Financial Daily from THE HINDU group of publications
Thursday, Apr 22, 2004
Financial Daily from THE HINDU group of publications Thursday, Apr 22, 2004 |
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Corporate Results
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Diversified Marico annual net up 5 pc; to pay Rs 2.5 Our Bureau
Mumbai , April 21 MARICO Industries has reported a five per cent increase in profit after tax at Rs 59 crore for the year ended March 2004 from Rs 56.2 crore the previous year. Realignment of portfolio along higher margin lines and sustained volume growth across categories helped the company sustain profitability. Total revenue moved up by 13 per cent to Rs 891.7 crore from Rs 786.7 crore. The company's consumer products business reported a turnover of Rs 880 crore, 13 per cent more than the previous year's Rs 786.4 crore. The board has recommended a fourth interim dividend of 25 per cent, taking the total dividend to 85 per cent. The annualised turnover of new products - Parachute Jasmine, Shanti Amla, Mediker Oil, Saffola in India and Parachute Gold, Parachute Hair Cream and Parachute Beliphool internationally - stood at Rs 150 crore, contributing about 18 per cent of Marico's Consumer Product Business. During the year, Marico also prototyped Parachute Sampoorna, Saffola Gold, Hair & Care's Silk-n-Shine, Parachute shampoo and Shanti MahaThanda. "Marico has strengthened its business fundamentals by investing in new products and businesses, realigning its portfolio and creating a pipeline of new business and product ideas through prototypes,'' the company said in a news release quoting Mr Harsh Mariwala, Chairman & Managing Director. According to him, the broad-based nature of its growth strategies will keep the momentum of growth going. The company is not likely to be affected by the price wars in the FMCG industry as it is not present in the categories where price reductions are on. During the year, Marico's focus on high-margin portfolio facilitated a growth of 12 per cent. Most of the growth came from the high-margin part of the Parachute Coconut Oil franchise. Hair oil volumes grew by 21 per cent during the year, led by a 33 per cent growth in Parachute Jasmine. Saffola (Kardi Oil and blends) grew by six per cent.
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