Marico net profit rises by 2% in third quarter

FMCG firm Marico today reported a 2.48 percent increase in consolidated net profit at Rs 185.04 crore for the second quarter ended September 30, led by volume growth.

Consolidated net sales during the quarter under review stood at Rs 1,536.29 crore, up 6.47 per cent from Rs 1,442.80 crore in the corresponding quarter of last fiscal.

Company said in a statement “Volume growth is mainly attributable to competitive pricing, continued investments and pipeline refilling in general trade. In the second quarter, India business recorded a smart recovery with a volume growth of 8 per cent coupled with a healthy margin performance. The company continued to see satisfactory off take growth with increases in market share in more than 90 per cent of the categories that it operates in. Marico's International business grew by one per cent in constant currency terms (volume decline of 3 per cent). The male shampoo and male deodorants category slowdown in Vietnam and macro-economic headwinds in the MENA region continued to put pressure on the overall international business”.

Marico said in a BSE filing Company had reported a net profit of Rs 180.55 crore in the July-September quarter a year-ago.

During the period, Marico's domestic sales were up 11.55 per cent to Rs 1,200.04 crore as against Rs 1,075.78 crore for the corresponding quarter of 2016-17.

However, revenue from international business in the said quarter was down 8.38 per cent to Rs 336.25 crore as against Rs 367.02 crore in the year-ago period.