Marico Reports 8 Percent Rise in Quarterly Net Profit

Marico Reports 8 Percent Rise in Quarterly Net Profit

FMCG major Marico has reported 8 percent increase in net profit for the quarter ending September 30, 2020 compared to the same quarter last year. The robust growth in volume during the second quarter helped Marico register better net profit. Marico reported Rs 273 crore as net profit compared to Rs 253 crore for the same quarter last year. However, Marico had slightly lower margin compared to previous quarter.

Talking about the results, CEO Saugata Gupta said: "The sector has witnessed some green shoots of revival in consumer sentiment with the gradual easing of lockdown restrictions imposed to curb the ongoing COVID-19 pandemic.” Gupta added that the company has registered robust performance in the local markets and stable overseas sales.

Marico is among the top performing FMCG companies in India with leadership in many high margin segments. For first half of the year, Marico registered 2 percent decline in consolidated sales. The numbers are impressive considering the fact that COVID-19 led lockdowns resulted in disruption in supply chains across the markets.

Marico stock was trading nearly 2 percent higher after the company announced positive results and the board approved 300 percent interim dividend.