A COMPARATIVE ANALYSIS OF FINANCIAL DISCLOSURE PRACTICES AMONG MARICO LTD AND EMAMI LTD

The present study aims to examine and compare the financial disclosure practices of selected Fast Moving Consumer Goods (FMCG) companies in India, with specific reference to Marico Ltd and Emami Ltd. Financial disclosure plays a crucial role in enhancing transparency, accountability, and informed decision-making among stakeholders. The study focuses on selected disclosure parameters such as brand valuation, employee welfare measures, and inflation accounting, which represent important aspects of both financial and non-financial reporting. Secondary data have been collected from the published annual reports of the selected companies for a period of five years. The disclosure status has been analyzed using a dichotomous scoring method, where disclosure is assigned a value of one and non-disclosure a value of zero. Further, one-way ANOVA has been applied to examine whether significant differences exist in disclosure practices between the selected companies. The results of the statistical analysis reveal that although there are observable differences in the frequency and consistency of disclosures across years, these differences are not statistically significant. The findings indicate that Marico Ltd and Emami Ltd follow broadly similar financial disclosure practices, influenced by common regulatory requirements and industry norms. The study concludes that while disclosure practices are gradually improving, greater consistency and standardization are required to strengthen transparency in the FMCG sector in India.