Marico on Friday reported a 32.32 % increase in its consolidated net profit at R135.36 crore during the October-December quarter of FY14 compared to R102.29 crore during the corresponding quarter previous fiscal.
Consolidated net sales rose to R1,198.35 crore as against R1,163.99 crore in the year-ago period. During the quarter, the FMCG business grew 9% to R902 crore.
Announcing the results, Milind Sarwate, chief financial officer, Marico said, ?Marico?s FMCG business has managed to grow despite the challenges of the economic slowdown in India and instability in some of our overseas markets. The basics of our business are robust.?
According to Sarwate, the Kaya demerger is now effective following the Bombay High Court?s approval and the company expects the Marico Kaya Enterprises stock to list in April 2014.
Abneesh Roy, associate director (research) at Edelweiss Capital, said: ?Marico’s sales performance is in line with our expectations and the company’s PAT is ahead of expectations .Net sales is up 10.3%.?
According to Ritwik Rai, FMCG analyst with Kotak Securities, Marico has reported stronger-than-expected profits for the third quarter despite posting a marginal miss on the top line and weaker gross margins than he expected.
