FMCG major Marico posted a 5.29 per cent increase in its consolidated net profit for the quarter ended March. 

The company clocked ₹318 crore profit during the quarter as against ₹302 crore during the same quarter last year. However, it saw a 16.9 per cent decrease in net profit with ₹383 crore reported in the December quarter. 

 Revenue from operations grew 1.69 per cent to ₹2,278 crore during the quarter (₹2,240 crore). It dropped 5.94 per cent with ₹2,422 crore posted in the December quarter. 

India biz

Marico registered a 2 per cent consolidated growth in revenue with the India business posting a 3 per cent volume growth with a turnover of ₹1,680 crore. 

Parachute Rigids reported a 2 per cent growth in volume, while Saffola Oils posted a mid single-digit volume growth with a settling of trade sentiment owing to price stability. Value Added Hair Oils declined 7 per cent in value terms due to persistent sluggishness at the bottom of the pyramid, while Foods saw a 24 per cent value growth.

The premium personal care and food share was 20 per cent of the domestic revenues in FY24. The digital-first portfolio clocked an exit ARR of ₹450 crore. Beardo scaled 3x since FY21 and achieved positive EBITDA this year, while Just Herbs has crossed ₹100-crore ARR in FY24.

International biz

The company’s international business registered 10 per cent constant currency (CC) growth with 8 per cent CC growth in Bangladesh, while MENA continued strong growth momentum and delivered 19 per cent CC growth. South Africa registered 13 per cent CC growth driven by ethnic hair care segment. Exports for Marico saw a 34 per cent growth. 

“We have closed fiscal 2023-24 on a promising note, delivering our highest-ever annual operating margin with sequential improvement in both the domestic and international businesses. In the domestic business, we expect a gradually improving growth trajectory in the core categories through ongoing initiatives to enhance GT channel partner profitability and transformative expansion in direct reach via Project SETU, while we aggressively drive the profitable scale-up of Foods and Digital-first brands. As the Bangladesh business regained its momentum, the ramp-up in the MENA and South African businesses has visibly strengthened the growth construct of the International business. We will aim to deliver healthy revenue-led earnings growth in the near and medium term, aided by the positively evolving operating environment,” said Saugata Gupta, MD and CEO, Marico.