Marico sees net profits rise 16% in FY24 Q3 but revenue drops slightly

Personal care and other fast moving consumer goods business Marico saw its consolidated net profits increase by 15.9% year-on-year in the third quarter of the 2024 financial year and its premium personal care segment experienced strong growth. 

Marico’s consolidated net profit totalled Rs 386 crore in the third quarter of this fiscal year compared to Rs 333 crore in the third quarter of the 2023 financial year, the Economic Times reported citing a filing on the Bombay Stock Exchange. The business’ revenue from operations dropped by 1.94% during the quarter to Rs 2,422 crore compared to Rs 2,470 crore in the same quarter a year prior. 
 
“We have delivered a competitive performance in a volatile operating environment,” said Marico’s managing director and CEO Saugata Gupta, ET Retail reported. “In the domestic business, we witnessed signs of improvement in the core portfolios and expect the steps we have initiated to fundamentally improve business prospects of the GT channel to aid the same.”

Marico saw its premium personal care product category grow in double digits in the third quarter. This is in line with Indian consumers increasingly seeking out branded and more expensive personal care goods.
 
“The portfolio diversification through foods and premium personal care continues to progress well,” said Gupta. “The international business has been resilient amid transient headwinds and we anticipate a healthy growth momentum ahead. We are on course to deliver our highest ever operating margin this year and expect to maintain a resilient margin profile in the quarters ahead.”