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Ahead of the March quarter results, Fast-Moving Consumer Goods (FMCG) major Marico said its India business saw improved volume growth.
Marico’s consolidated revenue grew in the low single digit on a year-on-year basis.
The company said India business stayed in the mid-single digit zone while Parachute coconut oil posted a strong single-digit volume growth. Value-added hair oils touched double-digit value growth along with the personal premium care category growing in double-digits.
Saffola Oils remained stable but dipped on a year-on-year basis owing to a high absolute volume base while Saffola Foods continued to scale up during the quarter, the company said.
Gross margin
“Copra prices remained steady in a favourable zone and edible oils resumed a downtrend, while crude derivatives remained firm. As a result of a moderating RM basket and improving portfolio mix, gross margin is expected to expand and drive reasonable growth in operating profit on a year-on-year basis,” Marico said in an exchange filing
The international business posted mid-teen constant currency growth despite challenging global macro environment and currency headwinds in certain markets, the company said.
Marico posted a 5.04 per cent increase in consolidated net profit in Q3 FY23. The company clocked ₹333 crore profit during the quarter
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