The Chairman of Marico Industries, Mr Harsh Mariwala, is undeterred by two recent events at the company: a futile attempt to buy cookie maker Unibic Biscuits India due to ‘differences in valuation'; and the recent exit of his son from the family business to start his own venture.
Mr Mariwala told Business Line that his hunger for acquisition is not over yet. His company is scouting for a buy in the ‘health and wellness' sector.
On if a new succession plan was being worked out after his son, Mr Rishabh Mariwala, moved out, he retorted, “When I'm still here, why should there be a succession plan?”
With Parachute (hair oil) and Saffola (edible oil) as flagship brands, the Rs 3,128-crore Marico Industries is strengthening health and wellness portfolio. Last year, the company launched its Saffola Oats brand and is now test piloting a
Mr Mariwala said that to align expectations of Marico with the investing community, the company has said that its “post-tax profit in upcoming quarters may fall short due to rising costs and continued uncertainty in the global markets.”
The company has brought in a couple of price revisions for its products in the last nine months to offset rising input costs. “We are also putting in efficiencies in production as cost cutting measures.” Mr Mariwala said that the company's Bangladesh plant set up in April to make Parachute will be operation in about six months. Marico has invested Rs 37 crore in the plant.
On the performance of Kaya Skin Clinic, he said that the cosmetic dermatology chain is expected to break even in fiscal 2013.