Marico Q1 net profit rises 21.62 per cent to Rs 315 crore

FMCG company Marico on Thursday reported a net profit of Rs 315 crore in the first quarter of this financial year, up by 21.62 per cent from the net profit of Rs 259 crore it had posted in the year-ago period.

Revenue from operations for the quarter stood at Rs 2166 crore, up by 6.85 per cent from the year-ago period’s Rs 2027 crore.

“The company delivered a decent performance in a challenging demand environment for the industry at large. As we hope for a recovery in the overall sentiment towards the second half of the year, we will continue to push for volume driven growth and market share gains. After being constrained during the last two years, margins should see an uptick this year despite higher investments required to support our core franchises as well as fuel the new engines of growth,” said Saugata Gupta, MD & CEO, Marico.

Over the medium term, the company retains the target of 8-10 per cent volume growth and healthy market share gains in the India business, the company said in a release. In the traditional channel, growth was led by rural, while the new-age channels of modern trade and e-commerce continued their stellar run, it added.

The company aims to build its healthy foods, premium hair nourishment and male grooming segments into growth engines of the future and expects to deliver value growth at 20 per cent plus CAGR over the medium term in these portfolios, the company said.