Marico Ltd

Charting the Next Chapter: Agile in Action, Resilient by Design "FY 2024-25 was another milestone year in our journey, as your Company surpassed the Rs. 10,000 Crore mark in revenues. This achievement is not only a reflection of the strength of our brands, but also a testament to the unwavering commitment of our people and the trust of our stakeholders.

I am pleased to present to you the seventh Integrated Annual Report of your Company for the financial year 2024–25.

In the year under review, your Company's performance across all key performance parameters was encouraging. Despite input cost headwinds and macroeconomic uncertainty in select markets, your Company demonstrated consistent agility and resilience, delivering stable performance while staying focused on long-term growth, digital acceleration, and stakeholder-centric transformation. Your Company made significant progress in strengthening its core franchises, expanding its footprint in high-growth categories, and accelerating the adoption of digital and data-driven capabilities across functions.

As we look to the future, our strategic vision is anchored in delivering sustainable and profitable growth by staying attuned to evolving consumer needs and operating with agility in a dynamic environment. The building blocks of our strategy — category leadership, premiumisation and market expansion—are underpinned by a sharp focus on disciplined execution. We continue to leverage our three core assets — our brands, our talent and our culture—as key enablers of long-term value creation. Together, these strengths position us to unlock the next horizon of growth while remaining true to our purpose.

FY 2024-25 was another milestone year in our journey, as your Company surpassed the H10,000 Crore mark in revenues. This achievement is not only a reflection of the strength of our brands, but also a testament to the unwavering commitment of our people and the trust of our stakeholders. Even as we celebrate this significant accomplishment, we remain sharply focused on our next horizon—scaling towards H20,000 Crore in revenue by 2030 —guided by a clear roadmap rooted in innovation, purposeful brand building and operational excellence.

Innovation remains a vital lever in the pursuit of purposeful growth. The Marico Innovation Foundation (MIF) continued to serve as a catalyst for scalable, high-impact social innovation, strengthening its Scale-Up Program by supporting 22 transformative organizations and resolving 17 critical challenges. This year marked the onboarding of six pioneering ventures spanning clean technology, sustainable materials, and agricultural innovation—each addressing pressing societal needs with commercial potential. Reinforcing our commitment to sustainability, Marico Innovation Foundation collaborated as a knowledge partner with ReCirqularity Private Limited, a joint venture to advance plastic circularity and build India's first AI-enabled, food-grade recycled polyolefins platform The Indian Innovation Icons 2025 celebrated pathbreaking ideas and changemakers, positioning MIF as a cornerstone of India's innovation ecosystem. Through these initiatives, we are nurturing a future where innovation, inclusion and environmental stewardship converge to create enduring value.

Sustainability has been an integral part of Marico's journey since inception — a guiding principle that continues to evolve as we chart our course toward responsible and resilient growth. It is not just a strategic imperative, it is intrinsic to our identity and embedded in the way we think, operate and grow. From the very beginning, we have viewed it as a core lever of long-term value creation and a powerful differentiator in an increasingly conscious and interconnected world. Our unwavering commitment to People, Planet and Profit continues to shape our decisions and inform our culture at every level.

We have institutionalised robust mechanisms to track and enhance our environmental, social and governance performance, while staying responsive to the rapidly evolving ESG landscape. By embedding material ESG risks into our enterprise risk management framework, we ensure they are proactively identified, evaluated and addressed through a structured governance model. Oversight by a dedicated Sustainability Committee — chaired by our MD & CEO and comprising senior leadership — with direct reporting to the Board, echoes our belief that governance and accountability are foundational to driving authentic and lasting impact.

Innovation remains a vital lever in the pursuit of purposeful growth. The Marico Innovation Foundation (MIF) continued to serve as a catalyst for scalable, high-impact social innovation, strengthening its Scale-Up Program by supporting 22 transformative organizations and resolving 17 critical challenges.

We continue to advance with intent and clarity on the eight strategic pillars of our Sustainability Vision 2030 — Climate Action, Water Stewardship, Circular Economy, Responsible Sourcing, Purposeful Brands, Diversity & Inclusion, Sustainable Agriculture and Corporate Governance. These are not just thematic priorities, but enduring commitments that guide our daily decisions and define our long-term ambition to create shared value for all stakeholders.

Our pursuit of the Sustainability Vision 2030 is translating into tangible outcomes across key dimensions. We now source over 72.7% of our operational energy from renewables and have reduced Scope 1 and 2 GHG emission intensity by 80.5% from our FY13 baseline—underscoring the momentum of our climate action.

As we work towards embedding sustainability across the value chain, we remain sharply focused on reducing our environmental footprint and promoting responsible consumption. From enhancing material efficiency to optimising packaging formats, we are committed to innovating for impact. In line with our Circular Economy goals, 95% of our packaging materials are now recyclable, marking strong progress towards sustainable product design.

Our efforts in water stewardship have continued to gather momentum under the Jalashay programme, where we focus on driving long-term impact through community-led conservation. Through a combination of scientific interventions, watershed development, and on-ground awareness, we have enabled a cumulative water conservation potential of 444 Crore litres. These initiatives not only contribute to water availability and agricultural resilience but also reflect our belief in building climate-positive ecosystems through collaborative action.

Our sustainability efforts continue to evolve holistically, making the difference by extending our initiatives beyond environmental and water stewardship to include sustainable agriculture, livelihood enhancement and brand-led social transformation.

The Parachute Kalpavriksha Foundation continues to uplift coconut farming communities. By providing training, resources, and sustainable farming practices, the Foundation enhances livelihoods and promotes agricultural resilience. The programme has empowered over 1.22 lakh farmers, spanning 4.33 lakh acres, through scientifically driven practices that enhance resilience and productivity.

Driven by a deep sense of purpose, Marico continues to harness the power of its brands to create meaningful societal impact. With a firm commitment to scalability and long-term transformation, the Nihar Shanti Pathshala Funwala initiative is enabling generational change through the medium of education. Over the past years, the program has significantly enhanced learning outcomes in government schools across Madhya Pradesh, Chhattisgarh, Jharkhand and Rajasthan by equipping teachers with the tools, training, and support needed to drive better classroom engagement. So far, the initiative has positively impacted over 11 lakh students and over 50,000 active teachers—reflecting the far-reaching potential of purpose-led branding in action.

In our continued pursuit of creating positive impact at scale, Marico has deepened its engagement in the areas of public health and nutrition. Our long-standing partnership with the Food Safety and Standards Authority of India (FSSAI) under the Eat Right India movement reflects this commitment. Over the past seven years, this collaboration has enabled us to reach over 24 lakh beneficiaries, spreading awareness on safe, healthy and sustainable food practices—reinforcing our belief that corporate responsibility extends well beyond business, into the everyday lives of the communities we serve.

Our resolute commitment to sustainability continues to garner recognition from esteemed industry and investor-led platforms, affirming the tangible progress we are making on our ESG journey. This year, it was especially encouraging to see our initiatives celebrated through multiple prestigious accolades.

We continue to advance with intent and clarity on the eight strategic pillars of our Sustainability Vision 2030 — Climate Action, Water Stewardship, Circular Economy, Responsible Sourcing, Purposeful Brands, Diversity & Inclusion, Sustainable Agriculture and Corporate Governance. These are not just thematic priorities, but enduring commitments that guide our daily decisions and define our long-term ambition to create shared value for all stakeholders.

Marico was honoured with the Global CSR, Sustainability and ESG Awards 2024 by Brand Honchos for the Best Water Management Initiative of the Year—an acknowledgment of our focused efforts in water stewardship. We were also named the "Gold Winner" at the Times Now Global Sustainability Alliance SDG Summit – Climate Action Awards 2024, highlighting our sustained momentum in addressing climate imperatives.

At Marico, we recognise that the foundation of enduring success lies not just in business strategies, but in the strength of our people and the culture we nurture. Over more than three decades, our core values have been the foundation of Marico's growth, guiding us through every milestone and challenge. Over the past year, following the launch of ‘The Marico Way', we have taken meaningful strides in embedding its core pillars—Purpose, Ethos, and Values—across the organisation. This framework, built through deep collaboration with our stakeholders, has served as a compass, guiding our behaviours, decisions, and long-term vision. While our values have evolved in step with changing times, they remain deeply rooted in our legacy and identity.

Whether through digital transformation, talent empowerment or operational excellence, we are strengthening our capacity to anticipate change and respond with speed and purpose. This adaptive mindset, coupled with a long-term strategic focus, enables us to turn challenges into opportunities and sustain performance through cycles of uncertainty. Our journey ahead will be defined not just by how we perform, but by how we evolve—with resilience as our foundation and a readiness to shape the future with confidence.

As we navigate an increasingly dynamic and unpredictable operating environment, our ability to remain future-ready, agile, and resilient has never been more critical. At Marico, we continue to invest in building a forward-looking organisation—one that is quick to adapt, bold in its innovation, and grounded in a deep understanding of evolving consumer and market needs. Whether through digital transformation, talent empowerment or operational excellence, we are strengthening our capacity to anticipate change and respond with speed and purpose. This adaptive mindset, coupled with a long-term strategic focus, enables us to turn challenges into opportunities and sustain performance through cycles of uncertainty. Our journey ahead will be defined not just by how we perform, but by how we evolve—with resilience as our foundation and a readiness to shape the future with confidence.

Our esteemed Board of Directors has played a pivotal role in shaping Marico's journey over the past three decades. Their persistence towards upholding the highest standards of governance, coupled with a sharp eye on long-term value creation, continues to anchor the Company's strategic direction and inspire trust among stakeholders . I am deeply grateful for their unwavering guidance, strategic foresight, and continued support. I continue to act as the Non-Executive Chairman of the Board, while Saugata continues to lead your Company's strategic growth initiatives. I also continue to lead efforts to improve the collective functioning of the Board and am actively involved in your Company's CSR initiatives.

I also extend my heartfelt appreciation to our shareholders for their enduring trust and confidence in Marico's vision. To our passionate employees—whose dedication and resilience remain the backbone of our progress—I offer my sincere gratitude. I am also grateful to our customers, partners, and communities for their ongoing engagement and belief in our purpose. Together, we are building a future-ready organisation—agile, resilient and aligned with the evolving needs of our stakeholders. With this collective commitment, I am confident that Marico will continue to create enduring value and make a meaningful impact in the years to come.

Regards,

Harsh Mariwala

Chairman