Marico Q1 net rises 20%

Marico Industries has reported a 19.9 per cent rise in its consolidated net profit at Rs 16.99 crore for the first quarter ended June 30, 2004, compared with Rs 14.17 crore registered in the corresponding quarter of the previous year.

The company registered net sales at Rs 243.9 crore against Rs 209.24 crore in the corresponding period of the previous year, a rise of 16.5 per cent.

Marico today also announced that it is purchasing the stake of its joint venture partner - Adil & Associates in both, Kaya Skin Care and Sundari, for an undisclosed consideration, subject to applicable statutory approvals.

With this purchase, Kaya becomes a 100 per cent subsidiary of Marico, while the company's stake in Sundari goes up to 75.5 per cent, the rest is being held by Shantih.

The company also announced the appointment of Vinita Bali as a non-executive director. Bali, a post graduate in Business and Economic from Michigan State University, has worked with Cadbury and Coca Cola, across a range of sales, marketing and general management assignments, for over 25 years.

She has also been on the boards of Cadbury Nigeria and Cadbury South Africa and has handled several assignments with Coca Cola in marketing, global brand management and corporate strategy.

Harsh Mariwala, chairman and managing director, Marico, said, "In a competitive ambience, Marico has persevered with its strategies of consumer-centric innovation and has maintained its enviable record of growth."

"We have strengthened our business fundamentals by investing in new products and businesses, realigning our portfolio and creating pipeline of new business and product ideas through prototypes," he said.

The company's focus on high margin products helped its volumes grew by 22 per cent.

The company, operating in consumer products, skin care services and global ayurvedic business, has announced an interim dividend of 10 per cent for 2004-05, the company said in a release.