Marico Q1 net profit rises 23.17% to Rs 388 crore, revenue falls by 11.12%

Fast-moving consumer goods (FMCG) firm Marico Ltd on Monday reported a 23.17 per cent rise in its consolidated net profit to Rs 388 crore for the first quarter which ended June 30. The company had posted a net profit of Rs 315 crore in April-June quarter in the previous year, Marico said in a BSE filing.

Though its profit rises to 23.17%, its revenue from operations fell 11.12 per cent to Rs 1,925 crore during the quarter under review, as against Rs 2,166 crore in the corresponding quarter previous year. Marico has it,s total expenses decreased to 7.39 per cent to Rs 1,501 crore in Q1 FY 2020-21, compared to Rs 1,752 crore.

During the period, domestic sales were gone down 14.50per cent at Rs 1,480 crore, over Rs 1,731 crore for the same period in the previous year. Revenue from the international business was up 2.29 per cent to Rs 445 crore, as against Rs 435 crore a year ago.

Saugata Gupta, MD & CEO said, “The Company has delivered a fairly resilient performance in the quarter despite the pervasive impact of the ongoing COVID-19 crisis. Marico stands united and is working closely with its stakeholders to ensure safety and good health of all in these unusually difficult times. After a significantly challenging April, the business has reached near-normal levels and expects to deliver growth in the rest of the year. Market share gains in more than 90% of the portfolio has also been reassuring. We will continue to invest for growth in our core portfolio of trusted leader brands as well as to adapt to evolving consumer needs in the areas of health, immunity and hygiene while focusing on agility, excellence in execution, aggressive cost management and financial discipline.”