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	5	+= Overview =
6	6
7		-Overview
	7	+Marico Limited (NSE:MARICO) is one of India’s leading consumer goods companies operating in the health, beauty and wellness space. With its headquarters in Mumbai, Marico is present in over 25 countries across emerging markets of Asia and Africa. It nurtures leading brands across categories of hair care, skin care, edible oils, healthy foods, hygiene, male grooming, and fabric care. In 2019-20, the company generated a turnover of INR 73.1 billion (USD 1.03 billion) through its products sold in India and chosen markets in Asia and Africa. Marico touches the lives of 1 out of every 3 Indians, through its portfolio of brands such as Parachute, Saffola, Saffola FITTIFY Gourmet, Coco Soul, Parachute Advansed, Hair & Care, Nihar Naturals, Livon, Set Wet, Set Wet Studio X, Veggie Clean, Kaya Youth, Travel Protect, House Protect, Mediker, Revive and Beardo.  Marico has 8 factories in India located at Pondicherry, Perundurai, Jalgaon, Guwahati, Baddi, Paonta Sahib and Sanand. The international consumer products portfolio contributes to about 23% of the Group’s revenue, with brands like Parachute, Saffola, Parachute Advansed, Mediker SafeLife, Just For Baby, HairCode, Fiancée, Caivil, Hercules, Black Chic, Code 10, IngMarico ,X-Men, Sedure, Thuan Phat and Isoplus.{{footnote}}https://marico.com/india/about-us/overview{{/footnote}}
8	8
9	9
10		-Marico Limited is one of India’s leading consumer goods companies operating in the health, beauty and wellness space. With its headquarters in Mumbai, Marico is present in over 25 countries across emerging markets of Asia and Africa. It nurtures leading brands across categories of hair care, skin care, edible oils, healthy foods, hygiene, male grooming, and fabric care. In 2019-20, the company generated a turnover of INR 73.1 billion (USD 1.03 billion) through its products sold in India and chosen markets in Asia and Africa. Marico touches the lives of 1 out of every 3 Indians, through its portfolio of brands such as Parachute, Saffola, Saffola FITTIFY Gourmet, Coco Soul, Parachute Advansed, Hair & Care, Nihar Naturals, Livon, Set Wet, Set Wet Studio X, Veggie Clean, Kaya Youth, Travel Protect, House Protect, Mediker, Revive and Beardo.  Marico has 8 factories in India located at Pondicherry, Perundurai, Jalgaon, Guwahati, Baddi, Paonta Sahib and Sanand. The international consumer products portfolio contributes to about 23% of the Group’s revenue, with brands like Parachute, Saffola, Parachute Advansed, Mediker SafeLife, Just For Baby, HairCode, Fiancée, Caivil, Hercules, Black Chic, Code 10, IngMarico ,X-Men, Sedure, Thuan Phat and Isoplus.
	10	+== Plant Locations ==
11	11
12		-[[https:~~/~~/marico.com/india/about-us/overview>>url:https://marico.com/india/about-us/overview]]
13		-
14		-
15		-
16		-Plant Locations
17		-
18		-
19	19	Marico has 8 factories in India located at
20	20
21		-Pondicherry
	14	+* Pondicherry
	15	+* Perundurai
	16	+* Kanjikode
	17	+* Jalgaon
	18	+* Paldhi
	19	+* Dehradun
	20	+* Baddi
	21	+* Paonta Sahib.
22	22
23		-Perundurai
24	24
25		-Kanjikode
26		-
27		-Jalgaon
28		-
29		-Paldhi
30		-
31		-Dehradun
32		-
33		-Baddi
34		-
35		-Paonta Sahib.
36		-
37		-
38	38	In Bangladesh, Marico operates through Marico Bangladesh Limited, a wholly owned subsidiary. Its manufacturing facility is located at Shirirchala, in Dhaka Division.
39	39
40	40
	27	+[[image:MARICO0.jpg]]
41	41
42		-Brands
	29	+== Brands ==
43	43
	31	+* Parachute Coconut Oil
	32	+* Parachute Advansed
	33	+* Parachute Advansed Body Lotion
	34	+* Saffola
	35	+* Hair & Care
	36	+* Livon
	37	+* Nihar Naturals
	38	+* Mediker
	39	+* Revive
	40	+* Studio X
	41	+* Kaya Youth
	42	+* Parachute Advansed Coconut Creme Oil
	43	+* Mediker Anti Lice Treatment
	44	+* Veggie Clean
	45	+* KeepSafe
	46	+* Protect
	47	+* Coco Soul
	48	+* Saffola ImmuniVeda
	49	+* Saffola Arogyam Chyawan Amrut Awaleha
	50	+* Pure Sense
	51	+* Saffola Honey
	52	+* Coco Soul Beauty
	53	+* True Roots
	54	+* Saffola FITTIFY Gourmet
	55	+* Set Wet
44	44
45		-Parachute Coconut Oil
46	46
47		-Parachute Advansed
48	48
49		-Parachute Advansed Body Lotion
	59	+[[image:MARICO2.png]]
50	50
51		-Saffola
52	52
53		-Hair & Care
	62	+== Company History ==
54	54
55		-Livon
56	56
57		-Nihar Naturals
	65	+| |**Milestones In Marico's Journey**
	66	+|1971|Harsh Mariwala, a young graduate, joins the family business
	67	+|1974|Harsh envisions a branded FMCC market for coconut and refined edible oils
	68	+|1980|Harsh discovers the ubiquitous Parachute blue bottle
	69	+|1990|2nd April 1990 — Marico is born
	70	+|1991|Marico launches Hair & Care, non- sticky hair oil
	71	+|1996|Marico lists on the Indian Stock Exchanges
	72	+|1999|First overseas manufacturing facility in Bangladesh
	73	+|2002|Marico enters Skin Care solutions – Kaya is born
	74	+|2006|Nihar enters Marico’s fold
	75	+|2006-07|Marico enters Egypt and South Africa through acquisitions
	76	+|2009|Marico Bangladesh lists on Dhaka Stock Exchange
	77	+|2010|Marico introduces Saffola Breakfast
	78	+|2011|Marico enters Vietnam through acquisition of ICP
	79	+|2012|Marico acquires Livon & Set Wet
	80	+|2013|Kaya Skin Care demerged
	81	+|2014|Harsh steps down as MD and Saugata Gupta takes over
	82	+|2017-18|Investment in Startup Ecosystem - Beardo
	83	+|2018-19|Marico launched Saffola FITTIFY, Coco Soul, Kaya Youth O2
	84	+|2020|Acquisition of 100% stake in Beardo. Marico enters the Hygiene segment. Saffola Honey launched
58	58
59		-Mediker
60	60
61		-Revive
	87	+= Industry Overview =
62	62
63		-Studio X
	89	+== Fast-Moving Consumer Goods (FMCG) sector in India ==
64	64
65		-Kaya Youth
	91	+India is the fastest-growing trillion-dollar economy in the world and the fifth-largest overall, with a nominal GDP of $2.94 Trillion. India has become the fifth-largest economy in 2019, overtaking the United Kingdom and France. Domestic consumption, which powers 60% of the GDP today, is expected to grow into a $6 Trillion by 2030.{{footnote}}https://marico.com/investorspdf/Annual-Report-FY-2019-20.pdf{{/footnote}}
66	66
67		-Parachute Advansed Coconut Creme Oil
68		-
69		-Mediker Anti Lice Treatment
70		-
71		-Veggie Clean
72		-
73		-KeepSafe
74		-
75		-Protect
76		-
77		-Coco Soul
78		-
79		-Saffola ImmuniVeda
80		-
81		-Saffola Arogyam Chyawan Amrut Awaleha
82		-
83		-Pure Sense
84		-
85		-Saffola Honey
86		-
87		-Coco Soul Beauty
88		-
89		-True Roots
90		-
91		-Saffola FITTIFY Gourmet
92		-
93		-Set Wet
94		-
95		-
96		-Company History
97		-
98		-
99		-<table>
100		-
101		-
102		-Industry Overview
103		-
104		-
105		-Fast-Moving Consumer Goods (FMCG) sector in India
106		-
107		-India is the fastest-growing trillion-dollar economy in the world and the fifth-largest overall, with a nominal GDP of $2.94 Trillion. India has become the fifth-largest economy in 2019, overtaking the United Kingdom and France. Domestic consumption, which powers 60% of the GDP today, is expected to grow into a $6 Trillion by 2030.
108		-
109		-[[https:~~/~~/marico.com/investorspdf/Annual-Report-FY-2019-20.pdf>>url:https://marico.com/investorspdf/Annual-Report-FY-2019-20.pdf]]
110		-
111	111	This consumption growth will be supported by a 1.4 Billion strong population that is younger than that of any other major economy. Household savings have historically been high as thrifty and cautious Indian families put away more than a fifth of their incomes for a rainy day. This buffer provides support to domestic consumption expenditure even through challenging cycles in economic activity.
112	112
113	113	Fast-moving consumer goods (FMCG) sector is the fourth largest sector in the Indian economy with Household and Personal Care accounting for 50% of FMCG sales in India. Growing awareness, easier access and changing lifestyles have the key growth drivers for the sector. The urban segment (accounts for a revenue share of around 55%) is the largest contributor to the overall revenue generated by the FMCG sector in India.
...	...	@@ -118,54 +118,57 @@
118	118
119	119	It is estimated that a massive increase in internet penetration will lead to more than a billion internet users in India by 2030. Online connectivity, and the resultant access to information, is proving to be a key driver of differences in aspiration and the desire to spend and consumption, even among people at similar income levels. While general trade continues to be the largest sales channel for overall FMCG retail sales, growth in sales through modern trade and E-Commerce in particular, is significantly outpacing the growth of FMCG products in general trade. Amongst all the FMCG items, online grocery order leads the sales with 44% contribution, followed by personal care which accounts for 40% of such orders. Household care, comes third in the list, with a share of 13% of all online FMCG orders. As per Nielsen, while the E-Commerce FMCG market stands at around $1.2 Billion, which is 2% of the total FMCG market in India, metro cities account for 6% orders from the online channels of the FMCG total sales. Fast-moving consumer goods sales coming from the E-Commerce channel is expected to grow to $4 Billion with a CAGR of 44% by 2022. Continued demand for convenience in urban areas, the integration online and offline, the creation of new direct-to-consumer options and more technology, will all help reach new targets beyond the current profile of affluent families with children.
120	120
121		-
122	122	India is an annual population growth of 1.1% and is expected to emerge as the most populous country in the world by 2024. Nearly half of India's population is under the age of 25 and two-thirds are less than 35. According to Accenture, India is expected to have the world's largest workforce by 2027, with a billion people aged between 15 and 64. This indicates that the growth in non-discretionary consumer demand, like food, healthcare, household and personal care products, is likely to sustain in the long term. In addition, India is expected to witness strong growth in per capita income, leading to an increase in affluent population and rise in disposable income in general, which in turn should result in a rise in discretionary spending. As per a report published by the World Economic Forum in collaboration with Bain & Company, the vision for the future of consumption in India is anchored in the growth of the upper-middle income and high-income segments, which will grow from one in four households today, to one in two households by 2030. At the same time, India will also lift nearly 25 Million households out of poverty, to reduce the share of households below the poverty line to 5%, down from 15% today. Thus, India represents a relatively broad-based pattern of growth and benefit sharing, in contrast to the global scenario of increasing inequality, wherein the richest 10% of the is capturing an increasing share of national incomes and, consequently, wealth. Rising demand for premium products and faster growth in sales through trade are likely to bring incremental growth. Growing awareness, easier access, and changing lifestyles are the key growth drivers for the consumer market. Lastly, the focus on agriculture, MSMEs, education, healthcare, infrastructure and employment in the Union Budget and subsequent measures is expected to positively impact the FMCG sector. While the outbreak of COVID-19 has clouded the outlook in the near term in the wake of an adversely affected supply chain, change in consumer behavior and a much weakened macro-environment, the FMCG sector in India is likely to grow steadily owing to these structural drivers over the medium to long run.
123	123
124	124
	106	+= Business Overview =
125	125
126		-Business Overview
	108	+== Domestic Business: Marico India ==
127	127
128		-Domestic Business: Marico India
129		-
130	130	Marico India, the domestic FMCG business, achieved a turnover of 655 Crores in FY20, down 2% over the last year. The underlying volume growth was a muted 1%, vastly affected by the consumption slowdown witnessed in the economy through the year, which was further exacerbated by supply chain disruptions from the lockdowns enforced in the month of March 2020 to contain the outbreak of COVID-19 in India. The 0#rating margin (before corporate allocations) for the India business was healthy at 22.0% in F Y 20 vs 20.2% in FY19. The improvement in profitability was led by gross margin tailwinds owing to a benign input cost environment
131	131
132		-Coconut Oil (44% of India business)
	112	+**Coconut Oil (44% of India business)**
133	133
134	134	Parachute's rigid portfolio (packs in blue bottles) had a flat FY20 in volume terms, amidst a slow consumption environment, a delay in connecting specific pricing interventions to the retail shelves due to older inventory in the channel at the end of HI FY2020 and severe lockdown- led disruptions in March 2020. The brand strengthened its leadership position with a gain of 268 bps in volume market share (MAT Mar'20). The non-focused Coconut Oil portfolio had a soft year amidst the tepid consumption environment. Overall, the volume market share of the Coconut Oil franchise (includes Nihar Naturals and Oil of Malabar) improved by 208 bps to 62% (Mar' 20 MAT).
135	135
136	136
137		-Saffola: Super Premium Refined Edible Oils and
	117	+**Saffola: Super Premium Refined Edible Oils and Foods (23% of India business)**
138	138
139		-Foods (23% of India business)
140		-
141	141	The Saffola refined edible oils franchise grew 9% in volume terms during F Y 20. While the brand growth in the traditional channel as well, higher salience in the new age channels of modern trade and E-Commerce enabled it to outperform through the year. The continued traction in Q4 was topped up by households stocking up on food and essential items in the early stages of the COVID-19 outbreak in March 2020. The brand has been backed by in-store promoter programmes and significant media investments with communication to build relevance and drive adoption among its target consumers by re-affirming its superior credentials. The renewed communication appears to have resonated well with the consumer, and the company will continue to implement differential packs/pricing/ channel strategies in an attempt to maintain the healthy growth trajectory for the brand. The brand gained 350 bps in volume market share brand to consolidate its volume market share at —76% in the Super Premium Refined Edible Oils category (MAT Mar'20). Rising health consciousness among consumers and higher incidence of in-home cooking also augur well for the franchise.
142	142
143	143	The Healthy Foods franchise value growth of 31% in F Y 20, led by consistent growth in the Saffola Oats franchise. The value market share of Saffola Masala Oats strengthened to —86% in the flavoured oats category (Mar'20 MAT), driven by consistent communication and distribution expansion. The brand continued to gain traction in modern trade and E-Commerce.
144	144
145		-Value Added Hair Oils (24% of India business)
146	146
	124	+**Value Added Hair Oils (24% of India business)**
	125	+
147	147	Value added hair oils registered a volume decline of 2% during the year, largely due to underperformance in the mid and premium segments, while category growth flattened in a subdued demand environment, especially in rural. The performance was also affected by primary sales plummeting in the last fortnight of March, with cessation of sales in the last 7 days of the year. However, offtake growth ahead of the category led the Company to consolidate its market leadership in the circa Crore with a volume share of -35% and value share of —26% MAT).
148	148
149		-Premium Personal Care (5% of India business)
150	150
	129	+**Premium Personal Care (5% of India business)**
	130	+
151	151	The Premium Personal Care portfolio, comprising Premium Hair Nourishment, Male Grooming and Premium Skin Care, had a lackluster year amidst a sharp dip in discretionary spending during the year.
152	152
153	153	Within Premium Hair Nourishment, Livon Serums posted high single-digit volume growth in FY20. While the growth in the bottle packs was led by new age channels of Modern Trade and Ecommerce, the 2.5 ml sachet pack (priced at C) played its role as the key trial pack by expanding the brand's reach in General Trade.
154	154
155		-Foray into the Hygiene segment: Mediker Hand
156	156
157		-Sanitizer and Veggie Clean launched
	136	+=== Foray into the Hygiene segment: Mediker Hand ===
158	158
	138	+**Sanitizer and Veggie Clean launched**
	139	+
159	159	With the rising consciousness among consumers about personal health and hygiene, the Company introduced Mediker Hand Sanitizer in April '20. The hand sanitizer packs have 70% v/v alcohol content that is sufficient to kill 99.9% germs without water, ensuring effective protection on-the-go from disease-causing germs. Marico has launched three SKUs— 90 ml, 200 ml, 500 ml and are ramping up distribution across all channels.
160	160
161	161	In April' 20, the Company also launched Veggie Clean, a first-of-its-kind fruit and vegetable cleaner, made with a unique mix of 100% safe ingredients that removes all the germs, bacteria, chemicals, waxes and soil present on the surface of fruits and vegetables without leaving any residue, aftertaste or smell. This solution does not contain any harmful preservative and is soap-free, chlorine-free as well as alcohol-free. Veggie Clean has been introduced in two SKI_Js - 200 ml and 400 ml, and has been made available across all channels.
162	162
163		-International FMCG Business: Marico International
	144	+== International FMCG Business: Marico International ==
164	164
165	165	Marico International, the International FMCG business, posted a turnover of u, 660 Crore, a growth of 5% over the last year. The business reported constant currency growth of 5%. The revenue contribution from new products in FY20jumped to —5% in FY20 from -2% in F Y 19. The operating margin (before corporate allocations) for the International business expanded to 21.5% in FY20 from 20.1% in FY19. The margin improvement was led by input cost tailwinds in the Bangladesh business.
166	166
167		-Bangladesh
168	168
	149	+[[image:MARICO3.png]]
	150	+
	151	+
	152	+=== Bangladesh ===
	153	+
169	169	(49% ofthe International Business)
170	170
171	171	The business in Bangladesh grew by 12% in FY20 in constant currency terms, thereby delivering double-digit constant currency growth for the third year in a row. Parachute Coconut Oil posted 5% constant currency growth in FY20. With the category having matured in this market, the Company expect to grow this franchise in mid-single digits on a constant currency basis over the medium-term on the back of its dominant market share, distributive strength and consumption growth.
...	...	@@ -178,11 +178,10 @@
178	178
179	179	In Apr' 20, Marico Bangladesh launched Mediker SafeLife Hand Sanitizer and Hand Wash, bringing Mediker’s international expertise in care and protection to the country.
180	180
181		-
182	182	The non- Coconut Oil portfolio in Bangladesh constitutesover —30% of the total business in Bangladesh. The Company will leverage its strong distribution network and learnings from the India market to quickly scale up its new product introductions in Bangladesh. With this, the contribution of the non-coconut oil is likely to exceed 35% by F Y 22. The company remain confident of delivering double-digit constant currency growth in this geography over the medium term. The healthy macro indicators also provide the required thrust for growth.
183	183
184	184
185		-South East Asia
	169	+=== South East Asia ===
186	186
187	187	(26% of the International Business)
188	188
...	...	@@ -190,24 +190,24 @@
190	190
191	191	Vietnam posted a growth of 5% in constant currency terms as growth in the Home and Personal Care (HPC) segment moderated. In HI, the Company launched a new range - shampoo, shower gel and face wash, under the brand X-Men, aimed at converting the unisex users looking for functional benefits. The Foods managed to post decent growth.
192	192
193		-
194	194	To serve the pressing hygiene needs of its consumers, the Company launched X-Men Go Hand Sanitizer, a cleansing gel that gives 99% protection, in a convenient pack size for men to carry on the go. Launched in April, the product has been made available in both General and Modern Trade. The Company has initiated an aggressive cost management programme, which will enable resource generation for brand building. The company expect to deliver steady currency growth in this geography over the medium term. In F Y 21, the company expect normalcy to return faster compared to other regions due to well-implemented safety measures by the government.
195	195
196	196
197		-Middle East and North Africa (MENA)
	180	+=== Middle East and North Africa (MENA) ===
198	198
199	199	(12% ofthe International Business)
200	200
201	201	The MENA business declined by 18% in constant currency terms, further accentuated by supply chain disruptions in March 20 due to the COVID-19 outbreak. The recent crash in oil prices and volatile macro environment keeps it cautiously optimistic about the medium term outlook ofthese markets. The company remain cautious about Egypt at this stage and will be aggressive on cost management to give the business a fighting chance to survive and thrive.
202	202
203		-South Africa
204	204
	187	+=== South Africa ===
	188	+
205	205	(7% of the International Business)
206	206
207	207	The South Africa business declined by 5% in constant currency terms, due to continued macro headwinds coupled with social distancing and other restrictions enforced to contain the outbreak of COVID-19 in the region during Q4 FY20. In Q4 FY20, the Company has recognised an impairment loss of Crore towards Goodwill arising out of South African Hair styling brand ISOPIus, which was acquired in 2017. The same is disclosed under 'Exceptional items' in the Consolidated Statement of Profit and Loss. The macros in the region continue to be weak. The company expect some revival in this business over the medium term on the back of a pi#line of new products.
208	208
209	209
210		-New Country Development & Exports
	194	+=== New Country Development & Exports ===
211	211
212	212	(6% of the International Business)
213	213
...	...	@@ -214,9 +214,8 @@
214	214	With expansion in adjacent markets such as Nepal and Bhutan, exports to diaspora and other markets generated revenues of nearly IJS$ 14 Million in F Y 20. The business grew by 33% in constant currency terms in FY20. The Company remains positive on the future prospects of this business, as it incubates new geographies to expand its franchise. Early signs of easing of cross-border supply chain makes it confident of reviving growth in FY21.
215	215
216	216
217		-Financial Highlights
	201	+= Financial Highlights =
218	218
219		-
220	220	In FY20, Marico revenue from operations of INR 7,315 Crores, which was marginally lower than the previous year. The underlying volume growth for the year was 2%. The business delivered an operating margin of 20.1% and INR 1,043 Crores, a growth of 13% over the last year on a comparable basis.
221	221
222	222	Marico India, the domestic FMCG business, achieved a turnover of INR 5,655 Crores in FY20, down 2% over the last year. The underlying volume growth was a muted 1%, vastly affected by the consumption slowdown witnessed in the economy through the year, which was further exacerbated by lockdowns enforced in the month of March 2020 to contain the outbreak of COVID-19 in India. The operating margin corporate allocations) for the India business was at 22%. The improvement in profitability was led by significant gross margin tailwinds, owing to a benign input cost environment.
...	...	@@ -224,11 +224,8 @@
224	224	During the year, Marico International, the International FMCG business, posted a turnover of INR 1,660 Crores, a growth of 5% over the last year. The business constant currency growth of 5%. The operating margin (before corporate allocations) for the International business expanded by 139 bps to 21.5%, led by gross margin expansion in the Bangladesh business.
225	225
226	226
	210	+**Marico Consolidated December 2020 Net Sales at Rs 2,122.00 crore, up 16.34% Y-o-Y **{{footnote}}https://www.moneycontrol.com/news/business/earnings/marico-consolidated-december-2020-net-sales-at-rs-2122-00-crore-up-16-34-y-o-y-6404341.html{{/footnote}}
227	227
228		-Marico Consolidated December 2020 Net Sales at Rs 2,122.00 crore, up 16.34% Y-o-Y
229		-
230		-[[https:~~/~~/www.moneycontrol.com/news/business/earnings/marico-consolidated-december-2020-net-sales-at-rs-2122-00-crore-up-16-34-y-o-y-6404341.html>>url:https://www.moneycontrol.com/news/business/earnings/marico-consolidated-december-2020-net-sales-at-rs-2122-00-crore-up-16-34-y-o-y-6404341.html]]
231		-
232	232	January 27, 2021 Net Sales at Rs 2,122.00 crore in December 2020 up 16.34% from Rs. 1,824.00 crore in December 2019.
233	233
234	234	Quarterly Net Profit at Rs. 307.00 crore in December 2020 up 12.87% from Rs. 272.00 crore in December 2019.
...	...	@@ -240,12 +240,10 @@
240	240	Marico shares closed at 410.15 on January 25, 2021 (NSE) and has given 17.04% returns over the last 6 months and 21.20% over the last 12 months.
241	241
242	242
243		-Recent developments
	223	+= Recent developments =
244	244
245		-Marico eyes Rs 100 crore revenue from Saffola honey in FY22
	225	+**Marico eyes Rs 100 crore revenue from Saffola honey in FY22 **{{footnote}}https://www.moneycontrol.com/news/business/marico-eyes-rs-100-crore-revenue-from-saffola-honey-in-fy22-report-6414921.html{{/footnote}}
246	246
247		-[[https:~~/~~/www.moneycontrol.com/news/business/marico-eyes-rs-100-crore-revenue-from-saffola-honey-in-fy22-report-6414921.html>>url:https://www.moneycontrol.com/news/business/marico-eyes-rs-100-crore-revenue-from-saffola-honey-in-fy22-report-6414921.html]]
248		-
249	249	January 29, 2021 Fast moving consumer goods (FMCG) company Marico has set a revenue target of Rs 100 crore in 2021-22 from its Saffola branded packaged honey.
250	250
251	251	"The brand (Saffola Honey) is expected to touch Rs 100 crores in revenues in FY22," Marico said in a BSE filing.
...	...	@@ -263,6 +263,6 @@
263	263	Some of Marico's prominent brands also include Parachute, Mediker and Set Wet and Veggie Clean.
264	264
265	265
	244	+= References =
266	266
267		-
268		-References
	246	+{{putFootnotes/}}