Chairman’s Message
Dear Shareholders,
It gives me immense pleasure in presenting
to you the 28th Annual Report of the
Company on this landmark silver jubilee year
for Marico Limited. Over the last 25 years,
we have run the business ably and efficiently
using our three key assets - brand, talent,
and culture to deliver sustainable business
and earnings growth, thereby creating
long-term value for our shareholders.
Harsh Mariwala
My vision for the future is to continue to strive hard to fulfil Marico’s potential and contribute to the growth of the world’s largest democratic nation, economically, socially and sustainably
The year under review was no exception with healthy volume and profit growth. Mr. Saugata Gupta, Managing Director (MD) & CEO of your Company continues to run the dayto- day operations of the Company and steer it towards its medium-term aspiration of becoming a significant emerging markets multinational company. I continue to act as the Non-Executive Chairman of the Board, mentoring and advising the MD for your Company’s strategy and future
road map ensuring highest levels of corporate governance at all times. I also lead the efforts as a member of the Board to improve the collective functioning of the Board. I am also actively involved in the Company’s Corporate Social Responsibility (CSR) initiatives.
My vision for the future is to continue to strive hard to fulfil Marico’s potential and contribute to the growth of the world’s largest democratic nation, economically, socially and sustainably. We continue to work with our stakeholders to support India’s solid growth.
India’s economy is in the midst of a recovery with lower fiscal and current account deficit, lower inflation and benign commodity prices. Our country’s growth seems poised to return to a high-growth path. India has continued to perform amidst global turmoil and delivered 7.6% GDP for 2015-16. There is a near-term concern due to the drought situation in most part of the country. However, with prospects of a better than average monsoon, it is likely to have a positive effect on consumption in the medium term. These are exciting times for your Company as it looks to expand its business in India. While some of the overseas geographies where your Company has operations witnessed difficult times last year, the medium term prospects look better. I am confident that the executive leadership team ably led by your MD is well placed to deliver long-term sustainable profitable growth of your Company and in the process, work towards shareholder value maximisation.
I firmly believe that the ‘Business of Business is beyond Business’ and therefore I would like to re-affirm our commitment to innovation and purpose-inspired growth which maximises the potential of all stakeholders it deals with.
Going beyond the economic returns, your Company believes that social, environmental, and economic values are interlinked and we belong to an Interdependent Ecosystem comprising Shareholders, Consumers, Associates, Employees, Government, Environment and Society. Our stated purpose is to “Make a Difference” by ensuring a positive impact of our existence on all stakeholders. A firm has to work
closely with its ecosystem to create a sustainable and inclusive growth for all. During the year, your Company remained committed to this purpose with various initiatives. Marico’s brands play a very crucial role in the Company’s CSR efforts. Nihar Shanti Amla, a hair oil brand contributes towards girl child education initiatives. Saffolalife, an initiative supported by Saffola, works towards creating awareness on women heart health in India. Marico Innovation Foundation (MIF) is a not-for-profit subsidiary of your Company. It was incorporated to accelerate the innovation journey in the country. MIF works with various social enterprises through the Social Innovation Acceleration Program (SIAP) with the objective of providing customised capacity building support to various innovative organisations. MIF also leverages student teams from leading management institutes to help these social organisations with research (primary and secondary) and critical inputs on their businesses. The Directors’ Report carries a detailed update on these initiatives.
Your Company’s efforts to achieve and sustain highest standards of corporate governance were duly recognised during the year. Your Company won the “Best Domestic Company for Corporate Governance” across sectors in a poll conducted by Asiamoney and was also recognised for Excellence in Corporate Governance by the Institute of Company Secretaries of India.
I firmly believe that the “Business of Business is beyond Business” and therefore I would like to re-affirm our commitment to innovation and purpose-inspired growth which maximises the potential of all stakeholders it deals with.
Before I conclude, I would like to thank your Company’s employees, whom we call “members” and all other stakeholders for their consistent commitment, engagement, support, and encouragement in our journey. We will continue to seek our shareholders’ participation and support, as we extend our footprint to create new pathways to progress and tap impending strategic investment opportunities.
With warm regards,
Harsh Mariwala
Chairman