsidiary of Marico announced the acquisition of business including related intellectual property rights of ISOPLUS, a leading hair styling brand in South Africa from JM Products SA Pty. Limited and Ms. Mary L Harris, its owner for a consideration of 75 million South African Rand (about Rs 36 crore) at a revenue multiple of 1.2. The strategic buyout will enable MSA to become a full spectrum ethnic hair care company in South Africa. The acquisition comprises purchase of manufacturing facilities, working capital and all intellectual property rights owned by JM Products and Ms. Mary L Harris. On 7 March 2018, Marico announced that it has exited Bellezimo Professionale Products Private Limited (Bellezimo) by selling back its entire 45% equity stake in the company to the promoters of Bellezimo for a total consideration of Rs 1.60 crore. Bellezimo is engaged in marketing skin care products to cater to Salons channel. The capital expenditure in FY2018 was Rs 128 crore (USD20 million). During the FY2019,the company entered into Shareholders' Agreement and share subscription agreement with Revolutionary Fitness Pvt Ltd(Revofit) and acquired 22.46% of its equity stake. Consequently Revofit became an associate company of Marico. During the FY2020,the company spent Rs 194 crore towards capital expenditure(CAPEX) for capacity expansion and maintenance of existing manufacturing facilities. 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. 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. During the quarter ended 30 September 2020, the Company has sold its entire stake in 'Revolutionary Fitness Private Limited' and 'Hello Green Private Limited' (Joint Ventures). The National Company Law Tribunal at Mumbai Bench has, vide order dated December 2, 2020 sanctioned Scheme of Arrangement (the Scheme') of Marico Consumer Care Ltd (MCCL) (Subsidiary of Marico Ltd) with effective date as April 1, 2020 with the holding company.

Marico Ltd Chairman Speech

ON A JOURNEY GUIDED BY unwavering principles

Your Company will remain focused on fortifying its three core assets, namely brand, people, and culture, which will ensure that it continues to withstand the seemingly constant forces of unpredictability and disruption."

Dear Shareholders,

It is a pleasure to present the fourth Integrated Report of your Company for FY22.

The last year was extraordinarily challenging for everyone, including our consumers, our people, our business associates and the community at large. However, it was the resilience and positive spirit of all stakeholders that led your Company's performance to belie, to a large extent, the difficult circumstances during the year, which were brought about by emerging variants of the COVID-19, geo-political tensions and their accompanying effects on the macro-economic environment. In the VUCA world, we remained committed to our purpose of creating shared value for all. Your Company will remain focused on fortifying its three core assets, namely brand, people and culture, which will ensure that it continues to withstand the seemingly constant forces of unpredictability and disruption. While the core domestic and international portfolios continue to anchor the performance, the new portfolios and capability building initiatives pave the way for sustained and profitable growth in the long run. The near term notwithstanding, we remain confident of the medium- and long-term prospects of the FMCG sector as transient macro disturbances settle, and fundamental drivers of the Indian consumption story come to the fore.

Relentless pursuit of a sustainable world

At Marico, sustainability has always been at the core of our business strategy such that we ensure a long-term win-win situation for all stakeholders.

You will be pleased to note that your Company was able to surpass the five-year targets set across our environmental, social and governance (ESG) parameters up to FY22 through cohesive and structured set of interventions.

FY22 has been a milestone year in our sustainable value creation journey as we also stepped up our overall climate resilience and ESG leadership agenda. In February 2022, your Company announced its commitment to achieve net zero emissions in its global operations by 2040. This will entail transitioning to 100% certified carbon neutral operations across Marico's global operations (India, Bangladesh, Vietnam and Egypt) and utilising 100% renewable energy, while reducing direct GHG emissions across its global footprint.

Water stewardship has been one of the pillars of our sustainability agenda as we aim to ensure there is enough water for community usage and agricultural purposes. Under the ‘Jalashay' programme, your Company has created 263 Crore litres of water conservation capacities pan-India, till date.

At Marico, sustainability has always been at the core of our business strategy such that we ensure a long-term win- win situation for all stakeholders. You will be pleased to note that your Company was able to surpass the five-year targets set across our environmental, social and governance (ESG) parameters up to FY22 through cohesive and structured set of interventions."

Under the Parachute Kalpavriksha initiative, we aim to improve productivity of small-scale farmers. Nearly 71,660 acres of farms, encompassing over 24,000 farmers, were enrolled in FY22, while the programme has boosted productivity by 15% y-o-y in the last three years for the farmer members who have participated in the programme for over a year.

Towards plastic waste management, your Company has achieved 96% recyclable packaging through the ‘Upcycle' programme. Additionally, in-line with Extended Producer Responsibility (EPR) towards collection and environmentally safe disposal of postconsumer plastic waste, we collected, co-processed and recycled ~6,300 MT of plastic waste in FY22. Your Company has also joined the India Plastics Pact (IPP), a global leadership platform to propel India's future towards integration of circularity principles in the plastics' ecosystem, as a Founding Member.

Under the ‘Jalashay' programme, your Company has created 263 Crore litres of water conservation capacities pan-India, till date.

Additionally, we collected and coprocessed ~6,300 MT of plastic waste in FY22."

More recently, we have launched the Marico ESG 2.0 framework, which serves as a launchpad to the next Decade of Action (2030). It comprises over 50 key performance indicators across ESG parameters that are of material relevance to your Company and its stakeholders, now and into the future. The eight focus areas that will top the agenda are achievement of net zero targets, water neutrality, circular economy, responsible sourcing, brands with purpose, inclusion and diversity, sustainable coconut and mandatory human rights certification across value chain. On the governance front as well, your Company has maintained best-in-class practices under the able guidance of the Board.

During the year, our sustainability efforts stood validated, as Marico was the only FMCG Company to feature in the ‘Leadership' category in the CRISIL Sustainability Yearbook 2022 and Marico's MSCI ESG rating moved up to AA this year.

Your Company also continued to drive social value creation through education, skilling and livelihood sustenance initiatives. Marico's flagship CSR programme, Nihar Shanti Pathshala Funwala touched lives of over 3 Lakh teachers and 4 Lakh students through an amalgamation of digitally powered and workbook-led English literacy courses. A vocational skill empowerment academy, specifically designed to create livelihood generation opportunities for women and youth, was launched in FY22. Till date, over 8,000 beneficiaries have been successfully enrolled into the programme, of which over 5,800 have already received placement opportunities.

Marico Innovation Foundation (MIF), a not-for-profit institution and a subsidiary of Marico, has strived to fuel and nurture innovation in India, and so far has engaged with over 100 mentors and has been associated with 100+ indigenous innovations."

Over the years, our people, values and culture have formed the bedrock of what Marico is today. We have trusted our members to deliver the right outcomes for the business."

Marico Innovation Foundation (MIF), a not-for-profit institution and a subsidiary of Marico, has strived to fuel and nurture innovation in India. It has enabled innovators across sectors such as agriculture, clean energy, education, consumer goods and med- tech, among others and has helped solve business challenges across functions like sales, distribution, marketing, finance, among others. So far, MIF has engaged with over 100 mentors and has been associated with 100+ indigenous innovations.

Evolving our already strong culture

At times, adversities bring out the best in us. The pandemic has reset major work trends and made us revisit our people policies. I believe that for companies that have always put people first, it gets relatively easy to navigate such uncertainties. Over the years, our people, values and culture have formed the bedrock of what Marico is today. We have trusted our members to deliver the right outcomes for the business.

We have realised that with changing times and business priorities, people's aspirations are continuously evolving as well. With a strong belief that business and talent aspirations go hand in hand, we launched our new Talent Value Proposition (TVP) this year. It is aimed at nurturing the growth of the members by fostering a diverse, autonomous and transparent work environment. Talent and diversity are key in creating a culture of innovation as it brings in great ideas, an open culture where one can communicate ideas and, the most important of all, is to remove the fear of failure, because it halts innovation. With this step, we aim to futureproof the talent proposition for our members.

Your Company introduced new Ways of Working in the latter half of 2021 and became one of the first few companies to launch a hybrid work model. We have moved to this model for the long term and have adapted our workplace to create a sustainable hybrid framework.

Building a resilient future

Your Company aims to become a leading emerging market FMCG multinational in chosen markets in Asia and Africa. We consistently endeavour to delight consumers with best-in-class products that meet their needs and aspirations by nurturing and building trusted brands with a strong purpose and proposition. In addition to strengthening the core franchises, your Company is directing significant energies towards diversification of the overall portfolio with focus on foods, premium personal care including digital-first brands, and accelerated growth in the international business. We foster a longterm mindset to build an organisation that outlives the founders and wish to leave behind a legacy that thrives through generations. Constant innovation and a culture that encourages new ideas will be key to realising this vision.

Your Company benefits greatly from the wisdom of its Board, who is committed to providing constructive critique on strategic matters and advice on matters requiring domain expertise. I continue to act as the Non-Executive Chairman and Saugata continues to lead your Company's strategic growth initiatives. I will also continue to lead efforts to improve the collective functioning of the Board and am actively involved in the Company's CSR initiatives. I had stated our intent to undertake a Board rejuvenation exercise in my last letter. We were pleased to welcome Mr. Rajeev Vasudeva, Ms. Apurva Purohit and Ms. Nayantara Bali as Independent Directors on the Board of your Company and appreciate the fresh perspective that they bring to the table.

Your Company also continued to drive social value creation through education, skilling and livelihood sustenance initiatives."

I thank the Board for their ongoing engagement and guidance, and our shareholders for putting their trust in Marico. I take this opportunity to thank all our people for their extraordinary commitment to the organisation even in the face of unprecedented challenges. I would also like to express my sincere gratitude towards all our business partners, vendors and associates for their unwavering support as we are geared up to make concerted efforts which shall propel Marico into the next phase of growth.

Warm regards,

Harsh Mariwala

Chairman

   

Marico Ltd Company History

Marico Limited is one of India's leading consumer products companies operating in the beauty and wellness space. Currently present in 25 countries across emerging markets of Asia and Africa, Marico has nurtured multiple brands in the categories of hair care, skin care, edible oils, health foods, male grooming, and fabric care. Marico's India business markets household brands such as Parachute, Parachute Advansed, Saffola, Hair & Care, Nihar, Nihar Naturals, Livon, Set Wet, Mediker and Revive among others. The International business offers unique brands such as Parachute, HairCode, Caivil, Hercules, Black Chic, Isoplus, Code 10, Ingwe, X-Men and Thuan Phat that are localized to fulfil the lifestyle needs of international consumers. Marico Limited (ML), a leading Fast Moving Consumer Goods (FMCG) player was incorporated on 13th October 1988 under the name of Marico Foods Limited. The name of the company was changed from Marico Foods Limited to Marico Industries Limited with effect from 31st October of the year 1989. During the same year 1989, in December, the company had entered into an agreement with M/s. Rasoi Industries Limited for purchase of its unit located at M.I.D.C. Industrial Estate, Jalgaon. After a year, in 1990, ML made a Registered Users Agreement with Bombay Oil Industries Ltd (BOIL) for the use of the brands Parachute and Saffola for an initial period of 3 years commenced from 1st April of the same year. The Company established a new plant at Kanjikode, Palghat District of Kerala to manufacture Parachute Coconut Oil with capacity of 24000 tonnes of coconut oil per annum, began commercial operation in May of the year 1993. During the year 1995, ML had acquired the Brand SIL' from KFL for the consideration of Rs 3 crores. Marico had extended its Sweekar oil brand during the year 1997, by the way of two new refined oils entry namely Sweekar cotton seed oil and Sweekar mustard oil. In the identical year of 1997, the company had set up a factory near Jalgaon to process the cotton seeds and another factory near Jaipur for the mustard oil. The Company made the join venture between a Lever group company and Nissin of Japan in the year 1998, and its products were distributed through HLL's channels. During the year 2000, the company made a tie up with the International Association of Trichologists (IAT), a non-profit organisation based in Australia. In the identical year, ML had launched Parachute Dandruff Solution Coconut Hair Oil in Calcutta, the first oil to combine coconut oil with antidandruff properties in single hair oil. After a year, in 2001, the company had introduced the Revive Anti-Bacteria starch. Marico had acquired a controlling equity interest in Sundari LLC during the period of 2003. High Court of Judicature at Bombay approves the Scheme of Amalgamation of Anandita Arnav Trading & Investment Private Ltd, Madhav Nandini Trading & Investment Private Ltd, Rajvi Rishabh Trading & Investment Private Ltd and Rishabh Harsh Trading & Investment Private Ltd with the company on 12th February 2004. In the same year of 2004, the company had forayed into the beauty products segment with the launch of Silk-n-Shine, a post-wash hair care product. During the year 2006, Marico had acquired Hindustan Lever Limited's Nihar for the consideration of Rs 216 crores. In October of the year 2007, the company had entered into the South African ethnic hair care and health care market. Marico acquired the consumer division of Enaleni Pharmaceuticals, through purchase of 100% shares in Enaleni Pharmaceuticals Consumer Division (EPCD), an Enaleni subsidiary. ML had divested of its processed foods business, Sil' to a Danish business house, Good Food Group in March of the year 2008. The transaction, for an undisclosed consideration envisages a sale of Mario's Sil business to the Indian subsidiary of Good Food Group A/S, Scandic Food India (Scandic). In 2009, Marico made a public offering of equity in Bangladesh in a first for one its overseas subsidiaries. In 2010, Marico began its South East Asia journey with the launch of Code 10, a male grooming brand, in Malaysia and Derma Rx skin care solutions in Singapore. In India, Saffola launched Masala oats as breakfast food during the year. In 2011, Parachute Advanced entered the skin-care category with the launch of Parachute Advanced Body Lotion (PABL). During the year, Parachute Gold Hair Cream was launched in the Middle East market targeted to women. On 18 February 2011, Marico announced that it has acquired 85% equity stake in International Consumer Products Corporation (ICP), one of the most successful Vietnamese FMCG companies, for an undisclosed consideration. ICP was founded, in 2001, by Dr. Phan Quoc Cong and his partner. ICP achieved a turnover of a little over USD 25 million during the calendar year 2010. Its brands X-Men, L'Ovite, Thuan Phat and others have a significant presence across personal care, beauty cosmetics and sauces/condiments categories. On 25 March 2011, Marico Group announced the divestment of its refined sunflower oil brand Sweekar' to Cargill India Private Limited (Cargill). The transaction, for an undisclosed consideration, envisages an assignment of the Sweekar trademark and copyrights from Marico to Cargill. On 15 February 2012, Marico announced that it has executed documents to acquire Set Wet, Livon, Zatak and certain other personal care brands currently owned by Reckitt Benckiser (RB). RB had acquired these brands from Paras Pharmaceuticals in a deal completed during April 2011. The transaction envisages transfer of all key assets including intellectual property rights, supply agreements and third party manufacturing agreements (Paras PC business), for an undisclosed consideration. These assets are in the process of being transferred to a separate company in which Marico will acquire 100% shares. The Paras PC business is expected to achieve a turnover of over Rs 150 crore during FY 2012. Brands in the portfolio are amongst the top three positions in the hair gels, male deodorant and leave-on hair serum categories. This acquisition gives Marico an opportunity to participate in the rapidly growing deodorant and male grooming categories in India. The Board of Directors of Marico at its meeting held on 6 April 2012 considered, approved and recommended a proposal to issue and allot 2.94 crore equity shares at issue price of Rs 170 per share aggregating Rs 500 crore on preferential basis to Indivest Pte Ltd, an affiliate of Government of Singapore Investment Corporation Pte Ltd (GIC), and Baring India Private Equity Fund III Listed Investments Limited. The Board of Directors of Marico at its meeting held on 7 January 2013 approved demerger of the Kaya skin care solutions business into a separate company which will be named Marico Kaya Enterprises Limited (MaKE) or any such other name as may be approved by the Registrar of Companies. The business undertaking of Kaya housed in Marico Limited, comprising investment in equity of Kaya Limited, related IPRs, employee contracts and cash and bank balances will be demerged into MaKE through a High Court approved Scheme of Arrangement, subject to approvals by the shareholders and creditors and lenders in Marico Limited. As a consideration, the shareholders of Marico Limited as on the record date, shall be issued 1 share of MaKE with a face value of Rs 10 each to be issued at a premium of Rs 200 per share for every 50 shares of Marico with a face value of Re 1 each. On 25 October 2013, Marcio announced that it has decided to stop production at its manufacturing plant at Ponda in Goa. This unit was set up in 1997 for manufacture and packaging of pure coconut oil. Due to input material supply and logistic dynamics that changed over the year, the operations at the plant became commercially unviable. The company has decided to close the plant in due course for which initial preparatory steps are being taken. With effect from 21 November 2013, Marico stopped manufacturing activities at its Dehradun Camp Road plant and initiated for a closure of the plant. This plant was set up in 2003 for manufacture of cosmetics. On 14 January 2014, credit rating agency CRISIL upgraded its ratings on the long-term debt instruments, and long-term bank facilities of Marico to 'CRISIL AA+/Stable' from 'CRISIL AA/Positive', and reaffirmed its rating on the short-term debt programme and short-term bank facilities at 'CRISIL A1+'. The rating upgrade reflects CRISIL's expectation of improvement in Marico's business risk profile over the medium term driven by increasing revenue diversity and dominant market position in branded coconut oil, value added hair oil, and premium refined edible oil segments. The Board of Directors of Marico at its meeting held on 4 November 2015 recommended the issue bonus shares in the ratio of 1:1 i.e. one fully paid-up equity share of Re. 1 each for every one existing fully paid-up equity share of Re. 1 each held in the company. On 27 May 2016, Marico announced that the commercial production for manufacturing of value added hair oils has successfully commenced at its newly set up plant in Guwahati, Assam. Marico's second plant in Guwahati, Assam set up to manufacture value added personal care products successfully commenced commercial production on 16 March 2017. On 17 March 2017, Marico announced a strategic investment in Zed Lifestyle Private Limited with an acquisition of 45% equity stake for an undisclosed consideration. The equity stake shall be acquired over a period of two years, through primary infusion and secondary buy-outs. Zed Lifestyle owns Beardo, a fast growing male grooming brand founded by entrepreneurs Ashutosh Valani and Priyank Shah in June 2016 in Ahmedabad, India. Marico views this investment in Zed Lifestyle as a stepping stone towards its ambition of strengthening its presence and widening its portfolio in the male grooming market. On 28 July 2017, Marico South Africa Pty. Limited (MSA), a wholly owned step-down subsidiary of Marico announced the acquisition of business including related intellectual property rights of ISOPLUS, a leading hair styling brand in South Africa from JM Products SA Pty. Limited and Ms. Mary L Harris, its owner for a consideration of 75 million South African Rand (about Rs 36 crore) at a revenue multiple of 1.2. The strategic buyout will enable MSA to become a full spectrum ethnic hair care company in South Africa. The acquisition comprises purchase of manufacturing facilities, working capital and all intellectual property rights owned by JM Products and Ms. Mary L Harris. On 7 March 2018, Marico announced that it has exited Bellezimo Professionale Products Private Limited (Bellezimo) by selling back its entire 45% equity stake in the company to the promoters of Bellezimo for a total consideration of Rs 1.60 crore. Bellezimo is engaged in marketing skin care products to cater to Salons channel. The capital expenditure in FY2018 was Rs 128 crore (USD20 million). During the FY2019,the company entered into Shareholders' Agreement and share subscription agreement with Revolutionary Fitness Pvt Ltd(Revofit) and acquired 22.46% of its equity stake. Consequently Revofit became an associate company of Marico. During the FY2020,the company spent Rs 194 crore towards capital expenditure(CAPEX) for capacity expansion and maintenance of existing manufacturing facilities. 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. 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. During the quarter ended 30 September 2020, the Company has sold its entire stake in 'Revolutionary Fitness Private Limited' and 'Hello Green Private Limited' (Joint Ventures). The National Company Law Tribunal at Mumbai Bench has, vide order dated December 2, 2020 sanctioned Scheme of Arrangement (the Scheme') of Marico Consumer Care Ltd (MCCL) (Subsidiary of Marico Ltd) with effective date as April 1, 2020 with the holding company.

Marico Ltd Directors Reports

To the Members,

Your Board of Directors ("Board") is pleased to present the Thirty Fourth Annual Report of Marico Limited ("Marico" or "Company" or "your Company"), for the financial year ended March 31, 2022 ("year under review" or "year" or "FY22").

In compliance with the applicable provisions of the Companies Act, 2013 ("Act") and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), this report covers the financial results and other developments during the financial year from April 1, 2021 to March 31, 2022, in respect of Marico and "Marico Consolidated" comprising Marico and its subsidiaries. The consolidated entity has been referred to as "Marico Group" or "Group" in this report.

FINANCIAL RESULTS - OVERVIEW

(Rs in Crores)

Particulars Year ended March 31, 2022 Year ended March 31, 2021
Consolidated Summary for the Group
Revenue from Operations 9,512 8,048
Profit before Tax 1,601 1,523
Profit after tax before exceptional items 1,601 1,165
Profit after Tax 1,255 1,199
Marico Limited (Standalone) Revenue from Operations 7,500 6,337
Profit before Tax 1,413 1,311
Less: Provision for Tax for the current year 250 205
Profit after Tax for the current year 1,163 1,106
Other Comprehensive Income for the current year 2 1
Add: Surplus brought forward 2,904 2,765
Profit available for appropriation 4,069 3,872
Appropriations: Distribution to shareholders 1,195 968
Surplus carried forward 2,874 2,904

REVIEW OF OPERATIONS

In FY22, Marico Limited posted a consolidated turnover of Rs 9,512 Crores (USD 1.3 billion), 18% higher than the previous year. The underlying domestic volume growth for the year was 7% and constant currency growth in the international business was 16%. The operating margin stood at 17.8%, down 201 bps from the previous year. Recurring net profit was at Rs 1,230 Crores, a growth of 6% over the last year on a like-to-like basis.

Marico's domestic business achieved a turnover of Rs 7,333 Crores, up 18% over the last year. The underlying volume growth was healthy at 7%, despite weakening consumer sentiment and sharp volatility in key input cost prices. The operating margin for the India business was at 18.2% in FY22 vs 21.3% in the previous year. The profitability was impacted by severe input cost push through the year, while the Company did not hold back investments in brand building to protect short-term margins.

Marico's International business posted a turnover of Rs 2,179 Crores, a growth of 17% over the last year. The business reported constant currency growth of 16%, with double-digit growth in each of the key markets.

The operating margin for the International business expanded to 24.3% in FY22 from 23.5% in the previous year.

Further details on Marico's business, outlook, financial and operational performance, etc. are provided as part of the Management Discussion and Analysis Report.

There are no material changes and commitments affecting the financial position of your Company, which have occurred between the end of FY22 and the date of this report.

Further, there has been no change in the nature of business of the Company.

RESERVES

There is no amount proposed to be transferred to the Reserves.

DIVIDEND

Your Company's wealth distribution philosophy aims at sharing its prosperity with its shareholders, through a formal earmarking/disbursement of profits to its shareholders. In accordance with Regulation 43A of the SEBI Listing Regulations, the Company has adopted the Dividend Distribution Policy, which details various parameters based on which the Board may recommend or declare Dividend, usage of retained earnings, etc. The Dividend Distribution Policy is available on the Company's website at https:// marico.com/investorspdf/Dividend Distribution Policy. pdf.

Based on the principles enunciated in the above Policy, your Company paid the following dividend to equity shareholders during FY22:

• First Interim Dividend of Rs 3 per equity share of Rs 1 each aggregating to Rs 387.58 Crores declared by the Board on October 28, 2021; and

• Second Interim Dividend of Rs 6.25 per equity share of Rs 1 each aggregating to Rs 807.73 Crores declared by the Board on January 28, 2022.

The total equity dividend during FY22 aggregated to Rs 9.25 per equity share of Rs 1 each, resulting in a total payout of Rs 1,195.31 Crores. Thus, the dividend pay-out ratio was 97% of the consolidated profit after tax excluding one-offs as compared to 83% in the previous year. Your Company is in compliance with the Dividend Distribution Policy as approved by the Board.

CHANGES IN SHARE CAPITAL

During FY22, the paid-up equity share capital of the Company has increased from Rs 129.13 Crores to Rs 129.28 Crores, consequent to allotment of 14,37,280 equity shares of 1 each upon exercise of stock options under the Marico Employee Stock Option Plan, 2016.

SUBSIDIARIES

A list of bodies corporate which are subsidiaries of your Company is provided as part of the notes to the Consolidated Financial Statements. The following developments took place with regards to Subsidiaries of Marico during FY22:

• Marico Bangladesh Limited continues to be the material subsidiary of the Company, in terms of provisions of the SEBI Listing Regulations.

• On July 21, 2021, the Company acquired 52.38% equity stake in Apcos Naturals Private Limited ("Apcos") and consequently, Apcos became a subsidiary of the Company.

• Marico Gulf LLC became a wholly owned subsidiary of Marico Middle East FZE with effect from January 17, 2022 and consequently, a step-down wholly owned subsidiary of the Company.

In accordance with Section 129(3) of the Act, a separate statement containing the salient features of the financial statements of all subsidiaries and associate companies/ joint ventures, if any, in prescribed Form AOC - 1 forms part of this Report. The statement also provides details of performance and financial position of each of the subsidiaries.

The audited financial statements together with related information and other reports of each of the subsidiary companies are available on the Company's website at https://marico.com/india/investors/documentation/ annual-reports and the same are also available for inspection by the Members. Any Member desirous of inspecting the said financial statements or obtaining copies of the same may write to the Company Secretary at investor@marico.com.

Your Company has approved a policy for determining material subsidiaries and the same is available on the Company's website at https://marico.com/investorspdf/ Policy for Determination of Material Subsidiary.pdf.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

Details of the loans, guarantees and investments, as required under Section 186 of the Act and Schedule V of the SEBI Listing Regulations, are provided as part of the notes to the financial statements of the Company.

MANAGEMENT DISCUSSION AND ANALYSIS

A detailed Management Discussion and Analysis forms an integral part of this Report and gives an update, inter-alia, on the following matters:

• Industry structure and developments

• Segment-wise overview of business performance

• Financial Overview

• Outlook

• Human Resources

• Risks & opportunities

• Internal control systems and their adequacy

BOARD OF DIRECTORS

Your Company actively seeks to adopt best global practices for an effective functioning of the Board and believes in having a truly diverse Board whose wisdom and strength can be leveraged for creating greater stakeholder value, protection of their interests and better corporate governance.

As on March 31, 2022, the Board comprised one Executive Director, six Non-Executive Independent Directors and three Non-Executive Non-Independent Directors. In the opinion of the Board, all the Independent Directors satisfy the criteria of independence as defined under the Act, rules framed thereunder and the SEBI Listing Regulations, and that they are independent of the Management of the Company.

In the opinion of the Board, all Independent Directors possess requisite qualifications, experience, expertise and hold high standards of integrity for the purpose of Rule 8(5)(iiia) of the Companies (Accounts) Rules, 2014. List of key skills, expertise and core competencies of the Board, including the Independent Directors, is provided as part of the Corporate Governance Report.

As required under Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014, all the Independent Directors have completed the registration with the Independent Directors Databank and also completed the online proficiency test conducted by the Indian Institute of Corporate Affairs, wherever required.

As a measure of enhanced corporate governance and increased Board effectiveness, the Board based on the recommendation of the Nomination and Remuneration Committee ("NRC"), appointed Mr. Nikhil Khattau, Independent Director, as the Lead Independent Director amongst the Independent Directors with effect from April 7, 2022. The Lead Independent Director will preside over the separate meeting(s) of Independent Directors as Chairperson, act as a representative of Independent Directors and carry out such other roles and responsibilities as may be assigned by the Board or group of Independent Directors from time to time.

The Board met five times during FY22 on April 30, 2021, May 26, 2021, July 30, 2021, October 28, 2021 and January 28, 2022. The necessary quorum was present for all the meetings. The maximum interval between any two meetings did not exceed 120 days.

CHANGES IN DIRECTORS

Mr. Sanjay Dube and Mr. K.B.S. Anand, Independent Directors, stepped down from the Board with effect from July 30, 2021 on account of full time executive commitments and personal factors, respectively. Mr. B. S. Nagesh completed his second consecutive term as an Independent Director on March 31, 2022 and consequently ceased to be a Director of the Company with effect from end of day on March 31, 2022.

The Board places on record their deep appreciation for the invaluable contributions made by Mr. B. S. Nagesh, Mr. Sanjay Dube and Mr. K.B.S. Anand during their association with the Company.

At its meeting held on July 30, 2021, the Board based on the recommendation of NRC, approved the appointment of Mr. Milind Barve (DIN: 00087839) as an Additional Director in the capacity of Independent Director for a term of 5 (five) consecutive years with effect from August 2, 2021, subject to approval of the shareholders. At the 33rd Annual General Meeting ("AGM") held on August 30, 2021, the shareholders of the Company approved, inter-alia, appointment of Mr. Milind Barve as an Independent Director of the Company for a period of 5 (five) consecutive years from August 2, 2021 to August 1, 2026, not liable to retire by rotation.

At its meeting held on October 28, 2021, the Board based on the recommendation of NRC, approved the appointment of Mr. Rajeev Vasudeva (DIN: 02066480) as an Additional Director in the capacity of Independent Director for a term of 5 (five) consecutive years with effect from November 1, 2021, subject to approval of the shareholders.

Further, at its meeting held on April 7, 2022, the Board based on the recommendation of NRC, approved the below matters, subject to approval of the shareholders by way of postal ballot through remote e-voting:

1. Re-appointment of Mr. Ananth Sankaranarayanan (DIN: 07527676) as an Independent Director for a second term of 5 (five) consecutive years w.e.f. June 26, 2022 to June 25, 2027;

2. Appointment of Ms. Apurva Purohit (DIN: 00190097) as an Additional Director in the capacity of Independent Director for a term of 5 (five) consecutive years w.e.f. April 7, 2022 to April 6, 2027;

3. Appointment of Ms. Nayantara Bali (DIN: 03570657) as an Additional Director in the capacity of Independent Director for a term of 5 (five) consecutive years w.e.f. April 7, 2022 to April 6, 2027; and

4. Recommendation of appointment of Mr. Rajeev Vasudeva (DIN: 02066480) as an Independent Director by the shareholders, for a term of 5 (five) consecutive years w.e.f. November 1, 2021 to October 31, 2026.

Notice of postal ballot dated April 7, 2022, seeking approval, inter-alia, for the aforesaid matters, was sent to those Members, whose names appeared in the Register of Members/List of Beneficial Owners as on Friday, April 8, 2022 and whose e-mail addresses were registered with the Company/Depositories. The results of postal ballot through remote e-voting on the aforesaid matters will be declared by the Company on or before Tuesday, May 17, 2022.

In accordance with provisions of Section 152 of the Act read with the rules made thereunder and the Articles of Association of the Company, Mr. Harsh Mariwala (DIN: 00210342), Non-Executive Director, retires by rotation at the 34th AGM and being eligible, has offered himself for re-appointment. Based on the recommendation of NRC, the Board has recommended for the approval of the Members, re-appointment of Mr. Harsh Mariwala as a Non-Executive Director at the 34th AGM. A brief profile of Mr. Harsh Mariwala and other requisite information will be provided as part of the Notice of AGM.

CHANGES IN KEY MANAGERIAL PERSONNEL

During the year under review, Ms. Hemangi Ghag resigned as the Company Secretary & Compliance Officer with effect from close of business hours of September 3, 2021, to pursue opportunities outside the Company. The Board places on record its appreciation for the invaluable contribution made by Ms. Ghag during the course of her service.

Mr. Vinay M A, a fellow member of the Institute of Company Secretaries of India, was appointed as the Company Secretary & Compliance Officer of the Company with effect from October 28, 2021.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(3)(c) of the Act, the Directors of your Company, to the best of their knowledge and based on the information and explanations received from the Company, confirm that:

a. in the preparation of the annual financial statements for the financial year ended March 31, 2022, the applicable accounting standards have been followed and there are no material departures from the same;

b. the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of your Company as at March 31, 2022 and of the profit of your Company for the said period;

c. proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d. the annual accounts have been prepared on a 'going concern' basis;

e. proper internal financial controls to be followed by the Company were laid down and such internal financial controls are adequate and were operating effectively; and

f. proper systems to ensure compliance with the provisions of all applicable laws were devised and that such systems were adequate and operating effectively.

PERFORMANCE EVALUATION

Your Company believes that the process of performance evaluation at the Board level is pivotal to its Board Engagement and Effectiveness. The Policy and criteria for Board Evaluation is duly approved by NRC. Performance evaluation is facilitated by the Chairman of the Board who is supported by the Chairperson of NRC. This process at Marico is conducted through structured questionnaires which cover various aspects of the Board's functioning such as adequacy of the composition of the Board and its Committees, Member's strengths and contribution, execution and performance of specific duties, obligations and governance.

Evaluation of Committees of the Board was based on criteria such as adequacy of Committee composition, adherence to charter and laying down the full year agenda, role of Chairperson including allocation of time and eliciting contributions from all Committee members, effectiveness of Committee's performance and quality of support/ recommendation to the Board, etc.

In addition to the questionnaires, detailed one-on-one in-sighting was carried out by the Chairperson of the NRC with individual Board members. Feedback was also taken from senior management personnel on relevant aspects of Board functioning and shared with the Chairperson of the NRC. A quantitative analysis and Board Effectiveness presentation with in-sighting feedback and trends was shared and presented by the Chairperson of the NRC to all Board Members. Thereafter, the following process was followed to assimilate and process the feedback:

• A meeting of the Independent Directors was held wherein performance of Non-Independent Directors including the Managing Director & CEO ("MD & CEO"), Chairman of the Board and of the Board as a whole was evaluated.

• The entire Board discussed the findings of the evaluation with the Independent Directors and also evaluated the performance of the Individual Directors including the MD & CEO, the Board as a whole and all Committees of the Board.

• As an outcome of the above process, individual feedback will be shared with each Director subsequently during the year.

With respect to the focus areas identified by the Board last year, the following progress was made in the year under review:

Focus Areas Progress made
Effectively overseeing the risk management strategies and practices amidst a highly volatile macro environment accentuated by the pandemic. The top risks and challenges were tracked. The processes and systems were strengthened to future proof the organisation and execute the strategy better.
Focus on Board Rejuvenation and assimilation of New Board Members. The process of rejuvenation of the Board was aligned and is being executed during the year. A robust process for succession planning has been set up and regularly discussed at the Board and NRC.
Mentoring the Senior Management to create an agile organisation that can adapt to the highly VUCA (Volatile, Uncertain, Complex & Ambiguous) environment. During the year, the Board heavily engaged with the top management team to successfully implement the transformation journey, particularly portfolio diversification and digital transformation.
Focus Areas for the Committees: The Committees continued to perform on their respective focus areas to augment governance and internal controls.
Audit Committee: To strengthen the GRCC (governance, risk management, controls and compliance) policies, processes and systems in the Company with special focus on automation and exception analytics.
Nomination and Remuneration Committee:
- To help strengthen the culture codes for the Company and improving the talent management processes, with specific focus on strengthening the top talent pipeline.
- To ensure succession planning for MD & CEO and Senior Management Personnel.
Corporate Social Responsibility Committee: To bring focus on improving the effectiveness of CSR spends.

For the year under review, the performance evaluation exercise conducted has resulted in identification of the following focus areas, for the Company to work upon in the coming years:

1. Your Company already has an elaborate familiarization programme in place for effective induction of new directors. The Board acknowledged this and reiterated the importance of a rigorous execution of this induction process to ensure a smooth transfer and seamless integration of the new Board Members.

2. The Board laid specific emphasis on strategic risk management and building management capability in this area. It believes that the environment is very volatile. COVID-19 outbreak was a clear example of a black swan event. Should the situation escalate further, it may have a deeper impact on demand and supply scenarios. In light of this and such black swan events, it's important to de-risk the Company to sustain and improve its operating and financial performance. The Board will therefore provide its strategic inputs to survive and win amidst such VUCA environment.

3. The Board will continue to mentor the MD & CEO and the senior management team for defining and executing the transformation agenda which is aimed at building a future-ready Marico more specifically in areas of portfolio, channel strategies, digital strategies and talent management.

4. For the Board Committees, the following focus areas will continue for the coming year:

a. Audit Committee: Further strengthening the GRCC policies, processes and systems in the Company with special focus on automation and exception analytics;

b. Nomination and Remuneration Committee:

i. helping strengthen the culture codes for the Company and improving the talent management processes, with specific focus on strengthening the top talent pipeline.

ii. succession planning for MD & CEO and the Senior Management Personnel.

c. Corporate Social Responsibility Committee: Bringing focus on improving the effectiveness of Marico's CSR spends.

The Board is also committed to review the progress on these priorities during the annual Board Retreats held every year.

BUSINESS RESPONSIBILITY REPORT (BRR)

Your Company realizes the power of being transparent and accountable as an organization, which in turn, helps in maintaining the trust that stakeholders' have placed in us. Marico considers disclosure practice as a strong tool to share strategic developments, business performance and the overall value generated for various stakeholder groups over a period of time. Keeping up with evolving disclosure patterns, your Company transitioned to Integrated Reporting (as per the International Integrated Reporting Council (IIRC) framework) which draws a correlation between the financial and non-financial factors.

Marico has published its fourth Integrated Report underlining the new set of targets and business goals that pave the way for short, medium and long-term value creation of the Company.

The financial sections of BRR are presented in line with the requirements of the Act read with the rules made thereunder, the Indian Accounting Standards, the SEBI Listing Regulations and the requisite Secretarial Standards issued by the Institute of Company Secretaries of India. The non-financial section (Sustainability and Corporate Social Responsibility) of BRR is presented in conformance to the Global Reporting Initiative (GRI) Standard's Core Performance Indicators, the UN-Sustainable Development Goals (SDGs) and other sectorally relevant international sustainability disclosure guidelines. BRR has been published in adherence to the SEBI Listing Regulations and the Ministry of Corporate Affairs' National Voluntary Guidelines (NVGs) that guides listed corporations to use a 9-principle framework for demonstrating their environmental, social and economic responsibilities, during the year under review.

At Marico, sustainability is regarded as a business enabler that influences key strategic decisions. Having ingrained sustainability into its culture, your Company has spurred towards a carbon neutral future. This transformation is driven by robust sustainability governance structure, ethical business conduct, ESG risk mitigation strategies, ambitious targets towards transitioning to low-carbon sources, lowering GHG emission intensity, achieving water stewardship, incorporating responsible sourcing principles, and mapping product sustainability footprint.

AUDIT COMMITTEE & AUDITORS AUDIT COMMITTEE

Your Company has constituted an Audit Committee which performs the roles and functions as mandated under the Act, the SEBI Listing Regulations and such other matters as prescribed by the Board from time to time. The detailed terms of reference of the Audit Committee, attendance at its meetings and other details have been provided in the Corporate Governance Report. As on the date of this Report, the Audit Committee consists of three Independent Directors, Mr. Nikhil Khattau, Ms. Hema Ravichandar and Mr. Milind Barve. Mr. Nikhil Khattau is the Chairman of the Audit Committee.

During the year under review, the Board has accepted the recommendations of the Audit Committee on various matters. There have been no instances where such recommendations have not been accepted.

STATUTORY AUDITORS

Pursuant to the provisions of Section 139 of the Act, the Members had at the 29th AGM held on August 1, 2017 appointed M/s. B S R & Co. LLP, Chartered Accountants (Firm registration No. 101248W/W-100022), as the Statutory Auditors of the Company for a term of 5 (five) consecutive years. Accordingly, the first term of Statutory Auditors expires on the conclusion of the 34th AGM.

The Board at its meeting held on May 5, 2022, based on the recommendation of the Audit Committee, approved the proposal for re-appointment of M/s. B S R & Co. LLP, Chartered Accountants (Firm registration No. 101248W/W-100022), as the Statutory Auditors of the Company for a second term of 5 (five) consecutive years commencing from the conclusion of 34th AGM upto the conclusion of 39th AGM to be held in the year 2027, subject to approval of the Members at the ensuing AGM.

M/s. B S R & Co. LLP have consented to act as Statutory Auditors and confirmed their eligibility to be re-appointed in terms of Section 141 and other applicable provisions of the Act.

The Auditor's Report on the financial statements of the Company for the financial year ended March 31, 2022 forms part of the Annual Report. The said report was issued by the Statutory Auditors with an unmodified opinion and does not contain any qualifications, reservations or adverse remarks. During the year under review, the Auditors have not reported any fraud under Section 143(12) of the Act and therefore disclosure of details under Section 134(3)(ca) of the Act is not applicable.

COST AUDITORS

In terms of Section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014, the Company is required to maintain cost accounting records and have them audited every year. Your Company has made and maintained the cost accounts and records, as required. Accordingly, the Board at its meeting held on May 5, 2022, based on the recommendation of the Audit Committee, appointed M/s. Ashwin Solanki & Associates, Cost Accountants (Firm registration no: 100392), as the Cost Auditors of the Company to conduct audit of the cost records of the Company for the financial year ending March 31, 2023. A remuneration of Rs 10,00,000 (Rupees Ten Lakhs only) plus applicable taxes and out of pocket expenses has been fixed for the Cost Auditors, subject to the ratification of such fees by the Members at the 34th AGM. Accordingly, the matter relating to ratification of the remuneration payable to the Cost Auditors for the financial year ending March 31, 2023 will be placed as part of the Notice of the 34th AGM. The Company has received requisite consent and certificate of eligibility from M/s. Ashwin Solanki & Associates.

During the year under review, the Cost Auditor has not reported any fraud under Section 143(12) of the Act and therefore disclosure of details under Section 134(3)(ca) of the Act is not applicable.

SECRETARIAL AUDITOR

Pursuant to Section 204 of the Act, read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board, at its meeting held on May 5, 2022, based on the recommendation of the Audit Committee, approved the appointment of Dr. K. R. Chandratre, Practicing Company Secretary (Certificate of Practice No. 5144) as the Secretarial Auditor of the Company to conduct audit of the secretarial records for the financial year ending March 31, 2023. The Company has received consent from Dr. K. R. Chandratre to act as such.

The Secretarial Audit Report in form MR-3 for FY22 is enclosed as "Annexure A" to this report. The Secretarial Audit Report does not contain any qualifications, reservations or adverse remarks. During the year under review, the Secretarial Auditor has not reported any fraud under Section 143(12) of the Act and therefore disclosure of details under Section 134(3)(ca) of the Act is not applicable.

RISK MANAGEMENT

For your Company, Risk Management is an integral and important aspect of Corporate Governance. Your Company believes that a robust Risk Management ensures adequate controls and monitoring mechanisms for a smooth and efficient running of the business. A risk-aware organization is better equipped to maximize shareholder value.

The key cornerstones of your Company's Risk Management Framework are:

• A well-defined risk management policy;

• Periodic assessment and prioritization of risks that affect the business of your Company;

• Development and deployment of risk mitigation plans to reduce vulnerability to prioritized risks;

• Focus on both the results and efforts required to mitigate the risks;

• Defined review and monitoring mechanism wherein the functional teams, the top management and the Board review the progress of the mitigation plans;

• Integration of Risk Management with strategic business plan, annual operating plans, performance management system and significant business decisions;

• Constant scanning of external environment for new and emerging risks;

• Wherever, applicable and feasible, defining the risk appetite and install adequate internal controls to ensure that the limits are adhered to.

Your Company has also put in place a robust Crisis Management Framework monitored by internal crisis management committee which is responsible for laying out crisis response mechanism, communication protocols, and periodic training and competency building around crisis management.

Your Company has in place a Risk Management Committee ("RMC") chaired by an Independant Director, which assists the Board in monitoring and overseeing implementation of the risk management policy, including evaluating the adequacy of risk management systems and such other functions as mandated under the SEBI Listing Regulations and as the Board may deem fit from time to time. The composition, detailed terms of reference of the RMC and attendance at its meetings are provided as part of the Corporate Governance Report.

In terms of the applicable provisions of the SEBI Listing Regulations, your Board has adopted a Risk Management Policy, which is available on the Company's website at https:// marico.com/investorspdf/Risk Management Policy.pdf

Further details of the risk management framework of the Company are provided as part of the Management Discussion and Analysis Report.

INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS

Internal Financial Controls are an integrated part of the risk management process which in turn is a part of Corporate Governance addressing financial and financial reporting risks. The Internal Financial Controls have been documented and embedded in the business processes. Your Company's approach on Corporate Governance has been detailed in the Corporate Governance Report. Your Company has deployed the principles enunciated therein to ensure adequacy of Internal Financial Controls with reference to:

• Effectiveness and efficiency of operations

• Reliability of financial reporting

• Compliance with applicable laws and regulations

• Prevention and detection of frauds

• Safeguarding of assets

Your Company has defined policies and standard operating procedures for all key business processes to guide business operations in ethical and compliant manner. Compliance to these policies is ensured through periodic self-assessment as well as internal and statutory audits. The Company has robust ERP and other supplementary IT systems which are an integral part of internal control framework. The Company continues to constantly leverage technology in enhancing the internal controls. The Company also uses data analytics to identify trends and exceptions to proactively monitor any control deviations for corrective action.

Your Board reviews the internal processes, systems and the internal financial controls and accordingly, the Directors' Responsibility Statement contains a confirmation as regards adequacy of the internal financial controls. Assurances on the effectiveness of Internal Financial Controls is obtained through management reviews, self-assessment, continuous monitoring by functional heads as well as testing of the internal financial control systems by the internal auditors during the course of their audits. We believe that these systems provide reasonable assurance that our internal financial controls are designed effectively and are operating as intended.

On a voluntary basis, your Company's material subsidiary, Marico Bangladesh Limited ("MBL") has also adopted this framework and its progress is reviewed by MBL's Audit Committee and its Board of Directors, which exhibits Marico's commitment to good governance at a group level.

RELATED PARTY TRANSACTIONS

All transactions with related parties are placed before the Audit Committee for its approval. An omnibus approval from the Audit Committee is obtained for the related party transactions which are repetitive in nature, based on the criteria approved by the Board. In case of transactions which are unforeseen, the Audit Committee grants an approval to enter into such unforeseen transactions, provided the transaction value does not exceed the limit of Rs. 1 Crore per transaction, in a financial year. The Audit Committee reviews all transactions entered into pursuant to the omnibus approvals so granted, on a quarterly basis.

All transactions with related parties entered into during FY22 were at arm's length basis and in the ordinary course of business and in accordance with the provisions of the Act and rules made thereunder, the SEBI Listing Regulations and the Company's Policy on Related Party Transactions.

During the year under review, there were no transactions for which consent of the Board was required to be taken in terms of Section 188(1) of the Act and accordingly, no disclosure is required in respect of the related party transactions in Form AOC-2 under Section 134(3)(h) of the Act and rules framed thereunder. The attention of the Members is drawn to the note no. 30 to the standalone financial statements setting out the disclosures on related party transactions for FY22.

The Company has amended its Policy on Related Party Transactions pursuant to the recent amendments under the SEBI Listing Regulations regarding framework for related party transactions and the same is available on the Company's website at https://marico.com/investorspdf/ Policy on Related Party Transactions.pdf.

Pursuant to Regulation 23(9) of the SEBI Listing Regulations, your Company has filed the reports on related party transactions with the Stock Exchanges.

NOMINATION AND REMUNERATION COMMITTEE AND COMPANY'S POLICY ON NOMINATION, REMUNERATION, BOARD DIVERSITY, EVALUATION AND SUCCESSION

Your Company has in place NRC of the Board, which performs the functions as mandated under the Act, the SEBI Listing Regulations and such other functions as prescribed by the Board from time to time. The composition of NRC, attendance at its meetings and other details have been provided as part of the Corporate Governance Report.

In terms of the applicable provisions of the Act read with the rules framed thereunder and the SEBI Listing Regulations, your Board has adopted a Policy for appointment, removal and remuneration of Directors, Key Managerial Personnel ("KMP") and Senior Management Personnel ("SMP") and also on Board Diversity, Succession Planning and Evaluation of Directors ("NRE Policy"). The remuneration paid to Directors, KMP and SMP of the Company are as per the terms laid down in the NRE Policy. The MD & CEO of your Company does not receive remuneration or commission from any of the subsidiaries of your Company.

The salient features of this Policy are outlined in the Corporate Governance Report and the NRE Policy is made available on the Company's website at https://marico.com/ investorspdf/Policy on Nomination, Remuneration and Evaluation.pdf.

MARICO EMPLOYEE BENEFIT PLAN

• Marico Employee Stock Option Plan, 2016

At the 28th AGM held on August 5, 2016, the Members approved institution of the Marico Employee Stock Option Plan, 2016 ("Marico ESOP 2016 Plan" or "Plan") as a long-term incentive plan for grant of employee stock options ("Options") to eligible employees of the Company including the MD & CEO and that of its subsidiaries, whether in India or outside India ("Eligible Employee"). Marico ESOP 2016 Plan aims to align individual goals and performance of employees to annual and long-term business objectives of the Company, reward employees for creating long-term value, and attract and retain high potential and critical employees in a competitive talent environment.

The NRC is entrusted with the responsibility of administering the Plan and the Scheme(s) notified or to be notified thereunder, from time to time.

The Plan envisaged grant of Options upto an aggregate maximum of 0.6% of the issued equity share capital of the Company as on August 5, 2016 ("Commencement Date") (excluding outstanding warrants and conversions), being 77,41,027 Options and upto an aggregate maximum of 0.15% of the issued equity share capital of the Company as on the Commencement Date to any single Eligible Employee in any single scheme notified/to be notified under the Plan.

Based on the recommendation of NRC, the Board at its meeting held on January 28, 2022 approved the following matters, for which the Company has sought approval of the Members through postal ballot by remote e-voting vide notice dated April 7, 2022 as mentioned earlier:

- Increase in limit of Options that can be granted from time to time under the Plan from the existing limits of 0.6% of the issued equity share capital of the Company as on the Commencement Date i.e. August 5, 2016, being 77,41,027 Options, to an aggregate of 2,09,41,027 Options (as may be adjusted for any changes in capital structure of the Company), constituting an additional 1,32,00,000 Options.

- Further, the limit for grant of Options to any single Eligible Employee in any one single scheme notified under the Plan remains unchanged at 0.15% of the issued capital as on the Commencement Date, being 19,35,257 Options.

- Amendments to the Marico ESOP 2016 Plan modifying the relevant clauses to give effect to the aforesaid increase in limits and certain other changes intended to bring the language thereof in uniformity with the re-enacted SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 ("SBEB Regulations") and adopt references to latest regulatory enactments.

As on March 31, 2022, an aggregate of 48,54,896 Options were outstanding which constitute about 0.38% of the issued equity share capital of the Company as on that date.

• Marico Employees Stock Appreciation Rights Plan, 2011

The Company adopted Marico Stock Appreciation Rights Plan, 2011 ("STAR Plan") in the year 2011, for the welfare of its employees and those of its subsidiaries ("Eligible Employees"). Under the Plan, various schemes are notified for conferring cash incentive benefit to the Eligible Employees through grant of stock appreciation rights ("STARs").

The NRC administers the Plan and the Scheme(s) notified thereunder, from time to time. The NRC notifies various Schemes for granting STARs to the eligible employees. Each STAR is represented by one equity share of the Company. The eligible employees are entitled to receive in cash the excess of the maturity price over the grant price in respect of such STARs subject to fulfilment of certain conditions and applicability of Income Tax. The STAR Plan involves secondary market acquisition of the equity shares by an Independent Trust set up by your Company for the implementation of the STAR Plan. Your Company lends monies to such Trust for making secondary acquisition of equity shares, subject to the statutory ceilings and provisions of applicable law.

As at March 31, 2022, an aggregate of14,15,569 STARs were outstanding which constitute about 0.11% of the paid up equity share capital of the Company as on that date.

STATUTORY INFORMATION ON MARICO EMPLOYEE BENEFIT SCHEME/PLAN AND TRUST

The disclosure in terms of Regulation 14 of the SBEB Regulations is made available on the Company's website at https://marico.com/india/investors/documentation/ annual-reports. Further, the Company has complied with the applicable accounting standards in this regard. During the year under review, the Company has not given loan to any of its employees for purchase of equity shares of the Company.

It is hereby affirmed that the Marico ESOP 2016 Plan and STAR Plan instituted by the Company are in compliance with the SBEB Regulations, as amended from time to time, and the resolutions passed by the Members approving the same.

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

The ratio of remuneration of each Director to the median employees' remuneration as per Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, is disclosed in "Annexure B" to this report.

The statement containing particulars of remuneration of employees as required under Section 197(12) of the Act, read with Rule 5(2) & 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, is available on the Company's website at https://marico.com/india/investors/documentation/ annual-reports. In terms of Section 136(1) of the Act, the Annual Report is being sent to the Members, excluding the aforesaid annexure. Any Member desirous of obtaining a copy of the said annexure may access the aforesaid weblink or write to the Company Secretary at investor@marico.com.

CORPORATE GOVERNANCE

Your Company believes that effective leadership, robust policies, processes and systems and a rich legacy of values form the hallmark of our best corporate governance framework. These values are reflected in Marico's culture, business practices, disclosure policies and relationship with its stakeholders. These ethics and values are practiced by Marico and its subsidiaries globally, which is at par with best international standards and good corporate conduct.

Pursuant to Regulation 34 of the SEBI Listing Regulations, a separate report on Corporate Governance is annexed to this report as "Annexure C". Further, a certificate from Dr. K.R. Chandratre, Practicing Company Secretary, on compliance with corporate governance norms under the SEBI Listing Regulations forms part of the Corporate Governance Report.

VIGIL MECHANISM

Your Company has a robust vigil mechanism in the form of Code of Conduct ("CoC") which enables its stakeholders to report concerns about unethical or inappropriate behaviour, actual or suspected fraud, leak of unpublished price sensitive information, unfair or unethical actions or any other violation of the CoC. There are separate guidelines called Marico's Code of Business Ethics that are applicable to our associates who partner us in our organizational objectives and customers. The objective of CoC is to ensure that your Company conducts its business in the most principled and ethical manner, the highest level of governance and a discrimination and harassment-free workplace for all its employees.

In compliance with the requirement of the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 and rules made thereunder, your Company has adopted a policy ("Anti-Sexual Harassment Policy") for the prevention of sexual harassment and constituted Internal Committees to deal with complaints relating to sexual harassment at workplace. Details of complaint on sexual harassment are as under:

Particulars Number of Complaint(s)
Complaint(s) filed during FY22 1
Complaint(s) disposed-off during FY22 1
Complaint(s) pending as at end of FY22 0

The Company conducts Global PoSH survey where members can anonymously confirm if they have experienced/witnessed instances of sexual harassment while working with Marico in the past one year. Further the survey results are shared by Members of Executive Committee in their respective constituency to strengthen the awareness and sensitize the members on the law.

The vigil mechanism of the Company provides for adequate safeguards against victimization of Directors, employees and third parties who avail of the mechanism and also provides for direct access to the Chairman of the Audit Committee in exceptional cases. The CoC guidelines are designed to ensure that Directors, employees and third parties may report genuine concerns on CoC adherence or violations thereof without fear of retaliation (including through anonymous reporting). To encourage such members to report any concerns and to maintain anonymity, the Company has engaged an independent agency for managing the whistleblowing system. To this end, your Company has provided the below options for reporting:

1. Globally accessible toll-free telephone numbers in multiple countries and web-helpline available in multiple languages which are available 24*7, wherein grievances/concerns can be reported to the Company anonymously.

2. CoC Website- marico.ethicspoint.com (with an option to report anonymously).

3. CoC Mobile Helpline- maricomobile.ethicspoint.com (with an option to report anonymously).

For administration and governance of the Code, a committee called Code of Conduct Committee is constituted ("CoC Committee"). All cases reported under the whistleblower policy are reported to the CoC Committee and are subject to review by the Audit Committee and NRC. In addition to the independent Ethics helpline system, your Company has also provided in its CoC direct access to the members of the CoC Committee, Internal Committee, contacting respective Business HR/CXO and a complaint drop box facility to report concerns or violations of the CoC (with an option to file a complaint anonymously).

All new employees go through a detailed personal orientation on CoC and anti-sexual harassment policy, along with the E-Learning module which can be completed and referred throughout the year. Your Company seeks affirmation on compliance of CoC on a quarterly basis from the Directors and the employees at senior level. Additionally, separate trainings (classroom/online) on Anti-Sexual Harassment Policy & Marico Insider Trading Rules, 2015 are conducted to educate the employees on the said policy/rules. The education and sensitization is further strengthened through periodic email communications and focused group discussions with the employees to ensure the CoC is followed in spirit and failures are minimized. In addition to above, the Company ensures notifying the members in Townhall about the cases COC committee dealt with in the previous year in the form of case studies by concealing the identity of the members involved. The Company also ensures capability building of and mandatory certifications by its business partners on Marico's Code of Conduct and Marico's Code of Business Ethics. Further details on vigil mechanism are available on the website of the Company at https://marico.com/india/about-us/code-of-conduct.

The Board, the Audit Committee and NRC are informed periodically on the matters reported under CoC and the status of resolution of such cases.

The Company affirms that no personnel has been denied access to the Audit Committee.

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014, as amended, is enclosed as "Annexure D" to this report.

CORPORATE SOCIAL RESPONSIBILITY (CSR) INITIATIVES

Marico's stated purpose is to "Make a Difference" and your Company's CSR philosophy is anchored on this core purpose of making a difference to the lives of all its stakeholders to help them achieve their full potential. Your Company believes that economic value and social value are inter-linked and it has a commitment towards the inter-dependent ecosystem consisting of various stakeholders.

In terms of the Act and rules framed thereunder, the Company has adopted a CSR Policy, which is available on website of the Company at https://marico.com/ investorspdf/Corporate-Social-Responsibilitv-Policy.pdf.

The Company has in place a CSR Committee, which functions in accordance with the applicable provisions of the Act and such other matters as prescribed by the Board from time to time. The detailed terms of reference of the CSR Committee, attendance at its meetings and other details have been provided in the Corporate Governance Report. As on the date of this Report, the CSR Committee consists of six Directors, Mr. Ananth Sankaranarayanan, Mr. Harsh Mariwala, Mr. Saugata Gupta, Mr. Rajendra Mariwala, Mr. Milind Barve and Ms. Nayantara Bali. Mr. Ananth Sankaranarayanan is the Chairman of the CSR Committee.

During FY22, your Company spent 22.32 Crores towards its CSR activities. A brief outline of the CSR Philosophy, salient features of the CSR Policy of the Company, the CSR initiatives undertaken during the financial year 2021-22 together with progress thereon and the report on CSR activities in the prescribed format including details on impact assessment, as required by the Companies (Corporate Social Responsibility Policy) Rules, 2014, are set out in "Annexure E" to this Report.

Further, the Chief Financial Officer of the Company has certified that CSR spends of the Company for FY22 have been utilized for the purpose and in the manner approved by the Board of Directors of the Company.

SECRETARIAL STANDARDS

During the year under review, the Company has complied with all the applicable provisions of Secretarial Standard - 1 and Secretarial Standard - 2 issued by the Institute of Company Secretaries of India and notified by the Ministry of Corporate Affairs.

DEPOSITS

There were no outstanding deposits within the meaning of Sections 73 and 74 of the Act read with the Companies (Acceptance of Deposits) Rules, 2014, as amended, at the end of FY22 or the previous financial year. Your Company did not accept any deposits during FY22.

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS

During the year under review, there were no significant/material orders passed by the regulators or courts or tribunals impacting the going concern status of your Company and its operations in future.

ANNUAL RETURN

Pursuant to Section 134(3)(a) of the Act, the draft annual return for FY22 prepared in accordance with Section 92(3) of the Act is made available on the website of the Company at https://marico.com/india/investors/documentation/ annual-reports.

COST RECORDS

The maintenance of cost records as specified under Section 148 of the Act, is applicable to the Company and accordingly all the cost records are made and maintained by the Company and audited by the cost auditors.

OTHER DISCLOSURES

a) There are no proceedings made or pending under the Insolvency and Bankruptcy Code, 2016 and there is no instance of one-time settlement with any Bank or Financial Institution, during the year under review.

b) Your Company has not issued shares with differential voting rights and sweat equity shares during the year under review.

c) Details of unclaimed dividends and equity shares transferred to the Investor Education and Protection Fund authority have been provided as part of the Corporate Governance report.

ACKNOWLEDGEMENT

Your Board takes this opportunity to thank the employees for their dedicated service and firm commitment to the goals & vision of the Company. Your Board also wishes to place on record its sincere appreciation for the wholehearted support received from the shareholders, distributors, third party manufacturers, bankers and all other business associates and from the neighborhood communities of various Marico locations. We look forward to continued support of all these partners in the future.

On behalf of the Board of Directors
Harsh Mariwala
Place: Mumbai Chairman
Date: May 5, 2022 DIN:00210342

   

Marico Ltd Company Background

Harsh MariwalaSaugata Gupta
Incorporation Year1988
Registered Office7th Floor Grande Palladium,175 CST Rd Kalina Santacruz(E)
Mumbai,Maharashtra-400098
Telephone91-022-66480480,Managing Director
Fax91-022-26500159
Company SecretaryMandyam Anandampillai Vinay
AuditorBSR & Co LLP
Face Value1
Market Lot1
ListingBSE,MSEI ,NSE,
RegistrarLink Intime India Pvt Ltd
C-101 247 Park,L B S Marg,Vikhroli West,Mumbai-400083

Marico Ltd Company Management

Director NameDirector DesignationYear
Harsh Mariwala Chairman (Non-Executive) 2022
Nikhil Khattau Lead Independent Director 2022
Rajen Mariwala Non-Exec & Non-Independent Dir 2022
Hema Ravichandar Independent Director 2022
Saugata Gupta Managing Director & CEO 2022
Rishabh Mariwala Non-Exec & Non-Independent Dir 2022
Ananth Narayanan Independent Director 2022
Rajeev Vasudeva Independent Director 2022
APURVA PUROHIT Addtnl Independent Director 2022
Nayantara Bali Addtnl Independent Director 2022
Milind Barve Independent Director 2022
Mandyam Anandampillai Vinay Company Secretary 2022

Marico Ltd Listing Information

Listing Information
BSE_500
BSE_FMCG
BSE_100
BSE_200
BSEDOLLEX
NIFTYJR
CNX500
CNX100
CNX_FMCG
CNXCONSUMP
CNX200
BSECARBONE
NFT100EQWT
BSEALLCAP
BSELARGECA
NFTQULTY30
SENSNEXT50
ESG100
LMI250
BSEDSI
BSELVI
BSEQUI
NFT100LV30
BSE100LTMC
NFTYLM250
NFTY200Q30
NFTYALV30
NF500M5025

Marico Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Edible Oil Refining MT 0003691
Hair Oils KL 0001426
Personal Care Products NA 000345
Others NA 000331
Govt Grant/Budgetary Support NA 00054
Scrap sales NA 0006
By products NA 0000
Oil Seeds-Traded MT 0000
Others-Traded NA 0000
Excise Duty NA 0000
Service Income-Commission NA 0000
Other Operating Revenue NA 0000
Personal Care Product-Traded NA 0000

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