Marico Q3 net drops 3% to Rs 307 crore

MUMBAI: Marico reported a nearly 3% decline in consolidated net profit at Rs 307 crore in the third quarter ended September 30, 2022, as compared to Rs 316 crore in the corresponding quarter last year.
Revenues at Rs 2,496 crore were up 3% during the quarter from Rs 2,419 crore last year, with an underlying volume growth of 3% in the domestic business.
The company said, in India, as retail inflation held firm, the FMCG sector witnessed a volume decline for the fourth quarter in a row, with growth led by pricing. Demand sentiment, Marico said, was largely on similar lines as the preceding quarter and improved slightly only in the last month of the quarter owing to the upcoming festive season.
The international business sustained its double-digit constant currency growth momentum for the seventh quarter in a row.
Saugata Gupta, MD & CEO, Marico, said, “The first half ended on a fairly positive note despite the operating environment bringing little cheer. We are hopeful of a much better performance in the core domestic portfolio in the second half of the year as macro indicators and the base turn more accommodative, while the new engines continue to deliver on their promise. We are confident of sustaining the strong and profitable growth trajectory in the international markets and staying resilient amidst uncertainty in some of the markets. We believe consistent investment in our brands and focus on execution will enable us to deliver competitive volume led growth and maintain healthy profitability over the near and medium term.”