Marico profit rises 32% to Rs62.3 cr

Marico profit rises 32% to Rs62.3 cr

Mumbai: Home and personal care products maker Marico Ltd, on Tuesday reported a consolidated net profit of Rs62.3 crore for the quarter ended 30 September, an increase of 32% over the corresponding period in the previous fiscal.

Sales increased 14% to Rs692.2 crore, against Rs604.8 crore in the year-ago period.

The company, which has brands such as Saffola cooking oil and Parachute coconut oil, and is present in northern Africa, is also looking for acquisitions in West Asia, North Africa and South-East Asia, as well as in the domestic market, said Chaitanya Deshpande, head of strategy, mergers and acquisitions, and investor relations.

Marico’s international business grew by 49% between July and September compared with the same period last fiscal, because of foreign exchange gains.

The company set aside Rs12.4 crore towards a recently imposed excise duty on coconut oil packs of up to 200ml. Operating margins for the September quarter, at 13.7%, were higher than the 12.2% in the corresponding quarter last fiscal.

“We witnessed a drop of 7% in raw materials price which was passed on to our consumers in promotions," Deshpande said.