Marico India business reports low single-digit volume growth in Q2FY23

4 Oct 2022 , 07:59 AM

FMCG company Marico reported low single-digit volume growth in the second quarter of the current fiscal in its India business. In a quarterly update, the company said that over the majority of the second quarter, demand sentiment in India trended along similar lines as the prior quarter, with some signs of improvement in the last month.

“Downtrading persisted throughout the quarter in rural regions despite stable retail inflation. The premium discretionary and urban markets continued to do well”, stated the company in a regulatory filing.

It added that Saffola oils recovered with high single-digit volume growth on a normalized base after a cut in retail prices in keeping with the correction and reduced volatility in vegetable oil prices. Value added hair oils grew in low single digits in value terms, mainly being held back by the subdued rural sentiment, it said.

Additionally, the company stated that the food category “increased in the mid-twenties with a wide-based performance throughout the portfolio” and that premium personal care “continued solid momentum.”

The forthcoming holiday season and higher crop realizations should further boost general sentiment, it was stated.

The company reported that despite global economic and geopolitical risks, the international business maintained its solid trend and delivered double-digit constant currency growth.

Without providing any additional information, Marico stated that year-over-year growth in the quarter’s combined revenue was in the low single digits.

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