FMCG company Marico has posted a 21 per cent increase in consolidated net profit, at Rs 102 crore (Rs 84 crore), for the third quarter ended December 31, 2012.
Consolidated net sales were up by 10.9 per cent from Rs 1,060 crore to Rs 1,176 crore during the same period.
According to Milind Sarwate, Group CFO: “The gross margins expanded by 420 bps due to lower input costs.
“The cost saved was played back into brand-building. During the quarter, there were market share gains for brands such as Saffola and Parachute.”
The company dropped prices for Saffola oil by 3-6 per cent and expects the brand to get back to double digit growth.
Domestic, global
The Indian FMCG business grew at 16 per cent in value terms and by 15 per cent in volume terms during the third quarter. The international FMCG business reported a flat performance during the quarter.
The group’s Kaya skincare solutions business posted a top line growth of 5 per cent.
Shares of Marico rose by 1.21 per cent and closed at Rs 230.10 on Friday.