Marico declines 4% on profit-booking post June quarter business update

The manufacturing of parachute & value-added hair oils was significantly impacted by lockdown with billing only resuming in the latter part of April.

Shares of Marico slipped 4 per cent to Rs 344 in intra-day trade on the BSE on Monday on profit-booking after the company said it has seen a 13-15 per cent decline in revenues for the quarter ended June 2020 (Q1FY20-21). The Q1 contributes 31 per cent to revenues.

In an update on quarterly performance, Marico said with the Q1 top-line translating into a single-digit growth over the annual run rate of FY20, the company expects to bounce back to posting volume and value growth during the rest of the year.

The manufacturing of parachute and value-added hair oils (VAHO) was significantly