Marico

Dear Shareholders,
 
 Four years ago, we had set ourselves a target of growing your Company
 from Rs. 1000 crore to Rs.2000 crore in revenues. It gives me great
 pleasure to state that your Company has comfortably achieved this
 target and is well set to continue on its growth journey.
 
 Over the last 3 years, your Company has maintained a top line CAGR of
 24% and a sustainable bottom line CAGR of 28%. FY09 witnessed a high
 degree of turbulence in the environment with the global financial
 crisis, sharply rising and falling input costs and fluctuating foreign
 exchange markets. Marico nevertheless turned in a good performance with
 a top line growth of 25% and net profit growth, before extraordinary
 items, of 21%. A large segment of the Companys business is in items of
 daily consumption and it is less likely to be impacted by the economic
 slowdown.
 
 Today, India suffers from a very high incidence of heart-related
 ailments, but awareness has been low.  Saffola has played an important
 role in increasing the awareness amongst consumers in India and urging
 them to adopt a healthy lifestyle. The brand has also facilitated this
 lifestyle modification by introducing efficacious and innovative
 products. Maricos agri-extension and contract farming efforts include
 educating farmers with best farming practices and making high yielding
 varieties of the crop available. This has helped farmers improve
 productivity and earnings from their land while improving the sources
 of supply for your Company.
 
 At its Jalgaon factory where Marico produces Saffola, the Company makes
 continuous efforts to preserve the environment. The Jalgaon factory has
 received awards for its efforts in water and energy conservation. All
 these efforts have resulted in building a sustainable and profitable
 franchise for the brand, thus creating wealth for shareholders.
 
 Across all its brands, Marico has transformed in a sustainable manner,
 the lives of all those it touches - shareholders, consumers, members,
 associates and society at large.
 
 Your Companys efforts have been recognized for the remarkable work
 done across its value chain. It was voted one of the most Innovative
 Companies by the Business Today - Monitor Group Innovation Study.
 Marico also won the Smart Workplace Award presented by the Economic
 Times in association with Acer and Intel, and the IMC Ramakrishna Bajaj
 National Quality Award.
 
 Today, Marico is more than just a business. It is a principal agent of
 social change. We have the responsibility of defining, creating and
 distributing value to each of our stakeholders, by maximizing their
 potential through the brands we create and services we offer in the
 beauty and wellness space.
 
 I believe the purpose of an organization has to go beyond functionality
 and profits, to define why we really exist for each of our
 stakeholders. It is something thats true to our culture, unique to our
 DNA, yet profitable to our business. It is something we live by every
 single day.
 
 This year, we have given a voice to this purpose: Be more. Every day.
 
 Thank you for placing your faith in the company. I look forward to your
 continued support and co-operation.
 
 With warm regards
 
 Harsh Mariwala
 Chairman and Managing Director