Marico reported margin expansion in the March quarter despite 50% fall in earnings. Marico's EBITDA margin increased by 58 bps to 18.9% due to stable input costs and lower ad spends. Sales also fell by 3% but that was better than what the street anticipated. Marico has also guided 20% operating margin in the coming year, which has been taken positively by the market. While Marico recorded 25% growth in its Saffola edible oil, its hair oil business, saw 8-11% volume reduction.