Marico Q4 Results: Consolidated PAT Growth at 14% YoY

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Marico is a company, built from a humble oil business and turned into an emerging multinational corporation. With the beginnings of a vision for regional branded FMCG products, Marico and its famous Parachute coconut oil have come a long way. From starting with hair oil products to establishing skincare clinics like Kaya, Marico is a household name. Marico Q4 results of FY 2023-24, released on 6 May 2024, exemplify its role in the domestic FMCG sector and validate it globally. In Q4 FY2023-24, the Company recorded a domestic Volume Growth of 3% YoY and an International Growth (in Constant Currency) of 10% YoY. Consolidated Revenue Growth for the quarter stood at 2% YoY, while Recurring Consolidated PAT grew by 14% YoY.


Marico, one of the prominent players in the fast-moving consumer goods (FMCG) sector, has released its quarterly results amid a highly competitive market landscape. Marico is among the top FMCG companies today, portraying healthy results in its quarters. This Q4 (FY24), the Company has witnessed sequential improvement in performance metrics in India and its overseas businesses and its Revenue Growth (Consolidated 2% YoY) back on track; other financial indicators like PAT (Recurring Consolidated Growth at 14% YoY) and EBITDA (Consolidated Growth at 12%) indicate a return to positive terrain. 

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5 Key Financial Highlights

With 75% of the Company’s domestic business either gaining or sustaining market share on a MAT basis and 100% of the domestic business either gaining or sustaining penetration on a MAT basis, the Marico Q4 results are a bright spark in the FMCG sector. In terms of Q4 results, all eyes are on this booming sector in India and you can see the main 5 financial highlights of Marico’s Q4 results: 

  • Consolidated Revenue from Operations for Q4 FY24 was higher by 2% YoY at ₹2,278 Crore relative to ₹2,240 Crore in Q4 FY23

  • Consolidated EBITDA for Q4 FY24 was at ₹442 Crore relative to ₹393 Crore for Q4 FY23; a Q4 FY2024 rise of 12% YoY

  • The EBITDA Margin for Q4 FY24 grew 186 bps YoY

  • Consolidated Reported Profit After Tax for Q4 FY24 reached ₹318 Crore as against ₹302 Crore for Q4 FY23; For Q4 FY24, this was a rise of 5% YoY

  • Consolidated Recurring Profit After Tax for Q4 FY2024 stood at ₹318 Crore, as opposed to Q4 FY2023 when it was at ₹280 Crore; a rise of 14% YoY for Q4 FY24

Additional ReadQuarterly Results

Operational Overview

Marico, a company on a mission to provide the best quality products in the FMCG sector, believes in using a diverse, digital, and distribution-centric business model with core operational growth and cost management. With this in view, Q4 has proved to be a winner for the Company and has, in a way, empowered its revival as a strong contender in the FMCG sector in India. With steady trends in demand in the FMCG sector in general in India, and combined overall macro-environment positivity, Marico has had profitable Q4 results. Here are some important aspects of Marico’s Q4 results concerning its operational features: 

  • The Company has witnessed a Gross Margin Expansion of 420 bps on a YoY basis

  • There has been an 8% YoY rise in A&P Spends

  • The Company witnessed an EBITDA Margin Expansion of 186 bps

  • Revenue Growth shows an upward trend for the coming quarters

  • Q4 FY2024 Value Growth stood at 24%

  • The international business segments of the Company showed a revival of robust momentum growth; 10% CCG in Q4 FY2024, with healthy momentum contributed by MENA (strong growth in Egypt markets) and South African business segments (mainly due to ethnic hair care brands)

  • In the segments of Premium Personal Care, there was robust traction; with products like serums, male-grooming care, and skincare goods experiencing a ~ ₹300 Cr Q4 run rate; furthermore, digital-first brands portrayed a Q4 Exit ARR of ~₹450 Cr. 

Additional Read: Lupin Q4 Results

Key Financial Metrics - Consolidated Q4 (FY 2023-24) Financial Results (Income Statement) of Marico (in ₹ Crore)


Q4 FY24

Q4 FY23

Change % 

Revenue from Operations











186 bps

Profit Before Tax (excl. one-offs)




Reported Profit After Tax




Recurring Profit After Tax




Marico - Uptick in Rural Segments While Premiums Stay Strong

The domestic operating environment in Q4 was similar to the preceding quarters of FY 2024 for this serious FMCG contender. Spanning several FMCG categories, premium, and urban-focused segments maintained their leading positions as opposed to rural and mass segments. Rural sentiments did rise during Q4, and alternate channels gained some steam too. While the market share of the Company was either sustained or showed improvement, Marico’s Q4 results are promising for the terms ahead. With its right foot forward, the Company is looking ahead with healthy revenue-driven earnings growth in the near and medium terms to follow. 

Additional Read: Nerolac Paints Q4 Results


Marico’s Q4 results are a bright indicator of the Company’s next moves and future performance. Marico plans to continue its aggressive diversification strategy and sets its sights on domestic revenue growth to trend higher with pricing & volume growth picking up slowly and surely. This can only mean prospective success for the Company as its international business segments (particularly MENA and South Africa) scale up and the Company lays plans for broad-based business operations. 

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Frequently Asked Questions

What is the future of Marico going forward into FY25, based on the Marico Q4 results?

Answer Field

Moving into FY25, Marico plans on broad-based business scaling as its international business is picking up. While domestic Revenue may have been somewhat flattish, there are plans for more penetration into rural segments while maintaining its robust market share.

Were the Q4 results of Marico indicative of a positive quarter for the Company?

Answer Field

Yes, the Marico Q4 results were promising with Recurring and Reported PAT, Revenues, and EBITDA rising compared to the same figures of the same quarter of the previous fiscal year. The Company’s market share also witnessed stability or improvement in market share across brands and businesses, and its international business Revenue saw lucrative growth (10% CCG).

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