Marico was up 1.49% to Rs 367.95 at 10:36 IST on the BSE after consolidated net profit rose 26.3% to Rs 322.15 crore on 6.9% increase in net sales to Rs 2166 crore in Q1 June 2019 over Q1 June 2018.
The result was announced during market hours yesterday, 1 August 2019. The stock declined 1.24% yesterday due to weak market sentiment.
Meanwhile, the S&P BSE Sensex was down by 354.24 points or 0.96% to 36,664.83.
On the BSE, 40000 shares were traded in the counter so far compared with average daily volumes of 47000 shares in the past two weeks. The stock had hit a high of Rs 369.6 and hit a low of Rs 362.1 so far during the day. The stock hit a 52-week high of Rs 397 on 20 December 2018 and a 52-week low of Rs 286.25 on 11 October 2018.
The company delivered strong earnings growth on the back of resilient volume growth, amidst moderation in the overall demand environment in the domestic market.
Consolidated earnings before interest tax depreciation and amortization (EBITDA) increased 26% to Rs 462 crore in Q1 June 2019. The company's EBITDA margin rose 324 bps to 21.3% in Q1 June 2019.
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The company reported that its flagship coconut oil product Parachute Rigids posted volume growth of 9% in Q1 June 2019. During the quarter, the average market price of domestic copra was down 25% Y-o-Y. With deflation in copra prices setting in, the low margin non-focused coconut oil brands posted a double-digit decline in volumes.
The business in Bangladesh grew by 11% in Q1 June 2019 in constant currency terms. The South East Asia business (mainly Vietnam and Myanmar) grew by 8% in Q1 June 2019 in constant currency terms. The MENA business declined in double-digits in Q1 June 2019 in constant currency terms, mainly on account of a one-time trade inventory correction in the Middle East business. The South Africa business grew 6% in constant currency terms.
Marico one of India's leading consumer products companies operating in the global beauty and wellness space.
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