Marico Q1 net profit rises 23%

“Parachute” coconut oil maker Marico on Monday reported a 23.17% increase in its consolidated net profit to Re 388 crore for the first quarter ended June 30.
The company had posted a net profit of Rs 315 crore in April-June quarter a year ago.
Revenue from operations fell 11.12% to Rs 1,925 crore during the quarter under review, as against Rs 2,166 crore in the corresponding quarter previous year.

Its total expenses declined 7.39% to Rs 1,501 crore in Q1 FY 2020-21, compared to Rs 1,752 crore.
During the period, domestic sales were down 14.50% at Rs 1,480 crore, over Rs 1,731 crore in the same period a year ago. Revenue from the international business was up 2.29% to Rs 445 crore, as against Rs 435 crore a year earlier.
The hair-to-edible oil major’s Ebitda margin was the highest in nearly 12 years, led by aggressive cost control.
Meanwhile, the company’s fate hang in balance given the worries over growth in the hair oil category and deceleration in Saffola edible oil’s volume growth.

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