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Make a Difference make a difference Sustainability Report 2013-14 make a difference Our purpose has defined our reason to exist; we have always believed that we exist to benefit the entire ecosystem of which we are an integral part. We believe we have the responsibility of creating and distributing value to all our stakeholders - be it our consumers, shareholders, associates, employees or the community at large. It is this desire to make a difference, to care and to nurture, that enables all the stakeholders in our business ecosystem to blossom to their full potential. “When we invoke a strong sense of higher purpose in our work, it enhances the degree of engagement among all stakeholders which in turn drives innovation and commitment. Marico has met consumer needs, built strong relationships, innovated new ways of doing things and achieved great business results while continuing to contribute to the wellbeing of the society, through focus on our purpose and by steadfastly practicing our values.” HARSH MARIWALA CHAIRMAN MARICO PURPOSE & SUSTAINABILITY PHILOSOPHY Marico believes that it belongs to an interdependent ecosystem comprising Shareholders, Consumers, Associates, Employees, Environment and Society. Sustainable Profitable Growth goes hand in hand with the sustainable progress of the entire ecosystem. The Company believes that The business of business is more difference to the other members of economic value and social value are than business: The pursuit of profits its environment to realize their true interlinked. A firm creates economic is not at odds with the pursuit of potential. value by creating social value – by purpose. It is the pursuit of a playing a role in making a difference purpose that helps realize the true In every sphere of activity, to the lives of people. Furthermore, potential of all participants of the Mariconians seek new and a firm cannot do this in isolation; it ecosystem. compelling value propositions to needs the support and participation each stakeholder and bring them of other constituents of the Marico endeavours to be a together in unique ways that unlock ecosystem. Sustainability comes purpose-focused organization, value for the whole as well as its from win-win partnerships in the which achieves sustainable parts. This has fuelled Marico’s ecosystem. profitable growth by making a journey of growth and evolution since its inception. “Marico is at a point of inflection today, poised to enter the next orbit of growth. Seizing this opportunity also requires us to renew our commitment towards all our stakeholders who have been an integral part of Marico’s journey so far and will continue to be our reason for success. A win-win partnership with all stakeholders is the biggest catalyst for long term sustainable growth.” SAUGATA GUPTA MANAGING DIRECTOR & CEO CONSUMERS SOCIETY ASSOCIATES PURPOSE ENVIRONMENT EMPLOYEES SHARE HOLDERS MARICO’S SUSTAINABILITY INITIATIVES ACROSS STAKEHOLDERS. consumers shareholders associates 01 11 19 environmentemployees society 27 35 43 consumers “Brands exist in society. And like any responsible citizen, brands need to contribute to the wellbeing of society. This is mutually beneficial because as society develops, brands develop and because the brand purpose is more than just selling products, it fosters trust and builds equity. Thus creating a sustainable cycle of growth and trust.” SAMEER SATPATHY CHIEF MARKETING OFFICER Consumers desire a partnership, they don’t want a mere transaction. An organization has to think about consumers to become big. This thought is embedded in the core values of Marico. This core belief has allowed Marico to create brands that consumers love and can’t live without. Testimony to this is the fact that over 90% of Marico’s portfolio consists of brands that are market leaders in their categories and in most cases have enjoyed that position for years. This relationship of trust and constantly searches for unmet a strong ethical code and warmth with consumers is needs, insights and innovative a high bar for excellence. made possible by a deep offerings that can cement the Here are a few examples of restlessness within the bond with the consumers even how Marico brands created Company to add value to the further. And these efforts are enriching partnerships with consumers’ life in ways that boosted by the organizational their consumer franchise. are novel and delightful. Marico values of Consumer Centricity, 03 WhenWhen you you delight delight consumers, cosumer, theythey rewardreward you with leadership Brand Category Indicative Market Rank Share Parachute/Nihar Coconut Oil (India) ~ 56% 1 Parachute Coconut Oil (Bangladesh) ~84% 1 Saffola Super Premium Refined Edible Oils ~55% 1 Saffola Oats ~14% 2 Parachute Advansed/ Nihar Naturals/ Hair Oils ~28% 1 Hair & Care X-Men Male Shampoos (Vietnam) ~39% 1 Fiancée/HairCode Hair Styling (Egypt) ~52% 1 Set Wet/Parachute Advansed Hair Gels & Creams (India) ~33% 1 Aftershower Livon/Silk & Shine Post Wash Hair Conditioner ~82% 1 Set Wet/Zatak Male Deodorants ~5% 5 Parachute – Packaging Innovations Parachute has been making Over the past decade, the pure coconut oil available in the brand Parachute Advansed country for decades and has has also provided multiple pioneered in the shift from tins product innovations that meet to HDPE packs. Today, almost consumer needs in a unique every third household in India way. It is no wonder then that uses Parachute. This was made Parachute regularly features possible by various packaging among the strongest brands in innovations. the country. 05 Saffola – Winning Hearts by empowering consumers to heal their Hearts For over two decades, Saffola has been playing a pioneering role in leading the cause of generating awareness and motivation for lifestyle changes. This is among the most critical health concerns in India with more people dying of Coronary Heart Disease than of any other cause. Four Indians die every Novel Partnerships across Scale of Impact minute of a heart related the ecosystem problem - Saffola’s mission Over the years, Saffola has is to reduce this statistic. Over the years, the Saffola reached out to millions across Healthy Heart Foundation has the country via large scale mass Saffola does this by offering taken the lead role in bringing media awareness programs, innovative products that together all the stakeholders helped over 100,000 people incorporate the best that in this cause, be it the media, over 90 cities with diagnostic science has to offer, by creating government, NGOs, hospitals, check-ups and pioneered the awareness for the problem and doctors, private health service First Dial, a dietician service and by providing encouragement providers and citizen groups the ‘Heart Age Finder’ in India. and support, so that citizens – perhaps among the rare Today Saffola is among the can take concrete steps to occasions where such a synergy most awarded and rewarded adopt a healthier lifestyle. has been achieved across a brands in India – by consumers diverse set of stakeholders. and the industry. 07 Nihar – Doing Good is the path to Leadership Nihar Shanti Amla established and women, Nihar converted This innovation had an education as a purpose of the an entire village in UP into a overwhelming response with brand and contributes 2% of school. more than 1.4 lakh participants its sales towards children’s benefitting from it. education. It has partnered with The brand took this cause CRY on 19 live projects across further and in partnership Nihar is a unique case where 10 states in India to impact with CRY launched India’s ‘doing good’ for society also 36,058 children in the first first series of mobile-based propelled the brand towards year itself. To inspire children teaching modules for children. market share gains. Safeguard and Promote Consumer Interest Marico believes in taking Industry of India (ASSOCHAM), policy for counterfeiting. the initiative in advocating Advertising Standard Council The Company has taken consumer interest by taking up of India (ASCI) etc., to promote several actions against causes with other participants and advocate responsible counterfeiters by making in the ecosystem, including the business practices. Some of complaints to the regulators. the issues on which Marico has enforcement agencies played a role in advocacy with and seizing counterfeit Several members of the Regulatory Authorities are: products. leadership team across the 3. The Company has taken Company engage on a regular 1. Hygienic packing of edible action on the collection of basis with various government oil in order to improve the plastic waste from scrap authorities and industry bodies level of responsibility of the vendors. This not only has such as the Federation of Indian manufacturers, instead of a positive impact as an Chamber of Commerce and edible oil being sold in anti-counterfeit measure, Industry (FICCI), Associated loose form. but also promotes re-use Chambers of Commerce and 2. Marico has zero tolerance of plastic. Sustainability and the Consumer Franchise It is no surprise then that most minds and hearts create not at the heart of a sustainable Marico brands are not just just enduring memories and business lies an enduring market leaders but thought associations but also a rock solid consumer relationship. leaders as well. The equities business, immune to volatility, that Marico owns in consumer’s uncertainty and change. For 09 shareholders “By continuously searching for growth opportunities and investing in portfolios of the future, we deliver sustainable
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