Marico's March quarter profit up y-o-y by 4.9%

7 May 2024 , 10:56 AM

Marico Ltd recorded a consolidated net profit of ₹320 Crore for the fourth quarter of fiscal year 2023-24, up 4.9% from the previous year’s corresponding period.

Revenue climbed by 1.69% from the previous year, reaching ₹2,278 Crore.

Earnings before tax, interest, amortisation, and depreciation (EBIDTA) for the quarter were ₹442 Crore, up 12.5%. EBDITA margin was 19.4%, up 190 basis points.

Marico Limited’s Board of Directors declared a second interim dividend of ₹6.50 per equity share of Re. 1 at its February 27, 2024 meeting. Together with the first interim dividend of ₹3.00 per equity share declared on October 30, 2023, the total payout for the fiscal year ending March 31, 2024 is ₹9.50 per equity share of Re 1 each.

The company’s mid and premium categories, which comprise of value-added hair oils, performed relatively well. The corporation stated that its food portfolio would be two times the current size in FY27. According to an exchange filing, the portfolio is primed for a 20% or higher CAGR following successful steps to streamline supply chain and GTM during FY24.

The company stated that domestic revenue growth is expected to accelerate, with pricing and volume growth progressively ramping up. The corporation will pursue aggressive diversification.

Marico sees FY24 as a year of mixed outcomes, with sectors volume growth slowing and commodity and consumer prices falling. While premium FMCG segments performed well, mass consumer categories had slower-than-expected growth due to weak rural and urban sentiment, decreased General Trade, and greater competition from regional firms.

At around 10.45 AM, Marico was trading 6.89% higher at ₹566.86, against the previous close of ₹530.30 on NSE. The counter touched an intraday high and low of ₹582.45 and ₹559.60, respectively.

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