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Our Bureau

Recommends first interim dividend of 13.5%

Mumbai , July 25

Marico Ltd has reported a 46-per-cent increase in its consolidated profit after tax at Rs 30.3 crore for the first quarter of 2006-07.

"Our strategies centered on sustainability and profitability are paying off, growth this quarter has been quite handsome — both organic and inorganic," said its Chairman and Managing Director, Mr Harsh Mariwala.

The company's board has recommended a dividend of 13.5 per cent, the first interim dividend for the year. Contribution to growth was largely uniform across Marico's businesses. In the domestic market, Parachute coconut oil, the flagship brand, continued to show good volume growth and maintained its market share of over 50 per cent.

Nihar, recently acquired from HLL, is now well integrated into the business and has grown in both coconut oil and perfumed hair oils.

Shares of Marico moved up by Rs 14.85 or 3.34 per cent to Rs 458.90 on the BSE.

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