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Thursday 6 August 2015

Marico Ltd reported a 28.36% increase in consolidated net profit of Rs 237.83 crore for the first quarter ended June 30

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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