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FMCG major Marico Ltd posted a 20 per cent increase in consolidated net profit for the quarter that ended in March. The company clocked ₹302 crore profit in the quarter against ₹251 crore recorded in the same quarter last year.
The company also announced the re-appointment of Saugata Gupta as the Managing Director and Chief Executive Officer of Marico Ltd for two years with effect from April 1, 2024, to March 31, 2026, and Rajan Bharti Mittal as additional director for a 5-year term.
The company witnessed a 7.9 per cent dip in net profit from ₹328 crore reported in the December quarter. Revenue from operations grew by 3.65 per cent to ₹2,240 crore against ₹2,161 crore posted during the same quarter last year, and saw a 9.31 per cent dip in revenues against ₹2,470 crore reported in the December quarter.
Read: Marico to expand portfolio in MENA
Marico Ltd stated the company witnessed domestic volume growth of 5 per cent and 16 per cent constant currency growth for the international market for the quarter.
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The company said its domestic revenues were at ₹1,683 crore, up 2 per cent year-on-year for the quarter. The international business for the company recorded a 13 per cent constant currency growth in FY23 with double-digit growth across markets.
Edible oils
Parachute Rigids reported a 9 per cent growth in volume, while Saffola Oils witnessed mid-single-digit volume decline on a high volume base sustained during the outbreak of the Omicron variant last year. The Saffola franchise, comprising Refined Edible Oils and Foods, declined 9 per cent in value terms, given the low teen revenue decline in edible oils. The share of revenues through digital channels was at nearly ₹950 crore.
“FY23 ended on a reassuring note with improving trends across all performance parameters, accompanied by indications of a gradual sectoral recovery. The domestic business delivered a far more broad-based growth with visibly positive results in the portfolio diversification journey, while the international business continued to reinforce its underlying strength amid a challenging operating environment.
“As we move into next year, we expect the pace of growth in volumes, revenues, and earnings to move in the right direction, aided by an evolving portfolio of entrenched and budding franchises, distribution expansion, and adequate investments in market development and brand building,” said Saugata Gupta, MD & CEO, Marico Limited
“The company saw a strong pick-up in volumes, given price stability and conversion from loose to branded products. We believe the company should continue to see favorable RM basket in the near term,” said Amnish Aggarwal, Head of Research, Prabhudas Lilladher Pvt Ltd
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