At Marico, we are driven by the aspirations of our stakeholders.

A purpose-led organisation, our work ethic is centred around giving back more than what we take. For the past thirty years, this has enabled our transformative journey, which has delivered superior value for all our stakeholders.

True to our ethos, today, as we continue to innovate, transform and grow, we stay committed to effectively

making a difference


Key Products

Resilient portfolio of trusted brands

Chairman’s Message

Making a difference in the new normal

Harsh Mariwala Chairman

Dear Shareholders,
It is with immense pleasure that I present to you the second Integrated Report of your Company. The year under review has presented a variety of challenges with economic growth in India weakening quarter-on-quarter amidst a severe liquidity slump, falling consumption trends, especially in rural, and last but not least, the outbreak of COVID-19 in March, which has not only elevated the economic challenges, but also adversely affected the society, at large.


MD & CEO’s Message

Differentiating our way forward

Saugata Gupta MD & CEO

Dear Shareholders,
I am pleased to present to you Marico’s Integrated Report for the year ended March 31, 2020.

The year under review was unprecedented in many ways – a very difficult macroeconomic condition, plagued by demand slowdown across categories, with probably an exception of foods and allied categories, and culminating with a oncein- a-century phenomenon of a pandemic, the COVID-19 outbreak.


Performance Highlights FY20

Performing across the triple bottom line

Business Performance

`7,315 Crore

(US$ 1.03 Billion)

Consolidated turnover


Consolidated EBITDA
growth (y-o-y)

200 bps

margin expansion


Y-o-Y Growth in consolidated Profit After Tax (excl. one-offs)


Villages in India reached through the stocklist network

5.1 Million

Overall distribution reach in terms of number of retail outlets in India

(Source: Nielsen)

Environment Performance
(India operations)

640 Million litres

Water conservation capacity created (Cumulative conservation capacity stands at 1.36 Billion litres)

Packaging material used are recyclable by weight

Total energy consumed is from renewable sources

Reduction in Green House Gas (GHG) emission intensity from base year (20% reduction from previous year)

Social Performance
(India operations)


Students received access to quality education under ‘Nihar Shanti Pathshala Funwala’ since inception


Student beneficiaries under ‘Educate Girls’ programme


Coconut farmers enrolled under the ‘Parachute Kalpavriksha’ programme (Cumulative enrolment of 21,043 farmers)


Of members in marketing, HR and technology are women

Our Value Creation Paradigm

Our pillars of value creation

Resources we depend upon to create value

Our ability to create value depends upon the use of six capitals

Stakeholders we rely on and create value for

We believe that mutual and inclusive growth is necessary, and strive to maintain the right balance towards meeting stakeholder interests through continuous and proactive engagement.

Our strategic pillars

Marico remains committed towards sustainable value creation through a ‘consumer-’ and ‘community-’ centric strategy.

Our strategy enablers

These enablers focused towards Marico’s transformation prepare it for the emerging new realities and changing consumer needs.


How we create value

Marico’s focus on delivering sustainable profitable growth has translated into a compounded annual growth of 16% in top-line and 23% in profits, since inception.

We aspire to tread the path of value-based growth by ensuring business sustainability and creating differentiated benefits to all our stakeholders, by partnering in their growth agenda through continuous engagement. The value-accretive business opportunities in this environment sets us on a path of accelerated, yet sustainable growth, thus benefitting all.


Key issues that impact value-creation

Materiality & Sustainability

Strategy that enables sustainable growth

Strategic Pillars

Grow the Core

Marico continues to consolidate its leadership position with market share gains across its core segments: coconut oil, value-added hair oils, and super premium refined edible oils. There continues to be significant headroom for category growth as well as market share gains, the short-term rural demand slowdown notwithstanding.

New Growth Engines

We continue to focus on portfolio diversification with a healthy mix of core portfolio and future growth engines aligned to the changing consumer trends.

Create Shared Value

Marico lives by its purpose of ‘Make a Difference’ and continuously strives to create shared value in collaboration with all stakeholders. ‘Shared Value’ is anchored in the ethos of the way we do business and applied to ensure that all business decisions balance economic, environmental and social considerations.

Strategy that enables sustainable growth

Strategy Enablers

Business and
Go-to-Market Models

We have strived to continuously experiment and adapt our business and go-to-market models in line with the changing market landscape and business realities.

Product Innovations

Consumer-centric innovation is a key growth driver and our effort has been to bring in more agility through structural interventions. We have created roles focusing on driving consumer insights and innovations for our growth engines.

Technology and Automation

Marico has always focused on technology and automation as a key lever for building a future-ready organisation.

Cost Management

While profitable growth has always been a focus for Marico, cost consciousness is even more important in current scenario to ensure we maintain healthy profitability and are able to fund strategic initiatives for future growth.

Talent and Culture

At Marico, our core value proposition is to provide challenging, enriching and fulfilling opportunities that maximise the potential of our people.

Mainstreaming Sustainability

Sustainability is embraced as a part of Marico’s mainstream business approach to create shared value.

Mitigating diverse and dynamic risks

Risk Management

Strategic risk

  • Changing consumer preference
  • Competitive market conditions
  • Underperformance of new product launches
  • Private labels

Financial risk

  • Volatility in interest rates
  • Foreign currency exposure
  • Macroeconomic factors
  • Cyber and data security

Operational risk

  • Commodity risk
  • Political instability in operating geographies
  • Underperformance of acquisition deliverables

Compliance and governance risks

Compliance and
governance risks

  • Non-compliance with regulatory requirements
  • Violation of ethics and business integrity

Environmental risk

  • Disruption due to climate change events
  • Adverse impact of energy and water scarcity
  • Handling of plastic packaging and waste

Social risks

  • Talent acquisition and retention
  • Community distress in operating locations
  • Failure to meet product quality and safety requirements

People for whom we create value

Together with our stakeholders


Empowerment that comes as a standard


Giving back more than what we take

By virtue of being an FMCG company, we significantly rely on natural resources. They are inherent to our business for achieving long-term sustainable growth and hence we consider it our responsibility to judiciously manage the use of natural resources, and reduce the negative impact of our operations on the environment.


Rain water harvesting project at Perundurai unit