Marico Q2 Results: Net profit rises 17% YoY to Rs 353 crore; firm to pay Rs 3 dividend

Consumer goods company Marico on Monday reported a 17% year-on-year (YoY) growth in its consolidated net profit to Rs 353 crore for the quarter ended September 2023. The same stood at Rs 301 crore a year ago.

Revenue from operations declined marginally to Rs 2,476 crore in the said quarter as against Rs 2,496 crore in the corresponding quarter of previous year.

The Board has also approved an interim dividend of Rs 3 per equity share of the financial year 2023-24 . The record date for reckoning the list of shareholders who will be entitled to receive the said interim dividend will be November 7.

The said interim dividend will be paid to the shareholders on or before November 29.

EBITDA for the quarter came in at Rs 497 crore, while margins were at 20%.

The company has reported underlying volume growth of 3% in the domestic business and constant currency growth of 13% in the international business.

The India business delivered a turnover of Rs 1,832 crore, down 3% on a YoY basis, lagging volume growth due to price corrections in key portfolios in the last 12 months.Parachute Rigids registered a 1% volume growth amidst subdued consumer sentiment, while the franchise gained 35 bps in market share on MAT basis.

“With pricing cuts coming into the base, value growth should mirror volume growth from Q3,” the company said.

In the international business, Bangladesh clocked a 2% constant currency (CC) growth amidst ongoing macroeconomic headwinds. Vietnam grew 13% with a steady performance in both the HPC and Foods portfolios. MENA delivered 34% and South Africa posted 23% growth.

On Monday, Marico shares closed 0.76% lower at Rs 533.65 on NSE.

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