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Marico Industries, which has a presence in the troubled West Asia and North Africa, said the recent political turmoil in Egypt has affected its production in the country by up to 70 per cent, and will hurt its revenues for at least one quarter.
“We have two factories in Egypt, and you know the situation in Egypt is still not absolutely back to normal. In the last one month, virtually almost 60-70 per cent of our production got impacted because we were closed for 10-15 days,” Marico Ltd Chairman and Manging Director, Mr Harsh C. Mariwala, told reporters on Thursday.
The company sells haircare brands there. The share of this business totally would be about 5-7 per cent of the company's business. “It is not that large, and maybe we will be impacted for one quarter,” Mr Mariwala said.
He said West Asia and North Africa contribute about Rs 200 crore to the company's revenues and the unrest, which has spread to other countries like Libya, Bahrain and Yemen, could hurt it.
He, however, added that it will be bigger countries like Saudi Arabia which will determine the market outcome.
Commenting on future acquisitions, Mr Mariwala said, “We are a growth-oriented company, and we believe that acquisitions are a way to grow in our related areas where we want to grow and in certain geographies. There are far more number of opportunities in the international arena than in the Indian space. Our aim is to strengthen presence in South Asia, South-East Asia and Africa.”
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