Marico (MARICO) Q3 24/25 earnings summary

Executive summary

• Achieved a 13-quarter high in domestic and consolidated revenue growth, with India business posting 6% volume and 17% revenue growth YoY in Q3 FY25; international business delivered 16% constant currency growth.

• Consolidated revenue for Q3 FY25 was Rs 2,794 crore, up 15% YoY; 9MFY25 revenue reached Rs 8,101 crore, up 10% YoY.

• Over 90% of the business gained or sustained market share, and 80% maintained or grew penetration on a MAT basis.

• Foods and premium personal care, including digital-first brands, now represent 21% of domestic business revenue, with a combined ARR of INR 1,900 crores.

• Strategic focus on diversification, premiumization, and sustainable growth, with continued investment in brand building and digital transformation.

Financial highlights

• Q3 FY25 revenue from operations: ₹2,794 crore (up 15% YoY); 9MFY25: ₹8,101 crore (up 10% YoY).

• Q3 FY25 EBITDA: ₹533 crore (up 4% YoY); EBITDA margin at 19.1% (down 210 bps YoY); PAT at ₹406 crore.

• Foods business reached INR 1,000 crore ARR in Q3, with Saffola Oats delivering double-digit growth.

• Digital-first portfolio reached INR 600 crore ARR, with Beardo on track for double-digit EBITDA margins.

• Advertising & promotion spend up 19% YoY in Q3 FY25.

Outlook and guidance

• On track to achieve double-digit consolidated revenue growth for the full year.

• Foods portfolio expected to double FY24 scale by FY27, targeting 20%+ CAGR and further gross margin expansion.

• Digital-first businesses targeted to achieve double-digit EBITDA margins by FY 2027.

• Project SETU to expand direct reach from 1mn to 1.5mn outlets by FY27, driving profitable growth.

• Anticipate input inflation to ease as copra prices normalize in early FY 2026.