FMCG firm Emami today reported a marginal increase in its consolidated net profit at Rs 134.34 crore for the third quarter of 2016-17 on account of demonetisation and decline in overseas sales.
The Kolkata-based company had reported a net profit of Rs 134.28 crore in October-December period a year-ago, Emami said in a BSE filing.
Its total income from operations was almost flat at Rs 725.95 crore during the quarter under review as against Rs 724.85 crore of the corresponding quarter last fiscal.
The company "posted flat growth due to severe liquidity crunch in domestic markets and poor economic conditions in Middle Eastern countries," Emami said in a statement.
Emami Director Mohan Goenka said, "While liquidity crunch and sales channel disruption impacted the offtake of some of our brands in domestic market, challenging geo-political situation particularly in Middle East, Africa and other countries impacted the international performance to some extent."
Emami's total expenses were down 1.69 per cent to Rs 467.41 crore as against Rs 475.45 crore.
During the quarter, Emami's international business degrew by 16 per cent.
"While International Business excluding MENAP region grew by 10 per cent and 14 per cent in Q3 and 9M respectively, overall it degrew by 16 per cent in Q3 and by 5 per cent in 9MFY17."
Shares of Emami settled up 0.57 per cent at Rs 1,014.45 on BSE.
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