Marico Ltd witnessed a 17 percent rise in consolidated net profit to Rs 360 crore ($43.2 million) for the second quarter of fiscal year 2023-24, as against Rs 307 crore reported in the year-ago period.
The company’s revenue for the quarter was down by 1 percent to Rs 2,476 crore, as against Rs 2,475 crore reported in the corresponding period of the previous fiscal year.
Marico’s expenses during the July-September quarter stood at Rs 476 crore, as against Rs 567 crore reported during the same period last fiscal year.
Commenting on the results, Saugata Gupta, managing director CEO of Marico in a statement said, “The domestic and overseas businesses have delivered a resilient performance amidst a challenging operating environment in the first half of the fiscal. We have made substantial progress towards achieving the diversification objective set for the year with foods and digital-first portfolios scaling up on expected lines.”
“We are also on-course to deliver robust gross and operating margin expansion this year, even while ramping up brand building investments to strengthen the equity of our franchises. We continue to hold the aspiration of exhibiting an improvement across key performance parameters on a full year basis,” he added.
The Mumbai-based Marico is one of India’s leading fast moving consumer goods companies with brands like Parachute, Nihar, Saffola, Livon, and Set Wet among others.
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