Marico Ltd Net profit at Rs.238 crore for the three months ended 30 June beat a Bloomberg poll of 29 brokers that had estimated net profit of Rs.217.5 crore for the quarter.
Sales growth missed expectations, growing just 10% to Rs.1,783 crore as volumes grew just 5%. The domestic business recorded a 6% volume growth, the maker of Saffola and Parachute oil said in a press statement, adding it has gained market share in nearly 80% of the portfolio.
During the quarter, the company sold all its stake in its subsidiary, Beauté Cosmétique Societé Par Actions, a unit of its wholly owned subsidiary International Consumer Products Corporation in Vietnam. The divestment resulted in a gain of Rs.9.6 crore, which is included under “other Income” in the published financials. The growth in profit after tax (excluding this one-time gain) was 24% for the quarter.
As urban demand remains robust, the company has stepped up on premiumization of its portfolio with the launch of four prototypes in the market—three in value-added hair oils and one in leave-in conditioners. “These prototypes will be scaled up based on prototype results,” Marico said.
Marico shares fell 0.45% to Rs.440.20 on BSE on Wednesday, while the exchange’s benchmark Sensex rose 0.54% to close at 28,223.08 points.
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