Marico to sell its stake in Sundari LLC; Q4 Net profit surges 10%
FMCG company Marico has finally agreed to sell its stake in Sundari LLC to US-based Wellness Systems (WS), for an undisclosed amount.
Sundari LLC is engaged in the manufacturing and marketing of skincare cosmetics and accessories, primarily in the US and Europe.
While, Wellness Systems is a limited liability company promoted by two of Marico Group's senior managers who were in charge of the Sundari business.
However, it should be noted that the transaction is, subject to necessary regulatory approvals.
In a separate announcement, Marico, which owns leading brands like Parachute and Saffola, has registered an increase of 10% in its consolidated net profit from Rs 40 crore to Rs 44 crore for the quarter ended March 31.
In addition, company's net sales also surged to Rs 561.16 crore in the quarter under review as against Rs 466 crore in the corresponding quarter of the previous financial year.
For the year ended March 31, the company has posted a net profit of Rs 188.71 crore from Rs 169.07 crore last fiscal, up 11.61 per cent.
Further, Marico's year-on-year revenues also grew 25 per cent, with sales of Rs 2,388 crore for FY09, against Rs 1,905 crore in FY08.
At 12:30 pm, shares of Marico were down 1.19 per cent at Rs 66.50 on the BSE. The scrip has made 52-week-high and low of Rs 73 and Rs 46 respectively.