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Marico cracks over 4% after company flags lower revenue

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Marico cracks over 4% after company flags lower revenueOctober 5, 2023New Delhi, Oct 5 (IANS) Shares of Marico Limited cracked more than 4 per cent on Thursday after the company flagged lower consolidated revenue on a year on year basis.Marico shares were down 4.4 per cent at Rs 544.95 on BSE on Thursday.Marico said consolidated revenue was marginally lower on a year-on-year basis, dragged by pricing corrections in key domestic portfolios over the last 12 months, which will progressively come into the base going ahead.Moreover, currency depreciation in some of the overseas markets had an adverse effect on the reported INR growth in the international business.During the quarter, demand trends largely mirrored the trends observed in the preceding quarter. Instances of rising food prices and below-normal rainfall distribution in some regions seemed to impede the anticipated recovery in rural demand.Consumption trends, particularly in rural, are expected to improve in H2 owing to retail inflation levels staying within RBI’s target range, hike in MSPs, healthy sowing season, easing liquidity pressures and government spending.”In the given context, domestic volumes grew in low-single digits on a year-on-year basis, with low single digit volume growth in Parachute Coconut Oil and Saffola Edible Oils, and low single-digit value growth in Value Added Hair Oils. We continued to witness healthy trends in offtakes, market share and penetration across key franchises. The newer portfolios, Foods and Premium Personal Care (including Digital-First), remained on course to achieve full year aspirations,” Marico said.–IANSsan/kskhttps://ians.in/detail/marico-cracks-over-4-after-company-flags-lower-revenue–20231005124446/

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