Marico Q3 results: Net profit grows 15.9% to ₹386 crore

Consumer goods maker Marico Limited on Monday declared its financial results for the third quarter (Q3) ended December 31, 2023 of fiscal year 2024 (FY24).

Marico reported a 15.9 per cent growth in its consolidated net profit at ₹386 crore for the third quarter of the fiscal  year 2024 as compared to ₹333 crore in the October-December quarter a year ago.

Its revenue from operations fell 1.94 per cent at ₹2,422 crore in Q3 of FY24 from ₹2,470 crore a year ago.

Total expenses in the December quarter stood at ₹1,970 crore, down 4.7 per cent, said the company.

Shares of Marico Ltd fell 1.64 per cent to end at ₹516.55 on the BSE on Monday. 

On January 5, Marico had said that it is optimistic about a gradual uptick in consumption trends in 2024 on the back of improving macroeconomic indicators, conducive consumer pricing across segments and other factors.

“We remain optimistic of a gradual uptick in consumption trends over the course of the next calendar year on the back of improving macro-economic indicators, continued government spending and conducive consumer pricing across categories in response to a benign input cost environment,” Marico had said in its quarterly update.

Constraints on liquidity and profitability in the general trade channel remained an overhang for the FMCG sector, while alternate channels continued to fare well, the company had also said.

“Consequently, we expect low double-digit operating profit growth on the back of a healthy expansion in operating margin, thereby staying on track to deliver on the margin guidance for the full year,” it had said.

During FY22-23, Marico had recorded a turnover of ₹9,760.0 crore through its products sold in India and chosen markets in Asia and Africa.

Marico’s portfolio of brands includes Parachute, Saffola, Saffola FITTIFY, Hair & Care, among others.